SAMHI Hotels will extend a corporate guarantee, issue a non-disposal undertaking, and create a pledge over securities held in its wholly-owned subsidiary, Duet India Hotels (Hyderabad) Private Limited. This is in favor of Axis Bank Limited for credit facilities aggregating to INR 130 Crore. This arrangement aims to support the subsidiary’s financing needs.
Guarantee for Subsidiary’s Credit Facility
SAMHI Hotels Limited will be providing a corporate guarantee for its wholly-owned subsidiary, Duet India Hotels (Hyderabad) Private Limited. This guarantee involves issuing a non-disposal undertaking and creating a pledge over securities held by SAMHI Hotels in its subsidiary.
Details of the Guarantee
The guarantee is in favor of Axis Bank Limited, securing credit facilities amounting to INR 130,00,00,000 (Indian Rupees One Hundred Thirty Crore). The terms and conditions will be mutually agreed upon by Duet India Hotels and the lender.
Specific Actions Undertaken
The actions undertaken by SAMHI Hotels include:
- Issuing an irrevocable and unconditional corporate guarantee.
- Creating a pledge over:
- 30% of the issued and fully paid-up equity shares of Duet India Hotels.
- 30% of the fully and compulsory convertible debentures issued by Duet India Hotels.
- 30% of the compulsorily convertible cumulative preference shares issued by Duet India Hotels.
- Providing a non-disposal undertaking for 21% of the paid-up share capital of Duet India Hotels.
Impact on Listed Entity
The corporate guarantee, issuance of a non-disposal undertaking, and creation of a pledge are not expected to have any significant impact on SAMHI Hotels.
Source: BSE
