The Company has provided corporate guarantee to secure the loan facility of Rs 25,00,00,000/- (Rupees Twenty Five Crores Only) sanctioned by State Bank of India to IFL Housing Finance Limited, a subsidiary of India Finsec Limited.
Mrs. Sunita Bansal and Mr. Gopal Bansal are directors and promoters in IFL Housing Finance Limited.
India Finsec Limited is providing an additional corporate guarantee of Rs. 10 Crores (Earlier, it was given to an amount of Rs. 15 Crores only) to State Bank of India for providing loan facility of Rs. 25 crores to IFL Housing Finance Limited, a subsidiary of India Finsec Limited.
There is no financial / operational impact foreseen till invocation of guarantee by lender. In the event of invocation, the guarantee may have an impact on the Company's financials.