I S T Ltd subsidiary sanctioned term loans

I S T Ltd has announced that the Board of Directors of the Company at its meeting held on May 03, 2007, has decided to conduct Postal Ballot for seeking the consent of shareholders with regards to approval and ratification of acts done by the Board of Directors relating to Corporate guarantee granted by the Company in favour of the following:

1. Punjab National Bank, New Delhi, in respect of Term Loan of Rs 40.00 crores and Cash Credit facility of Rs 1.75 crores sanctioned to IST Steel & Power Ltd when it was wholly owned subsidiary of the Company.

2. Oriental Bank of Commerce, New Delhi, in respect of Term Loan of Rs 20.00 crores sanctioned to IST Steel & Power Ltd when it was wholly owned subsidiary of the Company.

Source : Equity Bulls

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