House of Pearl approves loan to Pearl Global Ltd at 10.5% interest

House of Pearl Fashions Ltd has announced that the Board of Directors of the Company at its meeting held on May 22, 2007, has unanimously approved loan of Rs 27.5 crores to its subsidiary, Pearl Global Ltd.

The rate of interest for the loan has been fixed at 10.5% p.a.

This loan will be utilized by Pearl Global Ltd to repay its high interest bearing working capital loans availed from the following Banks:

Centurion Bank of Punjab: Rs 15.00 Crores

Yes Bank: Rs 5.00 Crates

China Trust Commercial Bank: Rs 7.5 Crores (ECB)

Source : Equity Bulls

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