Archean Chemical Industries Ltd enters into loan agreement with Neun Infra Pvt Ltd

Archean Chemical Industries Limited has entered into a loan agreement with the Wholly Owned Subsidiary (WOS) Company, i.e. Neun Infra Private Limited for Rs. 150 Crs.

The loan is intended to address immediate funding requirements of SiCSem Private Limited for commencement of procurement of long-lead machinery, equipment, and associated items, which are essential to maintain project timelines, pending execution of the Fiscal Support Agreement (FSA) with the Government of India under the India Semiconductor Mission (ISM) framework.

Neun Infra Private Limited is the holding company for SiCSem Private Limited, which has received approval under the India Semiconductor Mission for setting up a compound semiconductor and ATMP manufacturing facility in India. The proposed funding is aligned with advancing early-stage capital commitments of the approved project.

Shares of Archean Chemical Industries Limited was last trading in BSE at Rs. 511.75 as compared to the previous close of Rs. 501.75. The total number of shares traded during the day was 7514 in over 715 trades.

The stock hit an intraday high of Rs. 519.45 and intraday low of 497.00. The net turnover during the day was Rs. 3812333.00.

Source : Equity Bulls

Keywords

ArcheanChemicalIndustries INE128X01021 ACI SpecialtyChemicals LoanAgreement NeunInfra