Lokesh Machines Ltd - Update on the Impact of Removal from the United States Department of the Treasury's OFAC Sanctions List

With reference to the Company's removal from the sanctions list maintained by the United States Department of the Treasury's Office of Foreign Assets Control ("OFAC"), we wish to inform you of the expected impact of the said development on the Company's business operations.

Consequent to the aforesaid removal, the Company is permitted, subject to applicable laws and regulations of the United States, to engage in transactions with U.S. persons and access the U.S. financial system. This also facilitates U.S. dollar-denominated transactions, subject to compliance with all applicable legal and regulatory requirements.

Further, the Company's removal from the OFAC Specially Designated Nationals and Blocked Persons ("SDN") List is expected to facilitate the normalisation of its international business operations and transactions with domestic MNCs.

The Company remains committed to maintaining the highest standards of regulatory compliance. In this regard, hereafter we continue to work closely with our legal counsel, CMS Indus Law, to ensure ongoing compliance with applicable OFAC regulations and other relevant laws, with a view to avoiding any legal or regulatory discrepancies in the future.

Shares of Lokesh Machines Limited was last trading in BSE at Rs. 284.75 as compared to the previous close of Rs. 271.20. The total number of shares traded during the day was 329 in over 8 trades.

The stock hit an intraday high of Rs. 284.75 and intraday low of 277.00. The net turnover during the day was Rs. 92710.00.

Source : Equity Bulls

Keywords

LokeshMachines INE397H01017 IndustrialMachinery OFAC Removal Impact