Bansal Wire Industries Limited — Important, 05-12-2024: Updates

The Board of Directors of Bansal Wire Industries Limited convened and approved a supplemental loan agreement with its wholly-owned subsidiary, Bansal Steel & Power Limited, amounting to ₹70.79 lakh (₹0.7079 crore). This will be utilized for the repayment of existing debt by the subsidiary. The loan is set at an interest rate of 7.5% per annum and has a tenure of three years. Additionally, the board approved a postal ballot to regularize Mr. Piyush Tiwari as an Independent Director for a five-year term. The company holds a 100% stake in Bansal Steel & Power, ensuring that the transaction is considered at arm’s length. The total outstanding amount owed by Bansal Steel to Bansal Wire after this supplemental loan will rise to ₹94.89 crore. This development is essential to streamline the subsidiary's financial obligations and maintain operational stability, marking a strategic move in the company's financial management. Shareholders should stay tuned for the outcomes of these actions.