Triveni Engineering & Industries Limited — Others, 11-11-2024: Giving guarantees/indemnity/ becoming a surety for third party

Triveni Engineering & Industries Ltd. has announced a board meeting regarding the issuance of a Letter of Comfort on behalf of its subsidiary, Sir Shadi Lal Enterprises Ltd. (SSEL). This action supports a working capital facility of ₹110 crore from ICICI Bank, ensuring SSEL adheres to the facility's terms, including repayment obligations. Triveni has previously provided Letters of Comfort totaling ₹288 crore for SSEL. This development underscores Triveni's commitment to its subsidiary and could bolster investor confidence, although there is a potential risk associated with the liabilities incurred under the Comfort Letters.