GPIL extends additional ₹40 Crore Inter Corporate Loan to Deccan Gold Mines Limited for Kyrgyzstan Gold Project
The additional ₹40 crore loan, increasing the total to ₹120 crore, represents a significant financial commitment and deployment of company funds, which could have a medium impact on its financial position and future earnings through interest income and potential risks associated with the borrower's project.
GPIL is deploying surplus funds to earn a substantial 12% interest per annum on the Inter Corporate Loan, which is a positive utilization of capital and generates income for the company.
* Godawari Power And Ispat Limited (GPIL) has executed a Facility Agreement for an additional Inter Corporate Loan of ₹40 Crore from its surplus funds to Deccan Gold Mines Limited (DGML). * This additional funding brings the total Inter Corporate Loan granted to DGML to ₹120 Crore. * The purpose of the loan is for DGML to utilize up to 90% for investment into the Altyn Tor Gold Project in Kyrgyzstan, with the remaining funds for general corporate purposes. * The loan has a tenure of 36 months and carries an interest rate of 12% per annum, compounded monthly and payable quarterly. * The security for the total loan of ₹120 Crore is a pledge on 4,14,603 equity shares of Geomysore Services (India) Private Limited, extended pari-passu. * Hira Infra-tek Limited, a promoter group company of GPIL, holds a 9.95% equity stake in DGML and a 10% stake in Avellum Partner LLC, Kyrgyzstan.
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Godawari Power And Ispat limited filed this with the NSE as a statutory disclosure, categorised under corporate actions. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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