Madhav Marbles Grants Loan of ₹83.3 Lakhs to Related Party Madhav Surfaces FZC LLC
Madhav Marbles and Granites Limited approved a loan of OMR 35,000 (₹83.3 Lakhs) to its associate, Madhav Surfaces FZC LLC. The unsecured loan, for working capital, carries a 9% interest rate for two years. The transaction was approved by the Audit Committee and shareholders, deemed at arms-length.
The loan amount of ₹83.3 Lakhs is a material transaction for the company, impacting its liquidity and investment activities. As it is to a related party and for working capital, it has a moderate impact on the company's financial operations and disclosures.
The announcement details a related party transaction (loan) which is standard business practice and has been approved by relevant committees and shareholders. While it involves a related party, the terms are disclosed, and it is considered at arms-length, thus not inherently positive or negative.
Madhav Marbles and Granites Limited announced the outcome of its Board Meeting held on March 5, 2026. The Board approved the granting of a loan amounting to OMR 35,000 (Omani Rial Thirty Five Thousand only) to Madhav Surfaces FZC LLC, an associate and related party of the Company, incorporated in the Sultanate of Oman.
The loan is equivalent to Indian Rupees Eighty-Three Lakhs Thirty Thousand only, based on a conversion rate of INR 238 per OMR as of March 5, 2026. The transaction is considered a related party transaction, with Mr. Madhav Doshi (CEO & Managing Director) and Mrs. Riddhima Doshi (Whole Time Director) having interests as directors in Madhav Surfaces FZC LLC and belonging to the promoter/promoter group of Madhav Marbles and Granites Limited. The company has obtained approvals from the Audit Committee and members, confirming the transaction is at an arms-length basis.
Madhav Marbles and Granites Limited holds a 13.33% direct stake in Madhav Surfaces FZC LLC. The loan is intended for business operations and working capital, with terms including a 9% interest rate and a tenure of two years. The loan is unsecured.
The Board meeting commenced at 11:45 a.m. and concluded at 1:35 p.m. on March 5, 2026.
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Madhav Marbles and Granites Limited filed this with the NSE as a statutory disclosure, categorised under related party transactions. 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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