Service Global Footwear utilizes excess IPO funds for making equity investment in Service Tyres Ltd

MG News | June 08, 2021 at 03:30 PM GMT+05:00

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June 8, 2021 (MLN): The Board of Directors of Service Global Footwear Limited (SGFL), has decided to utilize the excess IPO funds amounting to Rs621.49mn raised over and above the Floor Price for making an additional equity investment in Service Long March Tyres Pvt Limited, an associated company as may be offered to the Company in future.

At its meeting held today, the Board also approved to renew the investment in the form of working capital loan from up to Rs5bn to working capital loan (up to Rs4.5bn) and long-term loan (up to Rs2.5bn) in Service Industries Limited, an associated company, subject to the approval of the members of the company.

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