Shaw Wallace to provide Rs 5K cr guarantees
The company says it has received shareholders' nod to provide guarantees and securities on behalf of McDowell & Company Ltd.india Updated: Sep 08, 2006 20:02 IST
Vijay Mallya-controlled Shaw Wallace & Company Ltd on Friday said it has received shareholders approval to provide guarantees and securities worth Rs 5,000 crore on behalf of its holding company McDowell & Company Ltd.
The shareholders, by way of a postal ballot, approved the proposal to provide guarantees and securities on behalf of McDowell, the company informed the Bombay Stock Exchange.
Shaw Wallace said that a decision to give loan of upto Rs 250 crore to McDowell & Company was also given the nod by the shareholders.