Mastek Ltd to provide corporate guarantees to Mastek Arabia – FZ LLC

The Board of Directors of Mastek Ltd, at its meeting held on December 17, 2021, approved a proposal to provide corporate guarantees for better financial support on behalf of Mastek Arabia – FZ LLC, Reduction Subsidiary (SDS ) of the company in order to enable it to benefit from the necessary banking facilities.

The Company will provide a corporate guarantee to the bank up to USD 3 million or its equivalent currency, to benefit up to a maximum of USD 3 million for the proposed performance guarantee, bid bonds, prepayment guarantees ( APG) and similar guarantees from the Bank by said SDS.

The Company will also provide a corporate guarantee to another bank up to USD 6 million or its equivalent currency, to benefit up to a maximum of USD 4 million for the proposed performance guarantee, bid bonds, payment guarantees advance (APG) and such similar guarantees and a maximum of USD 2 million for the working capital facility, of the Bank by said SDS.

Mastek Limited shares were last trading in the BSE at Rs. 2,741.65 from the previous close of Rs. 2,705.05. The total number of shares traded during the day was 4,469 in over 966 trades.

The action hit an intraday high of Rs. 2,808.80 and an intraday low of 2,702.00. The net turnover during the day was Rs. 12,389,448.00.