Kirloskar Brothers Ltd. Announces Board Meeting Outcomes – Unaudited Financial Results and Director Appointment
Date: August 01, 2023
Kirloskar Brothers Ltd. held its Board of Directors meeting on August 1, 2023, during which several important decisions were made and approved:
- Approval of Unaudited Financial Results
The business’s unaudited financial figures for the period ending June 30, 2023, have been approved by the board of directors.. These results include both the standalone and consolidated financial figures.
- Appointment of Mr Vinayak Deshpande as Independent Director
Mr. Vinayak Deshpande (DIN: 00036827) has been appointed as an additional director in the category of Independent Director. Deshpande will serve in this role for a period of 5 years, bringing valuable expertise and guidance to the company’s operations.
- Corporate Guarantee Issuance
The Board has authorized the issuance of a Corporate Guarantee amounting to Rs. 240 million in favor of ICICI Bank. This guarantee aims to secure credit facilities provided to Kirloskar Corrocoat Private Limited, an associated entity of Kirloskar Brothers Ltd.
These decisions mark significant milestones for Kirloskar Brothers Ltd. and reflect the company’s commitment to transparency, strong governance, and strategic growth.