Symphony Limited amends its loan agreement with Symphony AU Pty Limited (SAPL), increasing the loan facility from Australian $10 million to Australian $15 million. The loan will be used for SAPL’s working capital and corporate needs.
An addendum is a document that is added to an existing contract or agreement to modify, clarify, or add new terms without altering the original agreement itself.
Symphony Limited has executed a second addendum to the loan agreement dated June 28, 2023, with its wholly owned subsidiary, Symphony AU Pty Limited (SAPL), based in Australia.
The loan amount has been increased from A$10 million to A$5 million to support SAPL’s working capital requirements and general corporate purposes, the company said in a press release on the stock exchanges.
The loan will be provided in one or more tranches, and it is an unsecured loan facility. As of the date of the addendum, the outstanding loan amount is A$8 million.
The agreement does not include special rights like appointing directors or restricting capital changes.
Symphony Limited holds 100% of the shares in SAPL, and the transaction is considered a related-party transaction conducted at arm’s length. The addendum was executed on December 23, 2024.
On December 24, 2024, Symphony’s share price rose by 2.77%, reaching ₹1,319.95 at 1:30 PM on the NSE. The stock opened at ₹1,296, higher than its previous close of ₹1,284.40.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Dec 24, 2024, 1:36 PM IST
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