Wardwizard Innovations & Mobility Limited has received board of directors approval to avail short-term working capital loan of ₹7 crore from Shriram Finance Ltd for financing the company’s funding requirements.
As per the company’s stock exchange filing, the security provided to the lender include a personal guarantee of a promoter of Wardwizard Innovations & Mobility Ltd - Yatin Sanjay Gupte, 10 per cent FLDG (Cash FLDG in the form of ICD), and a pledge of shares of promoter to the extent of 60 per cent of the sanctioned amount -- ₹4.20 crore -- at average market price of last month.
The company’s stock closed at ₹56.82 on the BSE, down 0.66 per cent, on Thursday.