Sunshine Capital Limited has sanctioned a significant financial facility amounting to Rs. 1964.90 million for Man Stainless Steel Tubes Limited (MSSTL). This sanction is a critical step towards the development of a state-of-the-art manufacturing unit-2 dedicated to producing Non-API Electric Resistance Welded (ERW) Carbon Steel Pipes in Kathua, Jammu & Kashmir. The proposed manufacturing unit is designed to have an installed capacity of 250,000 MT per annum, which is expected to significantly enhance the production capabilities of MSSTL.

The financial facility sanctioned includes a Rupee Term Loan (RTL) of up to Rs. 1964.90 million and a Capex Letter of Credit (LC) of Rs. 1450.00 million. The Capex LC is set as a sublimit of the RTL facility, ensuring that the necessary capital expenditure for the construction and development of the manufacturing unit is well-financed. The total project cost is estimated at Rs. 2807.00 million, reflecting the scale and ambition of this manufacturing initiative.

The project is projected to be completed by April 2025, with a loan tenor of 9 years, including a 12-month construction period and a 12-month moratorium on repayment. This structured financial approach not only supports the project's development but also provides MSSTL with the necessary time to ramp up production and generate revenue before the commencement of loan repayments.

Sunshine Capital Limited, established in 1994, has a long-standing reputation as a prominent Non-Banking Financial Company (NBFC) in India. The company is ISO 9001:2015 certified, highlighting its commitment to quality management and customer satisfaction. Sunshine Capital's robust business practices, transparent policies, and customer-centric approach have positioned it as a leader in the financial sector, particularly in financing significant industrial projects like the one with MSSTL.

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The development of this manufacturing unit in Jammu & Kashmir is expected to contribute to the economic growth of the region by creating employment opportunities and enhancing the local industrial infrastructure. It also aligns with Sunshine Capital's mission to create value and balanced growth for all its stakeholders.

Please note that any forward-looking statements in this communication are based on current assumptions and forecasts. Actual results may differ due to risks and uncertainties beyond the company's control.

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