S.P. Apparels (NSE:SPAL, BOM:540048) has agreed to extend a loan of up to $6 million to its Sri Lankan wholly-owned subsidiary S.P. Apparels International, according to a Monday filing to the Indian stock exchanges.
S.P. Apparels International will use the loan to purchase production plant, machinery, equipment and fixed assets, and for the lease-hold rights of the land from a Sri Lankan company.
Shares of the company were up over 1% in recent trade.
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