Greenply Industries Limited has disclosed a financial guarantee of USD 1,000,000 (USD One Million) paid to Citi Bank N.A., Dubai on May 6, 2026. This guarantee is in respect of a Standby Letter of Credit (SBLC) issued by Citi Bank, N.A., India, to provide financial assistance to Greenwud Panel Limited (formerly known as Greenply Middle East Limited), Dubai. The SBLC is valid from May 15, 2025, to May 15, 2026, with the amount of the SBLC being USD 1,000,000. Due to prevailing geopolitical situations in the Middle East and underperformance of Greenwud Panel Limited against its budgets, the recoverability of the financial guarantee has been adversely impacted. Consequently, the Board of Directors, in their meeting on April 28, 2026, approved an impairment provision of ₹9.48 crore in the company's books for the financial year ended March 31, 2026, towards this financial guarantee. Greenply Industries Limited has confirmed that it has no further liability against this guarantee.
