Bluspring Enterprises Limited has informed the Exchange about term loan agreement entered by its wholly owned subsidiary.
BLUSPRING · price
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Bluspring Enterprises' wholly owned subsidiary Bluspring New Horizon One Private Limited (BNHOPL) has entered into a Rs. 175 crore secured term loan agreement with Poonawalla Fincorp Limited. The loan will fund BNHOPL's acquisition of 100% stake in STEAG Energy Services (India) Private Limited (SESI) from STEAG Power GmbH. The loan has a tenor of up to 48 months and is secured against fixed assets, current assets of BNHOPL, plus an irrevocable corporate guarantee from the parent company. Poonawalla Fincorp is not a related party to Bluspring's promoters or group companies.
The parent company takes on increased debt and has provided a corporate guarantee, raising leverage. The acquisition expands the group's business but adds financial obligations that shareholders should monitor.