Exicom informed the exchange that in continuation to our previous disclosure dated August 26, 2024, regarding the loan agreement executed with Axis Finance Limited, we wish to inform that the outstanding loan has now been successfully taken over by the State Bank of India.
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Exicom Tele-Systems has informed the stock exchanges that its existing secured loan facility of up to Rs. 125 crores, originally taken from Axis Finance Limited in August 2024, has now been taken over by the State Bank of India (SBI). SBI has appointed SBICAP Trustee Company and PNB Investment Services as security trustees for the facility. The purpose of the loan remains unchanged — funding the acquisition of assets of Tritium, an Australian EV charger manufacturer, in the USA and Australia through wholly-owned subsidiaries.
The shift from Axis Finance to SBI, a large public sector bank, signals stronger lender confidence in Exicom and could provide more financial flexibility for the company's EV charger expansion plans. For shareholders, this is broadly positive as it reduces refinancing risk and ties the company to a more stable banking partner.