Popular Vehicles and Services Limited has informed the Exchange about General Updates
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Popular Vehicles and Services Limited has informed the exchanges about providing a corporate guarantee of Rs. 10 Crores to South Indian Bank Limited in favour of its step-down subsidiary, Prabal Motors Private Limited. The guarantee is being given against a term loan of the same amount sanctioned to the subsidiary. The company has clarified that none of its promoters, promoter group members, or directors have any interest in this transaction, and it has been carried out at arm's length. The filing has been made under SEBI Listing Regulations (Regulation 30) and includes all required details in Annexure-1.
This is a routine corporate guarantee supporting the subsidiary's borrowing needs and is part of the consolidated group's operations. It slightly increases the company's contingent liability by Rs. 10 Crores, but the company has stated there is no material impact beyond disclosure in financial statements. Shareholders should note this as a standard inter-group support transaction.