Popular Vehicles and Services Limited has informed the Exchange about Giving guarantees/indemnity/ becoming a surety for third party
PVSL · price
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Popular Vehicles and Services Limited (PVSL) has informed the exchanges that it is extending a corporate guarantee of Rs. 5 Crore in favour of Axis Bank Limited. The guarantee is for the Inventory Funding-Trade Advance facility sanctioned to Imperion Cars Private Limited, which is a step-down subsidiary of PVSL. The company confirmed that the transaction is done at arm's length and that none of the promoters, promoter group members, or directors have any interest in the transaction. The company also stated that there is no material impact on the listed entity from this guarantee, other than the usual disclosure in the financial statements.
Routine inter-group financial support for the step-down subsidiary's working capital needs; no direct material impact on shareholders, but it adds a contingent liability of Rs. 5 Crore that will be reflected in PVSL's consolidated accounts.