Puravankara Limited has informed the Exchange about Corporate Guarantee given on behalf of Pune Projects LLP in favour of RBL Bank Limited.
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Puravankara Limited has provided a corporate guarantee of ₹50 Crores (INR 50,00,00,000) in favour of RBL Bank Limited on behalf of its associate, Pune Projects LLP. The guarantee is to support a credit facility being availed by Pune Projects LLP from RBL Bank, as per a Supplemental Deed of Guarantee. The company clarified that promoters, promoter group, and group companies have no direct interest in the transaction, and only the associate LLP is the interested party. Puravankara noted this is a contingent liability on the company, with no immediate impact on its financial position, as the associate is part of the consolidated group.
This creates a contingent liability of ₹50 Crores for Puravankara, which is meaningful but limited to its associate. Investors should monitor Pune Projects LLP's ability to service the debt, as any default could trigger liability for the listed company. Near-term impact on stock price is likely neutral, but it adds to the group's overall leverage exposure.