Announced Fri, 10 Jul · 18:15 IST
Board approves Rs 3,400 Cr guarantees and Rs 1,160 Cr promoter infusion for subsidiaries
VIKRAN · price
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AI summary
Vikran Engineering's Board approved issuing corporate guarantees of up to Rs 3,400 Crores in favour of its wholly-owned subsidiaries to help them secure credit facilities for business operations and solar projects. It also cleared promoter contribution of up to Rs 1,160 Crores into these subsidiaries, in one or more tranches, to meet project financing requirements. The contribution may be via equity, unsecured loans, NCDs, OCDs, quasi-equity, or a combination.
Likely market impact
Guarantees create contingent liability for the parent but enable subsidiary growth in solar projects and core business operations.