Board approves Rs 3,400 Cr guarantees and Rs 1,160 Cr promoter infusion for subsidiaries
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Board approved two key proposals: (1) Corporate Guarantees up to Rs 3,400 Crores in favour of wholly-owned subsidiaries to help them avail credit facilities from banks and financial institutions for business operations and solar projects. (2) Promoter contribution of up to Rs 1,160 Crores to be infused into wholly-owned subsidiaries in one or more tranches, to meet promoter contribution requirements under project financing. Contribution may be via equity, unsecured loans, NCDs, OCDs, quasi-equity or other instruments. Guarantees constitute a contingent liability for the parent.
Strengthens subsidiary funding for solar projects and operations; creates contingent liability of up to Rs 3,400 Crores for the parent company.