The Loan arragement with of Rs. 49.15 Crores given to Onix Renewable Limited has been closed pursuant to execution of the Composite amendment and supplement agreement dated 20th May 2026
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Vikran Engineering Limited has closed its Rs. 49.15 Crores loan arrangement with Onix Renewable Limited through a Composite Amendment and Supplement Agreement executed on 20th May 2026. The loan settlement occurred through asset adjustments: Rs. 10 Crores was adjusted against consideration payable for acquiring shares of NOPL Solar Projects Private Limited, while Rs. 39.15 Crores was adjusted against an unsecured loan Onix had provided to NOPL Solar Projects. Going forward, Vikran Engineering will treat the Rs. 39.15 Crores as an unsecured working capital loan to NOPL Solar Projects, its wholly-owned subsidiary. This essentially converts an external loan receivable into an intragroup exposure, reducing credit risk from a third party.
For shareholders, this closure eliminates credit risk from Onix Renewable Limited and consolidates the loan exposure within the Vikran group through its subsidiary NOPL Solar Projects. The restructuring is neutral from a cash flow perspective since no actual cash changed hands, but it strengthens internal capital structure.