Vikran Engineering Limited has informed the Exchange about Intimation of execution of Composite Amendment and Supplement Agreement under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015-Closure of Loan of Rs. 49.15 Crores given to Onix Renewable Limited
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Vikran Engineering Limited has announced the closure of a Rs. 49.15 Crores loan given to Onix Renewable Limited through a Composite Amendment and Supplement Agreement executed on 20th May 2026. The settlement involved two adjustments: Rs. 10 Crores was adjusted towards consideration payable for acquiring shares of NOPL Solar Projects Private Limited, while the remaining Rs. 39.15 Crores was adjusted against an unsecured loan from Onix to NOPL Solar Projects. Going forward, this Rs. 39.15 Crores will be treated as Vikran Engineering's working capital contribution as promoter of NOPL Solar Projects, which is its 100% subsidiary. The loan arrangement stands fully closed pursuant to this agreement.
This is a positive development as Vikran Engineering has successfully closed its Rs. 49.15 Crores receivable from Onix Renewable, converting part of it into promoter contribution for its subsidiary. The company also avoids potential bad debt risk by settling the loan through this structured arrangement rather than leaving it as an outstanding receivable.