Pennar Industries Provides Corporate Guarantee of Rs. 34 Crore for ZAP91 Solar India Private Limited
Pennar Industries Ltd. has approved an additional corporate guarantee amounting to Rs. 34 crore in connection with the Non-Convertible Debentures (NCDs) issued by ZAP91 Solar India Private Limited. This guarantee involves pledging Pennar's additional shareholding in ZAP91, a joint venture of the company.The corporate guarantee is provided in favor of CTL Trusteeship Limited, which is the recipient of the Non-Convertible Debentures issued by ZAP91.
Pennar Industries Ltd. approved the guarantee and the pledging of shares to support the debt obligations of ZAP91.
Details concerning the guarantee and the associated parties are summarized below:
| Particulars | Details |
|---|---|
| Name of Party | CTL Trusteeship Limited |
| Guarantee Details | The Company approved the additional corporate guarantee of Rs. 34 crore and pledged its additional shareholding in ZAP91 Solar India Private Limited (ZAP91), a joint venture, regarding the NCDs issued by ZAP91 to CTL Trusteeship Limited. |
| Promoter/Group Interest | The promoter and promoter group are not interested in this transaction. |
| Impact on Pennar | There is no immediate impact on Pennar, except the corporate guarantee constitutes a contingent liability for the company should ZAP91 Solar India Private Limited be unable to meet its repayment obligations to CTL Trusteeship Limited. |
PENIND Stock Price Movement
Pennar Industries Limited surges slightly as of 12:12 PM, with the equity gaining 0.99% to trade at ₹158.05 in live trading. The stock continues strong movement, backed by a volume of 218,111 shares traded during this session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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