Puravankara Ltd. Provides Corporate Guarantee of Rs. 50 Crores
Puravankara Limited announced that it has provided a corporate guarantee of Rs. 50,00,00,000 (Indian Rupees Fifty Crores only) in favor of RBL Bank Limited, on behalf of Pune Projects LLP, an associate company.The guarantee supports a credit facility of up to INR 50,00,00,000 that Pune Projects LLP is seeking from RBL Bank Limited, as outlined in the Supplemental Deed of Guarantee.
According to disclosures, promoter group companies do not have any interest in the transaction. The corporate guarantee represents a contingent liability for Puravankara Limited, and currently has no impact on the company.
| Sl. No. | Particulars | Details |
|---|---|---|
| 1 | Name of party for which such guarantee or indemnity or surety was given | Pune Projects LLP, Associate of Puravankara Limited |
| 2 | Whether the promoter/ promoter group/ group companies have any interest in this transaction? If yes, nature of interest and details thereofandwhether the sameis doneat 'arm's length' | Promoter / Promoter Group / Group Companies do not have any interest in this transaction. Only Pune Projects LLP is interested in this transaction. N.A. |
| 3 | Brief details of such guarantee or indemnity or becoming a surety viz. brief details of agreement entered (if any) including significant terms and conditions, including amount of guarantee | Pune Projects LLP proposes to avail credit facilities of up to INR 50,00,00,000/- (Indian Rupees Fifty Crores only) from RBL Bank Limited, on the terms, conditions, and securities set out in the Supplemental Deed of Guarantee. The Company shall provide a Corporate Guarantee in favour of Pune Projects LLP. |
| 4 | Impact of such guarantees or indemnity or surety on listed entity | The Corporate Guarantee provided is a contingent liability for the Company. This guarantee has been provided on behalf of the Associate of the Company which is part of the consolidated group. At this point, there is no impact of this guarantee on the Company. |
Source:
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.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.