Puravankara Ltd Provides Corporate Guarantee worth Rs 25 Crores to Subsidiary for Credit Enhancement
Puravankara Limited has provided an additional Corporate Guarantee, amounting to Rs 25,00,00,000/-, in favour of Axis Bank Limited. This guarantee is extended to Starworth Infrastructure & Construction Limited, the wholly owned subsidiary of Puravankara Ltd.The corporate guarantee supports the enhancement of credit facilities for Starworth Infrastructure & Construction Limited. The funds secured through this facility are intended for the purchase of construction equipment and materials by the subsidiary.
As per disclosures regarding the transaction, promoter or promoter group companies hold no interest in this arrangement, with Starworth Infrastructure & Construction Limited being the sole interested party.
The nature of the guarantee involves Puravankara Ltd. providing support to its wholly owned subsidiary. The Corporate Guarantee is classified as a contingent liability for the company. Currently, the corporate action has been stated to have no impact on Puravankara Ltd.
Key details of the transaction are summarized below:
| Particulars | Details |
|---|---|
| Guaranteed Entity | Starworth Infrastructure & Construction Limited (Wholly Owned Subsidiary) |
| Amount of Guarantee | Rs 25,00,00,000/- (Rupees Twenty-Five Crores Only) |
| Creditor Bank | Axis Bank Limited |
| Purpose | Purchase of construction equipment and materials |
The guarantee was provided in continuation to a prior intimation regarding the subsidiary's credit facilities.
PURVA Stock Price Movement
On Friday, shares of Puravankara Limited shed 1.44% to close at ₹220.36. The stock traded a volume of 109,785 shares during the 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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