Praxis Home Retail Limited has filed a regulatory disclosure pursuant to Regulation 30 of SEBI LODR Regulations, 2015 regarding an amendment to the terms of existing Inter-Corporate Loan Agreements with CMS IT Services Private Limited.
Key Amendment Details
The interest rate has been revised from 11% per annum to 13% per annum, effective retrospectively from the original agreement dates of May 22, 2026 and June 23, 2026. This amendment was made pursuant to mutual agreement between the parties. Except for this interest rate revision, all other terms and conditions of the loan agreements remain unchanged.
Loan Agreement Details
Total Sanctioned Amount: ₹20 crores
Total Amount Borrowed: ₹16.5 crores
Total Amount Outstanding: ₹16.5 crores
Breakdown by Agreement:
- Agreement dated May 22, 2026: ₹5.5 crores
- Agreement dated June 23, 2026: ₹14.50 crores (to be availed in one or more tranches on or before March 31, 2027)
Purpose of Loans
The loans were obtained for working capital requirements and general corporate purposes.
Key Terms
- Nature: Unsecured inter-corporate loan
- Interest Rate: 13% per annum (revised from 11%)
- Tenure: 6 months, subject to mutual written agreement for extension
- Security: Not applicable (unsecured)
Relationship Status
CMS IT Services Private Limited is not related to the promoter/promoter group/group companies of Praxis Home Retail Limited. The transaction does not qualify as a related party transaction.
Financial Impact
The revision in interest rate will result in an increase in the interest cost/finance cost of the Company for the period during which the revised rate is applicable.
Additional Information
The information has been made available on the company's website at https://praxisretail.hometown.in/