Nature of the Event
Puravankara Limited has provided a corporate guarantee on behalf of its wholly-owned subsidiary, Provident Housing Limited.
Key Quantitative Figures
The corporate guarantee amount is ₹199,99,00,000 (Rupees One Hundred Ninety-Nine Crores Ninety-Nine Lakhs only).
Parties Involved
- Guarantor: Puravankara Limited
- Beneficiary: RBL Bank Limited ("RBL")
- Principal Borrower: Provident Housing Limited (Wholly Owned Subsidiary)
Purpose or Stated Rationale
The guarantee is provided towards financial assistance availed by Provident Housing Limited by way of Term Loan and Credit Facilities from RBL Bank Limited.
Transaction Details
- The guarantee is provided for Term Loan and Credit Facilities
- Promoter/Promoter Group/Group Companies do not have any interest in this transaction
- Only Provident Housing Limited is interested in this transaction
- The transaction is confirmed to be at arm's length
Financial Impact
The corporate guarantee provided is disclosed as a contingent liability for the Company. At this point, there is no impact of this guarantee on the Company as it has been provided on behalf of the wholly-owned subsidiary which is part of the consolidated group.
Disclosure Requirements
The detailed disclosure is provided as per Regulation 30 read with Para B of Part A of Schedule III of the SEBI Listing Regulations and the referenced SEBI Master Circular.