Key Quantitative Figures

  • Loan amount: ₹100 crore (Rupee Term Loan facility)
  • Interest rate: 12.75% per annum, floating rate payable monthly
  • Security coverage: 1x cover of facility amount through promoter share pledge

Parties Involved

  • Borrower: Ravindra Energy Limited (REL)
  • Lender: Tata Capital Limited (TCL)
  • Beneficiary: Energy In Motion Limited (jointly controlled company) and its subsidiaries
  • Guarantors: Mr. Narendra Murkumbi (Promoter) and Khandepar Investments Private Limited (Promoter entity)

Purpose and Rationale

The loan facility will be used by Ravindra Energy Limited towards infusion as unsecured loans in Energy In Motion Limited, a jointly controlled company, or any of its subsidiaries. The purpose is specified as "Additional Credit Facility - Term Loan".

Significant Terms and Security Details

The loan agreement includes the following significant terms and security arrangements:

Security Package:

  • First pari passu charge on movable fixed assets and current assets of the Borrower (present and future), except assets with existing exclusive charges
  • First pari passu charge on cash flows upstreamed from project SPVs to the Borrower, including Subsidy receipts from PM KUSUM projects and top-up debt raised at SPV level
  • First exclusive charge on the unsecured loan infused by REL into Energy In Motion Limited from the proceeds of this facility
  • Unconditional & irrevocable Personal Guarantee of Mr. Narendra Murkumbi (Promoter)
  • Unconditional & irrevocable Corporate Guarantee of Khandepar Investments Private Limited (Promoter entity)
  • Pledge of Promoter's shareholding in REL (1x cover of the Facility amount on outstanding basis)

Lender Rights:

Tata Capital Limited reserves the right to appoint its Nominee on the Board of the Company in case of occurrence and subsistence of an event of default.

Related Party Assessment

The disclosure explicitly states that:

  • Tata Capital Limited is not related to any of the promoters or members of the promoter group or any group companies
  • The transaction does not fall within related party transactions as per Companies Act 2013 and SEBI Listing Regulations
  • The transaction is considered at "arm's length"

Shareholding and Capital Structure Impact

  • No share issuance involved in this transaction
  • No change in capital structure reported
  • Promoter share pledge created as security (1x cover of facility amount)