Vikram Solar bags Rs 32 billion working capital facilities

Vikram Solar has inked an agreement to renew and enhance its existing working capital facilities. The enhanced facilities, extended by a consortium of lenders, amount to Rs 32 billion. According to the terms of the consortium loan agreement, 94.96 million equity shares of Vikram Solar will be released. These shares represent 26.21 percent of the company’s total equity share capital.
The agreement was signed with a consortium of lenders spearheaded by Indian Bank. The consortium also comprised State Bank of India, Punjab National Bank, Union Bank of India, Axis Bank, ICICI Bank, Standard Chartered Bank, HDFC Bank, The Hongkong and Shanghai Banking Corporation, among others. Additionally, SBICAP is acting as the security trustee on behalf of the lenders’ consortium.