Puravankara Limited on Tuesday, December 16, informed stock exchanges that it has provided a corporate guarantee worth Rs 25 crore on behalf of its wholly owned subsidiary, Starworth Infrastructure & Construction Limited .
In an exchange filing, the real estate developer said the corporate guarantee has been extended in favour of IDFC First Bank. The guarantee has been issued to support loans taken by Starworth Infrastructure & Construction Limited for the purchase of construction equipment.
The company clarified that the transaction has been carried out in compliance with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, along with the relevant SEBI circular dated November 11, 2024 .
Puravankara further stated that the promoter, promoter group, or group companies do not have any interest in the transaction. The guarantee has been provided solely for the benefit of its wholly owned subsidiary, which forms part of the consolidated group .
As per the disclosure, the corporate guarantee represents a contingent liability for Puravankara Limited. However, the company noted that there is currently no material financial impact arising from this guarantee, as it has been extended to a subsidiary within the group structure .
