Valor Estate Limited has announced that its subsidiary BD&P Hotels (India) Private Limited, 75% owned by the company, has issued a corporate guarantee totaling Rs. 55 crores in favor of Tourism Finance Corporation of India Limited (TFCI). This guarantee supports a term loan of Rs. 55 crores granted by TFCI to Marine Tower Properties LLP, where Valor Estate holds a 100% economic interest through DB Contractors & Builders Private Limited, a wholly owned subsidiary.

Key Highlights:

  1. Guarantee Details:
    • The Rs. 55 crores guarantee includes a previously disclosed Rs. 35 crores component.
    • The guarantee is issued under a Deed of Guarantee executed on December 30, 2024.
  2. Purpose of the Loan: The term loan will support the operations and development activities of Marine Tower Properties LLP.
  3. Compliance:
    • The guarantee complies with SEBI regulations and will be accounted for as per Ind AS 109.
    • It has been executed following approval by shareholders through a postal ballot on December 28, 2024.
  4. Arm’s Length Nature: Valor Estate confirmed that the transaction was conducted on an arm’s length basis, with no promoter or group company interests beyond their shareholding in the company.
Follow on Google News