Popular Vehicles extends corporate guarantee for subsidiary's bank facility

Popular Vehicles and Services Ltd (PVSL) has decided to continue extending a corporate guarantee in favor of the Bank of Baroda. This guarantee facilitates the renewal of a Dealer Finance Overdraft Facility and an Ad hoc limit for Popular Mega Motors (India) Private Limited, a wholly-owned subsidiary. The modified limit for this facility now stands at INR 18,75,00,000.

The transaction is stated to be conducted on an arm’s length basis, with no interest from promoters, promoter groups, or directors of the company. Popular Mega Motors (India) Private Limited is identified as a wholly-owned subsidiary, forming part of the consolidated group.

PVSL clarifies that this corporate guarantee, provided on behalf of its subsidiary, currently has no impact on the listed entity beyond its disclosure in the financial statements. This decision aligns with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.