Popular Vehicles and Services Limited (PVSL) has announced the continuation and enhancement of a corporate guarantee in favor of Axis Bank Limited. This guarantee is in relation to inventory funding facilities for its wholly-owned subsidiary, Popular Mega Motors (India) Private Limited. The facility for TATA CV (KL) has been renewed up to ₹7,00,00,000 (Rupees Seven Crores only). Additionally, the facility for TATA CV (TN) has been renewed and enhanced from ₹3,00,00,000 (Rupees Three Crores Only) to ₹8,00,00,000 (Rupees Eight Crores only). These combined facilities aggregate to ₹15,00,00,000 (Rupees Fifteen Crores only). The company has confirmed that the transaction is conducted on an arm's length basis and that none of its promoters, promoter group members, or directors have any interest in this transaction. PVSL stated that this guarantee, provided on behalf of its subsidiary, is part of the consolidated group and currently has no impact on the company other than its disclosure in the financial statements.
