Puravankara Issues ₹25 Crore Guarantee to IDFC First Bank for Subsidiary Loan
Puravankara Limited is involved in shaping residential spaces. The company recently shared important news. It has given a bank support promise of ₹25 crore to help one of its own companies.
The company getting help is called Starworth Infrastructure Construction Limited. Puravankara fully owns it. The bank involved is IDFC First Bank Limited. This support will help the smaller company buy machines used for construction work.
A bank support promise means the big company tells the bank it will help if the smaller company cannot pay money back. In this case, Puravankara told the bank that it would help Starworth Infrastructure Construction Limited if there were any problems.
Because of this promise, the bank feels safe giving money. This helps the smaller company get the money it needs.
Building work needs many machines and tools. These machines cost a lot of money. Starworth Infrastructure Construction Limited needs these machines to do its work properly.
Puravankara owns this smaller company, so it decided to help. The ₹25 crore support allows the smaller company to buy machines and continue its work without stopping.
Puravankara shared clear details about the support it has given. The support amount is ₹25 crore. This help is for Starworth Infrastructure Construction Limited, a company fully owned by Puravankara.
The loan is from IDFC First Bank Limited. The money will be used to buy machines for construction work. Puravankara shared all this information through an official update.
Puravankara shared this update under Regulation 30 and Schedule III of SEBI rules. These rules say companies must tell investors and the public about big money decisions.
The update also said that company owners and promoter groups are not part of this deal. Only the smaller company is involved.
Puravankara said this support is a possible responsibility. This means the company will only need to pay if the smaller company cannot pay the bank.
Because Puravankara fully owns the smaller company, the company said this support will not affect its money or daily work right now.
Starworth Infrastructure Construction Limited works under Puravankara. It focuses on building and construction work. Puravankara helps when support is needed.
This way, both companies can work smoothly.
Puravankara's share prices change over time. In one day, the price went up by 0.11%. Over five days, it went down by 3.90%. In one month, it fell by 3.81%.
Over six months, the price dropped by 19.38%. Over one year, it dropped by 36.83%. But over five years, the price went up by 185.04%.
Purva Group New launch Project is Purva Northern Lights
