Corporate Guarantee Issued for Subsidiary's Rs. 750 Crore ICICI Bank Loan
Corporate guarantee issued to secure a loan availed by subsidiary Prestige Falcon Mumbai Realty Private Limited.
By ScoutQuest · · 1 min read
- Guarantee Amount
- Up to INR. 750 Crores
- Lender
- ICICI Bank
- Borrower (Subsidiary)
- Prestige Falcon Mumbai Realty Private Limited
- Liability Classification
- Treated as a contingent liability
What was announced
The company informed the exchanges that it is issuing a corporate guarantee towards a loan being availed by Prestige Falcon Mumbai Realty Private Limited, a subsidiary.
Key terms
- Borrower: Prestige Falcon Mumbai Realty Private Limited
- Lender: ICICI Bank
- Amount of facility: Up to INR. 750 Crores
What it means
A corporate guarantee means the parent company promises to repay the lender if the subsidiary fails to do so. Until that happens, it sits as a contingent liability rather than actual debt on the books.
The company states the guarantee has been provided on behalf of a subsidiary that is part of the consolidated group, and that at this point there is no impact on the company.
Related-party angle
The promoter and promoter group do not have any interest in this transaction. The guarantee has been provided on an arm's length basis.
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More numbers
- Corporate guarantee facility amount (ICICI Bank)Up to INR. 750 Crores
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