India, July 31 -- Ravindra Energy Ltd has entered into a loan agreement with Tata Capital Ltd for a term loan facility of up to Rs 100 crore.
The funds will be used to support the company's investments in its solar project special purpose vehicles (SPVs), excluding project finance loans at the SPV level.
The loan carries a floating interest rate of 12.5% per annum, payable monthly. As security, the company has offered a first charge on its fixed and current assets, cash flows from project SPVs, a personal guarantee from promoter Narendra Murkumbi, a corporate guarantee from Khandepar Investments Pvt Ltd, and a promoter equity share pledge equivalent to the loan amount.
The agreement also gives Tata Capital the right to appoint a nominee ...