Vikram Solar Signs ₹3,200 Crore Working Capital Consortium Led By Indian Bank

Vikram Solar Limited has announced a major restructuring of its working capital arrangements through a new consortium agreement signed on February 11, 2026. The agreement has been led by Indian Bank and covers total credit facilities of up to ₹3,200 crores. The move renews and enhances the company’s existing working capital limits and aims to streamline both fund-based and non-fund-based requirements.

The lenders’ consortium includes leading banks such as State Bank of India, Punjab National Bank, Union Bank of India, Axis Bank, ICICI Bank, Standard Chartered Bank, HDFC Bank, and The Hongkong and Shanghai Banking Corporation. SBICAP Trustee Company Limited has been appointed as the security trustee to manage the security interests of the lenders.

As part of the new arrangement, a large portion of the promoters’ pledged equity will be released. A total of 9,49,60,893 equity shares, equal to 26.21% of the company’s total equity share capital, will be freed from pledge. These shares were earlier pledged with Vistra ITCL (India) Limited to secure previous working capital facilities. The release reflects a change in the company’s collateral structure under the revised agreement.

Under the new terms, the facilities are secured by a first pari-passu charge on all present and future current assets across the company’s units. The loans are repayable on demand and carry interest linked to MCLR or EBLR rates as per individual sanction letters. As of February 10, 2026, the company had an outstanding fund-based amount of ₹104.80 crores and a non-fund-based amount of ₹2,543.74 crores.

The company clarified that the agreement does not grant lenders any special rights such as appointing directors. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.