RMC Switchgears Approves Loan Cum Share Pledge Agreement with Saatvik Cleantech EPC for Subsidiary

Key Highlights

• RMC Switchgears Limited has approved a Loan Cum Share Pledge Agreement with Saatvik Cleantech EPC Private Limited.
• The agreement is regarding the pledging of shares held by the Company in its subsidiary, Intelligent Hydel Solutions Private Limited.
• The purpose of the agreement is to secure financial assistance of ₹1,35,91,500 by pledging 51% shareholding held in IHSPL in favor of Saatvik Cleantech EPC Private Limited.
• The agreement is a continuing security and shall remain in force until a full discharge of the debt is certified in writing by the Pledgee.
• Intelligent Hydel Solutions Private Limited is a subsidiary of RMC Switchgears limited and Saatvik Cleantech EPC Private Limited holds 49% shareholding in Intelligent Hydel Solutions Private Limited.