Pennar Industries provides ₹34 Cr corporate guarantee for JV

Pennar Industries Ltd has approved providing an additional corporate guarantee of ₹34 crore and pledging additional shareholding in its joint venture, ZAP91 Solar India Private Limited (ZAP91). This guarantee is in connection with Non-Convertible Debentures issued by ZAP91 to CTL Trusteeship Limited. The company stated there is no immediate impact, except as a contingent liability should ZAP91 fail to meet its repayment obligations. The promoter/promoter group/group companies have no interest in this transaction, and it is considered an arm's length transaction.