Popular Vehicles Extends ₹48.5 Cr Corporate Guarantees to Subsidiaries

Popular Vehicles and Services Ltd announced the continuation of corporate guarantees to its wholly-owned subsidiaries. The company extended a corporate guarantee of ₹30 crore to Popular Mega Motors (India) Private Limited for the renewal of a Credit Facility under the Electronic Dealer Funding Scheme with State Bank of India. Additionally, a corporate guarantee of ₹18.50 crore was extended to Popular Autoworks Private Limited for a similar credit facility renewal with State Bank of India. Both subsidiaries are wholly-owned, and the transactions are conducted at arm's length. While management personnel hold positions in these subsidiaries, the company states there is no immediate impact on the listed entity other than financial statement disclosures.