MEIL Holdings Limited announces the release of its Non-Disposal Undertaking (NDU) to REC Limited concerning a loan availed by Olectra Greentech Limited. The NDU, which ensured MEIL remained the largest shareholder in Olectra during the loan tenure, has been lifted following full repayment of the loan. This release allows MEIL Holdings greater flexibility regarding its stake in Olectra Greentech.
Non-Disposal Undertaking Release
MEIL Holdings Limited has announced the release of the Non-Disposal Undertaking (NDU) that it had provided to REC Limited. This undertaking was in relation to a loan that was previously availed by Olectra Greentech Limited.
Details of the Undertaking
Under the terms of the NDU, MEIL Holdings committed to remain the largest shareholder in Olectra Greentech throughout the duration of the loan from REC Limited. The original sanction letter for the loan is referenced as REC/CO/REN/EV/2019-20/OGL/437, dated March 11, 2020.
Implications of Release
With the loan to Olectra Greentech now fully repaid, REC Limited has officially released MEIL Holdings from its obligations under the Non-Disposal Undertaking. This action grants MEIL Holdings greater flexibility in managing its shareholding in Olectra Greentech Limited.
Source: BSE
