Prestige Estates Projects has issued a corporate guarantee for a loan facility being availed by its subsidiary, Dollars Hotel and Resorts Private Limited. The guarantee, up to INR 250 Crores, is provided to Canara Bank/Catalyst Trusteeship Limited. This move supports the subsidiary’s financing and represents a contingent liability for Prestige Estates.
Corporate Guarantee Details
Prestige Estates Projects has issued a corporate guarantee to support a loan facility for Dollars Hotel and Resorts Private Limited, its subsidiary. This guarantee aims to bolster the subsidiary’s financial capabilities.
Guarantee Beneficiary and Amount
The corporate guarantee is in favor of Canara Bank/Catalyst Trusteeship Limited, with the guaranteed amount being up to INR 250 Crores. This financial backing is intended to secure the loan facility for the subsidiary.
Impact on Prestige Estates
The corporate guarantee represents a contingent liability for Prestige Estates Projects. It is provided on behalf of a subsidiary within the consolidated group. As of now, there is no immediate impact on the company’s financials due to this guarantee.
Source: BSE
