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Vikram Solar Finalises Rs 3,200 Crore Working Capital Deal Led by Indian Bank; Promoter Shares to Be Unpledged

Vikram Solar has executed a working capital consortium agreement for the renewal and enhancement of its existing credit facilities, with the arrangement led by Indian Bank. The total sanctioned limit under the revised agreement stands at Rs3,200 crore.

According to a regulatory filing, the agreement will result in the release of 9,49,60,893 equity shares pledged by the company’s promoters. These shares represent 26.21 percent of Vikram Solar’s total equity share capital and were earlier pledged as collateral for previous working capital borrowings.

Consortium Structure and Security

The consortium includes several leading public and private sector banks such as State Bank of India, Punjab National Bank, Union Bank of India, Axis Bank, ICICI Bank, Standard Chartered Bank, HDFC Bank, and HSBC.

Under the terms of the consortium loan agreement, lenders will extend both fund-based and non-fund-based working capital support. The facilities will be secured by a first pari-passu charge on the company’s current assets.

Current Exposure and Terms

As of February 10, 2026, Vikram Solar’s outstanding exposure stood at Rs104.80 crore under fund-based facilities and Rs2,543.74 crore under non-fund-based limits.

The company clarified that the agreement does not provide lenders with any rights to appoint directors or seek equity participation. Additionally, the transaction does not fall under related-party transaction norms.

With this enhanced working capital arrangement and the release of pledged promoter shares, Vikram Solar aims to strengthen its financial flexibility while supporting its operational and growth plans.