Vikram Solar Signs INR 3,200 Crore Working Capital Consortium Pact Led by Indian Bank
Vikram Solar has entered into a working capital consortium agreement for renewal cum enhancement of its existing working capital facilities sanctioned by a working capital consortium led by Indian Bank. As a result, the entire 9,49,60,893 promoter pledged shares, aggregating to 26.21 percent of the total equity share capital, will be released.
February 13, 2026. By Mrinmoy Dey
"In terms of the Consortium Loan Agreement, the entire 9,49,60,893 equity shares of the company, aggregating to 26.21 percent of the total equity share capital, which were pledged by the promoters of the company, for securing the earlier working capital facilities availed by the company, shall be released," the company stated in a regulatory filing.
Under the agreement, the consortium – comprising major public and private sector banks including State Bank of India, Punjab National Bank, Union Bank of India, Axis Bank, ICICI Bank, Standard Chartered Bank, HDFC Bank, and HSBC – will provide fund-based and non-fund-based working capital support, secured by a first pari-passu charge on the company’s current assets.
As of February 10, 2026, Vikram Solar’s outstanding exposure stood at INR 104.80 crore (fund-based) and INR 2,543.74 crore (non-fund-based), the company said.
The agreement does not grant lenders any rights to appoint directors or seek equity participation, and the transaction does not fall under related-party norms, it said.
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