Vikram Solar Limited's promoters have successfully released their entire pledged shareholding, marking a significant corporate development that frees up substantial equity from encumbrance. The release, executed on February 19, 2026, involved two major promoter entities and represents a total of 9,49,60,893 equity shares.

Pledge Release Details

The pledge release encompassed shares held by two key promoter entities under the working capital facility arrangement with Indian Bank consortium:

The release was facilitated through IndBank Merchant Banking Services Limited, acting on behalf of Indian Bank as the lead bank for the working capital consortium. The formal sanction for this release was granted vide Indian Bank's sanction letter referenced LCB/KOLVSL/2025-26/1065 dated January 9, 2026.

Current Promoter Shareholding Structure

Following the pledge release, the complete promoter shareholding structure shows varied holdings across multiple entities and individuals:

Regulatory Compliance and Documentation

The disclosure was made under Regulation 31(2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011, ensuring full regulatory compliance. The company has notified both BSE Limited (Scrip Code: 544488) and National Stock Exchange of India Limited (Symbol: VIKRAMSOLR) about this significant corporate action.

Gyanesh Chaudhary, serving as the authorized signatory for both Vikram Capital Management Private Limited and Gyanesh Chaudhary Family Trust, executed the necessary documentation on February 19, 2026. The digital signatures were applied at 22:00:16 and 22:01:24 IST respectively.

Impact on Corporate Structure

With this pledge release, the entire shareholding of the primary promoters—Vikram Capital Management Private Limited, Gyanesh Chaudhary Family Trust, and Gyanesh Chaudhary—is now completely free from encumbrance. However, VSL Ventures Private Limited continues to maintain its entire 1,50,99,750 shares (4.17% stake) under encumbrance.

The release represents a significant milestone for the solar energy company, potentially providing greater flexibility in corporate decision-making and future strategic initiatives. The company's shares continue to trade on both major Indian stock exchanges under the ISIN INE078V01014.

Vikram Solar Limited has entered into a working capital consortium agreement for renewal and enhancement of its existing working capital facilities worth ₹3,200 crores. The agreement, executed on February 11, 2026, is led by Indian Bank with SBICAP Trustee Company Limited acting as security trustee on behalf of the lenders consortium.

Working Capital Facility Details

The comprehensive facility encompasses both fund-based and non-fund-based working capital arrangements, secured by a first pari-passu charge over the company's current assets. The agreement represents a significant enhancement from the previous working capital arrangements.

Lenders Consortium Structure

The working capital facility involves a comprehensive consortium of leading financial institutions providing diversified funding support to Vikram Solar's operations.

Release of Promoter Pledge

A significant development under the new arrangement is the complete release of pledged equity shares that were securing the earlier working capital facilities. The entire 9,49,60,893 equity shares representing 26.21% of the company's total equity share capital, which were pledged by the promoters, shall be released under the new consortium agreement.

Outstanding Facility Utilization

As of February 10, 2026, the company's working capital utilization shows balanced deployment across fund-based and non-fund-based facilities, indicating active operational financing requirements.

Security and Terms Structure

The facilities are secured by a first pari-passu charge on current assets of the company, both present and future, across all units. Interest rates are linked to applicable MCLR/EBLR rates as per individual sanction letters. Importantly, the consortium agreement does not confer any rights to lenders for board appointments or equity subscription rights, maintaining management independence.

The transaction has been disclosed under Regulation 30 of SEBI Listing Regulations and represents a strategic refinancing that enhances the company's working capital flexibility while releasing significant promoter shareholding from encumbrance.