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.

Vikram Solar Limited has issued a comprehensive postal ballot notice dated January 21, 2026, seeking shareholder approval for three key director appointments through electronic voting. The company has scheduled the e-voting period from January 22, 2026, to February 20, 2026, allowing shareholders to participate in crucial governance decisions.

Director Appointments Overview

The postal ballot encompasses three significant resolutions related to board composition and leadership structure:

E-Voting Schedule and Process

The company has established a structured timeline for the electronic voting process to ensure comprehensive shareholder participation:

Shareholders whose names appear on the register of members or list of beneficial owners as received from NSDL and CDSL, and who have registered their email addresses with the company, depository participants, or registrar MUFG Intime India Private Limited, will be eligible to participate in the voting process.

Key Appointments and Qualifications

Mr. Suresh Gopinathan Menon

The 63-year-old professional brings extensive technology leadership experience, holding a Master of Science in Physics from University of Poona and Master of Technology in Computer Science from IIT Madras. He completed a distinguished 36-year tenure at Tata Consultancy Services Limited, retiring in May 2022 as Senior Vice President. His appointment as Additional Director became effective from December 1, 2025.

Mr. Joginder Pal Dua

The 73-year-old banking veteran possesses over three decades of financial sector experience, holding a master's degree in economics from Punjab University and a Law Degree from Meerut University. He previously served as Chairman and Managing Director of Allahabad Bank and retired as Chairman of the Board for Industrial and Financial Reconstruction in January 2016. His appointment as Additional Independent Director also took effect from December 1, 2025.

Ms. Neha Agrawal Re-appointment

The 38-year-old Whole-Time Director seeks re-appointment for a three-year term from March 22, 2026, to March 21, 2029. As a Chartered Accountant and Company Secretary, she brings over 14 years of solar industry experience and currently leads corporate strategy and international business operations.

Remuneration Structure

Ms. Neha Agrawal's re-appointment includes a comprehensive remuneration package:

Compliance and Governance

The postal ballot process adheres to Section 110 read with Section 108 of the Companies Act, 2013, and Regulation 44 of SEBI Listing Regulations. Mr. Atul Kumar Labh, Practicing Company Secretary, has been appointed as Scrutinizer to ensure fair and transparent voting procedures.

The company has made the postal ballot notice available on its website at www.vikramsolar.com , and voting rights will be proportionate to shareholders' paid-up equity share capital as of the cut-off date. Results will be announced within two working days after the voting period concludes, with approved resolutions deemed passed on the last date of e-voting.