Vikram Solar Secures ₹3,200 Crore Working Capital Facility From Lender Consortium

Indian solar module manufacturer Vikram Solar Ltd has now signed a consortium loan agreement to raise working capital facilities of up to ₹3,200 crore, the company said in its recent regulatory filing before the exchanges. 

The aim is seen as the firm's initiative to strengthen liquidity and refinance existing credit arrangements. This comes at a time when the company is on an expansion spree in its module business and set to start solar cell manufacturing soon.

The agreement was executed with a lenders’ consortium led by Indian Bank, along with State Bank of India, Punjab National Bank, Union Bank of India, Axis Bank, ICICI Bank, Standard Chartered Bank, HDFC Bank, The Hongkong and Shanghai Banking Corporation, and others. SBICAP Trustee Company Ltd was appointed as the security trustee.

Enhancing Working Capital

The financing is aimed at enhancing working capital flexibility and revising the terms of existing credit facilities. As part of the transaction, the company will release a pledge on 9.49 million equity shares, representing 26.21% of the promoter shareholding, which had previously been pledged to secure earlier working capital facilities.

The consortium loan includes both fund-based and non-fund-based working capital facilities, repayable on demand and secured by afirst pari-passu charge on the company’s current assets, along with additional securities and collateral specified in the agreement. Interest rates are linked to applicable MCLR/EBLR benchmarks.

Consortium Agreement

"The Consortium Loan Agreement is for fund-based and non-fund-based working capital facilities, to the Company, which are repayable on demand and secured by a first pari-passu charge over the Company’s current assets both present and future and other specified securities and collaterals as more specifically described in the agreement in favour of the Security Trustee on behalf of the Lenders Consortium," the company said. 

As of Feb. 10, 2026, Vikram Solar had ₹2,648.14 crore outstanding, comprising₹104.80 crore fund-based and ₹2,543.74 crore non-fund-based exposure.

The agreement was executed on Feb. 11, 2026 and does not grant lenders the right to appoint board directors or observers, nor any rights related to equity subscription or changes in the company’s capital structure. The transaction does not involve related-party arrangements, the company said.