Indosolar has received an approval for proposal for One Time Settlement (OTS) from Union Bank of India. The proposal has two components - Serviceable Debt and Non-Serviceable Debt.
Serviceable Debt shall be paid within 6 years and last installment will be due on or before March 31, 2024. Non-Serviceable Debt shall be converted into optionally convertible cumulative redeemable preference shares OCCRPS and shall be redeemed within 4 years starting from the date April 01, 2024.
Indosolar is engaged in manufacturing of solar photovoltaic cells and modules. The company’s photovoltaic cells include SONA SERIES (Multi-crystalline Cells) and SAPPHIRE SERIES (Mono-crystalline Cells).
