Gensol defaults on BluSmart-linked bond repayment for May

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Gensol Engineering, promoted by the founders of electric mobility firm BluSmart, has defaulted on payment of around Rs 4 crore to its pass-through certificates (PTCs) holders this month.

The last repayment that was processed successfully was in April, people aware of the matter said.

The troubled solar engineering, procurement and construction company had raised these funds by issuing PTCs, which were distributed to retail investors via online platform Grip Invest. PTCs are usually loans that are raised in lieu of any underlying asset. In this case,…



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Gensol defaults on BluSmart-linked bond repayment for May


Gensol Engineering, promoted by the founders of electric mobility firm BluSmart, has defaulted on payment of around Rs 4 crore to its pass-through certificates (PTCs) holders this month.

The last repayment that was processed successfully was in April, people aware of the matter said.

The troubled solar engineering, procurement and construction company had raised these funds by issuing PTCs, which were distributed to retail investors via online platform Grip Invest. PTCs are usually loans that are raised in lieu of any underlying asset. In this case,…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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