German Green Steel and Power Limited promoters back Rs 754.61 crore

German Green Steel and Power Limited’s two promoter selling shareholders have disclosed 33 guarantees with stated facility amounts totalling Rs 754.61 crore. German Green Steel accounts for Rs 454.78 crore, or 60.27% of the aggregate, while German TMT Private Limited accounts for a further Rs 200.34 crore across the schedule.

How much have German Green Steel promoters guaranteed?

German Green Steel’s disclosed guarantee schedule totals Rs 754.61 crore across 33 entries. The schedule names Inamulhaq Shamsulhaq Iraki and Abdulhaq Shamsulhaq Iraki as promoter selling shareholders providing the guarantees. A guarantee requires the guarantor to meet the borrower’s obligation if the borrower defaults under the relevant facility.

The Rs 754.61 crore figure adds the guarantee amounts stated for individual facilities; it is not a disclosed balance of debt outstanding at a particular date. The prospectus says a lender may invoke a guarantee up to the outstanding loan amount, together with interest, costs and charges. It does not provide facility-level drawdowns, repayment balances, maturity dates or the amount presently payable by either promoter.

German Green Steel is the largest borrower named in the schedule, with 15 facility entries totalling Rs 454.78 crore. German TMT, identified elsewhere in the prospectus as the material subsidiary, has eight entries totalling Rs 200.34 crore. The remaining Rs 99.49 crore is attached to Iraki Enterprise and Sunstar Enterprises, demonstrating that the schedule extends to four named borrowers rather than German Green Steel alone.

Which German Green Steel facilities have promoter guarantees?

German Green Steel’s promoter guarantees cover term loans, cash credit, working-capital term loans, bank guarantees, letters of credit, derivative facilities, channel finance, purchase-invoice financing and inventory funding. Cash credit is a revolving borrowing facility; letters of credit and bank guarantees are bank commitments that may require payment when stated conditions are met. The schedule separately identifies a Rs 5.50 crore derivative facility for German TMT.

The largest single listed facility is a Rs 90 crore HDFC Bank term loan to German Green Steel, guaranteed on July 3, 2026 by both promoter selling shareholders. HDFC Bank also has a Rs 50 crore cash-credit facility for German Green Steel dated July 3, 2026. Earlier HDFC Bank term-loan guarantees for German Green Steel were Rs 13 crore in September 2020, Rs 42 crore in March 2022, Rs 26 crore in January 2023 and Rs 40 crore in November 2024.

The smaller facilities show the breadth of the financing categories. Iraki Enterprise’s Rs 76.17 crore total includes a Rs 20 crore letter of credit, a Rs 20 crore channel-finance facility and Rs 6 crore of purchase-invoice financing. Sunstar Enterprises’ Rs 23.32 crore total includes Rs 15 crore of cash credit, Rs 5 crore of channel finance, Rs 3 crore of inventory funding and a Rs 32 lakh term loan.

How concentrated are German Green Steel’s promoter guarantees?

German Green Steel and German TMT together account for Rs 655.12 crore, or 86.82%, of the Rs 754.61 crore aggregate. The repayment performance of these two borrowers would therefore determine whether most of the disclosed guarantees remain contingent or could be invoked. The other two borrowers account for 13.18% of the aggregate stated amount.

HDFC Bank has guarantee amounts totalling Rs 333.90 crore across German Green Steel and Iraki Enterprise. Bandhan Bank follows with Rs 185.21 crore across German Green Steel and German TMT. Together, HDFC Bank and Bandhan Bank account for Rs 519.11 crore, or 68.79%, of the disclosed aggregate, while ICICI Bank accounts for another Rs 107.01 crore of German TMT facilities.

The 33 entries name eight lenders and finance providers: HDFC Bank, Bandhan Bank, ICICI Bank, Vivriti Capital Limited, Shinhan Bank, Axis Bank, Tata Capital Limited and SG Finserve Limited. The prospectus says German Green Steel’s borrowings are typically secured by immovable property, movable fixed assets and current assets. Personal guarantees therefore operate alongside security over company assets under the disclosed borrowing arrangements.

What does the timing of German Green Steel’s guarantees show?

The earliest listed guarantee is a Rs 13 crore HDFC Bank term loan dated September 29, 2020, while the latest entries are dated July 3, 2026. The three guarantees issued from 2020 through 2023 totalled Rs 81 crore and were all HDFC Bank term loans to German Green Steel. Guarantee dates identify when the commitments were issued, rather than the date on which the related debt was drawn or becomes repayable.

The schedule contains 17 entries dated in 2026, compared with eight dated in 2025 and five dated in 2024. The 2026 entries span cash credit, working-capital term loans, bank guarantees, channel finance, letters of credit, invoice financing and inventory funding. This is a broader mix than the Rs 81 crore of 2020-to-2023 term-loan guarantees.

The two promoters are not listed against exactly the same facilities. Inamulhaq Shamsulhaq Iraki is named in rows 1 through 25, while Abdulhaq Shamsulhaq Iraki is named in 32 of the 33 entries, excluding the Rs 25.21 crore Bandhan Bank working-capital term facility dated June 18, 2026. Because many facilities name both individuals, separately adding facility amounts by promoter would double count shared guarantees and would not establish either person’s final liability.

When can German Green Steel promoter guarantees be invoked?

German Green Steel states that the lenders can invoke the guarantees if the relevant borrower fails to repay on time or at all. A lender would then be entitled to seek the outstanding loan amount plus applicable interest, costs and charges. The stated amount in the schedule is consequently not necessarily the amount a lender could recover at a given time, since the prospectus does not disclose the outstanding balance on each facility.

The guarantees continue until the underlying loan is repaid in full, according to the prospectus. German Green Steel also says no consideration has been paid or is payable to the promoter selling shareholders for providing them. Repayment or refinancing alone would not demonstrate release of a guarantee unless the underlying facility has been fully repaid or the lender has otherwise discharged the commitment.

The text following the schedule describes the guarantees as security for facilities availed by German Green Steel, but the schedule itself lists German TMT, Iraki Enterprise and Sunstar Enterprises as borrowers in addition to German Green Steel. The prospectus does not explain this difference in wording. The borrower-by-borrower amounts in the table above follow the named borrowers in the disclosed schedule.

Conclusion

The Rs 754.61 crore aggregate shows that the two promoter selling shareholders’ disclosed guarantees cover 33 facilities, four named borrowers and eight finance providers. German Green Steel and German TMT represent Rs 655.12 crore, concentrating 86.82% of the stated facility amounts in the company and its material subsidiary.

What to watch next is repayment, refinancing or formal release of the underlying facilities, because the prospectus says guarantees remain effective until the loans are repaid in full. The document does not disclose outstanding balances, maturity dates or a plan to release guarantees, while its description of company facilities differs from the four borrowers named in the schedule.