IDEAFORGEIdeaforge Technology Limited
ideaForge signs a ₹151 crore loan agreement with the Technology Development Board for the YETI logistics drone
- Agreement
- Drones
ideaForge Technology Limited has told the exchanges on 9 Oct 2026 that it entered into a loan agreement dated 9 Oct 2026 with the Technology Development Board (TDB) to borrow ₹151 crore in tranches for the YETI heavy-lift, long-range autonomous aerial logistics vehicle. This follows a Letter of Intent from TDB on 31 Jul 2026. The company received the formal term sheet on 7 Oct 2026 and returned it countersigned on 8 Oct 2026.
The loan is a term debt facility, and the amount outstanding is the amount yet to be disbursed. The filing says the agreement has standard lending covenants, restrictions on promoter share transfers above 20%, matching funding obligations and intellectual property retention terms, with no special rights over board appointments or capital structure. TDB is not related to the promoters, and the loan is not a related party transaction.
Inference
The loan is drawn in tranches, so the full ₹151 crore does not arrive at once. The terms do not give the lender any board seats or say over share capital, which keeps governance unchanged.
Reference: Original filing (PDF)
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