ideaForge signs ₹151 crore loan agreement with Technology Development Board for YETI project

Drone technology company ideaForge Technology Ltd on Friday said it has signed a ₹151 crore loan agreement with the Technology Development Board to fund its YETI heavy-lift, long-range autonomous aerial logistics vehicle project."...this is to further inform you that ideaForge Technology Limited has entered into a loan agreement dated October 09, 2026, with the Technology Development Board for availing a loan of ₹151 Crores in tranches for YETI - Heavy lift long range autonomous aerial logistics vehicle" ," according to a stock exchange filing.The term debt facility will be disbursed in tranches. The company said the loan amount is yet to be disbursed.ALSO READ | From ₹1,344 to ₹301 and back: Stock surges to 18-month high after best month since listingideaForge received the formal term sheet from the Technology Development Board on October 7 and accepted its terms. The countersigned term sheet was executed and delivered to the Technology Development Board on October 8, ahead of the loan agreement signed on October 9..The development follows the company's July 31 intimation regarding receipt of a letter of intent from the Technology Development Board.Under the agreement, ideaForge will provide a first-ranking charge over identified project assets, plant, machinery and equipment created or acquired using the loan facility.The agreement includes standard commercial lending covenants, restrictions on promoter share transfers exceeding 20%, matching funding obligations and intellectual property rights retention terms. The company said the agreement does not grant special rights relating to the appointment of directors or restrictions on its capital structure.ALSO READ | ideaForge raises ₹500 crore via QIP to fund growth, expand defence drone capabilitiesideaForge said the transaction does not involve any relationship with its promoters, promoter group or group companies and does not fall under related-party transactions.Shares of ideaForge Technology Ltd ended at ₹668.35, down by ₹1.00, or 0.15%, on the BSE.