Date: September 30, 2026
Credit Rating Agency Change
- Company changed its credit rating agency from CARE Ratings Limited (CARE) to Infomerics Valuation and Rating Limited (Infomerics)
- Change was previously intimated to NSE on July 02, 2026
- Infomerics has assigned ratings of IVR BBB+/Stable (Long Term) and IVR A2 (Short Term)
- Ratings apply to the Company's bank loan facilities of ₹390.00 Crore
CARE Ratings Status Update
- CARE assigned an "Issuer Not Cooperating" status to the Company's rating
- Company had already informed CARE in July 2026 about withdrawal of their rating assignment
- Company requested CARE to withdraw the rating from all platforms
- Company submitted majority of NOCs from various bankers to CARE
- Process of obtaining NOCs from remaining bankers is ongoing
Company Clarification
- Company states it had no reason or necessity to provide information to CARE after obtaining rating from Infomerics
- Clarifies that Infomerics is the current rating agency, not CARE
- States that the "Issuer Not Cooperating" status is wrongful and of no consequence
- Emphasizes this status is procedural only and does not reflect any change in the Company's financial position or credit quality