CRISIL Ratings has upgraded its ratings on the total bank facilities Rs42cr of ADF Foods Limited
. The long-term rating of the company on its credit facilities has been upgraded to CRISIL A/Stable from CRISIL A-/Stable. The credit rating agency also upgraded the short-term rating to CRISIL Al from CRISIL A2+, the company said in a filing on Friday.
The company a leader in prepared ethnic food on Thursday approved that the company's Wholly-Owned Subsidiary, ADF Holdings (USA) Ltd. would be making an investment up to $5 mn, which would entail asset purchase and setting up of a step-down subsidiary in the United States.
ADF Holdings (USA) Ltd. will have a 70% stake in the share capital of the proposed Step Down Subsidiary.
Towards last half hour of trade on Friday, ADF Foods Ltd was trading at Rs816.95 per piece up by Rs17.4 or 2.18% from its previous closing of Rs799.55 per piece on the BSE. The scrip opened at Rs804.55 and has touched a high and low of Rs816.95 and Rs796 respectively.