Ramco Industries adds ~2% as ICRA reaffirms credit rating of bank facilities worth Rs500cr

17 Mar 2022 , 12:43 PM

Ramco Industries Limited’s long-term instruments received an ‘ICRA AA- ‘ rating from the rating agency ICRA Ltd. Agency has given a stable outlook for the company’s long-term instruments.

The company’s short-term instruments have been rated ‘ICRA A1+’.

Total bank facilities are worth Rs500 crore, out of which short-term facilities value at Rs350 crore.

Long-term facilities include Term Loans from Kotak Mahindra Bank worth Rs45 crore and an Unallocated Limit of Rs105 crore.

Short-term facilities include Cash Credit/Short Term Loan/Export Credit/Letter of Credit /Bank Guarantee Limits/Working Capital Demand loan from IDBI Bank, HDFC Bank, Kotak Mahindra Bank, and Axis Bank Limited worth Rs145 crore, and remaining Rs205 crore are unallocated limits.

Following this, Ramco Industries gained 2.13% at Rs225.70, against its previous closing price of Rs221. It touched an intraday high and low of Rs227.95 and Rs222.65 respectively.