Varroc Engineering receives re-affirmation on credit facilities by ICRA

ICRA has assigned a long-term rating of [ICRA]A+ (Stable) for Non-convertible Debenture programme of the Company.

Sep 01, 2021 04:09 IST India Infoline News Service

Varroc Engineering Ltd has informed that ICRA Limited based on a review of the latest developments, has re-affirmed its ratings for Bank Facility and commercial paper of the Company.

Bank Facilities ratings has been reaffirmed to ICRA A+/Stable and ICRA A1 while Commercial Paper ratings has been reaffirmed to ICRA A1.

Further, ICRA has assigned a long-term rating of [ICRA]A+ (Stable) for Non-convertible Debenture programme of the Company.

For arriving at the ratings, ICRA has considered the consolidated financials of Varroc Engineering Limited (VEL) along with its subsidiaries/step-down subsidiaries, henceforth referred to as The Group/ Varroc.

The ratings continue to reflect Varroc’s established position as a leading auto component supplier in India and as an eminent automotive lighting supplier globally.

Varroc Engineering ended at Rs287.60 apiece up by Rs0.4 or 0.14% on the BSE.

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