CARE reaffirms credit rating of Gujarat Alkalies' bank facilities worth ~Rs769 crore

23 Jun 2022 , 12:36 PM

Gujarat Alkalies & Chemicals Limited informed that the rating agency CARE Ratings Limited has reaffirmed the credit rating assigned to the company’s long-term and short-term bank facilities.

The rating agency has reviewed the total bank facilities of the company worth Rs768.98 crore.

CARE has reaffirmed the long-term ratings of the company to ‘CARE AA+’ and has assigned a Stable outlook to the same.

Short-term ratings assigned to bank facilities worth Rs45 crore have been reaffirmed at ‘CARE A1+’.

Further, for Commercial Paper Issue for an amount aggregating to Rs100 Crore for a maturity not exceeding one year the rating agency has given a ‘CARE A1+’ rating.

Post this development, Gujarat Alkalies’ scrip was trading 0.56% higher at Rs667.80 against its previous close of Rs664.05 on NSE. So far, it hit intraday high and low of Rs682.80 and Rs665 respectively.