CARE withdraws credit rating on Emami Realty request; Stock hits upper circuit

6 Apr 2022 , 01:14 PM

CARE Ratings Limited has withdrawn the Credit Rating assigned to the Proposed Long-term Bank Facilities of Emami Realty Limited, since the said Facilities was not availed by the Company. The company on Monday had informed about the assignment and upgradation of Credit Rating by India Ratings and Research Private Limited

“We have noted that Emami Realty Limited (Formerly Emami Infrastructure Limited) has surrendered the aforementioned bank facilities rated by us and there is no outstanding under the said facility as on date. Taking cognizance of this, we hereby withdraw our rating for Emami Realty’s bank facilities, with immediate effect,” Company shared CARE Ratings letter.

At around 1.15 pm, Emami Realty Limited was trading at Rs72.65 per piece up Rs3.45 or 4.99% (5% upper circuit) on the BSE.