CRISIL reaffirms rating of Apollo Pipes' credit facilities worth Rs220.20 crore; stock skids ~2%

7 Jun 2022 , 03:06 PM

Apollo Pipes Limited informed that CRISIL Ratings has reviewed the credit ratings on the bank loan facilities of the Company.

The total bank facilities reviewed by CRISIL are worth Rs220.20 crore which has been enhanced from the existing Rs180.20 crore.

CRISIL has reaffirmed the long-term rating of the company at ‘CRISIL A’. The outlook for the same has been given as Stable.

Company’s short-term rating has been reaffirmed at ‘CRISIL A1’.

Short-term facilities of the bank include Letter of Credit from DBS Bank and HDFC Bank worth Rs35 crore and Rs70 crore.

Long-term facilities reviewed include cash credit facilities from HDFC Bank and Axis Bank worth Rs40 crore and Rs31 crore respectively. Term loans from HDFC Bank (Rs4.86 crore), Citibank (Rs12.12 crore), and Axis Bank (Rs1.42 crore) are also a part of long-term facilities of bank.

Apollo Pipes is currently trading at Rs500.50 down by Rs12.05 or 2.35% from its previous closing of Rs512.55 on the BSE. The scrip touched intraday high and low of Rs515.85 and Rs497.70 respectively.