ICRA assigns credit rating to Rs559.86 crore bank facilities of Tejas Networks; stock slips ~4.5%

11 Apr 2022 , 12:51 PM

Tejas Networks Limited informed that the Rating Committee of ICRA, after due consideration has upgraded the credit rating assigned to ICRA’s long-term instruments at ICRA A+ (pronounced ICRA A plus)from the existing ‘ICRA A-%‘ ( pronounced ICRA A-minus on rating watch with positive implications) and.

The rating agency has also upgraded the short-term rating to ICRA A1+ (pronounced ICRA A one plus) from ‘ICRA A2+%’ (pronounced ICRA A two plus on rating watch with positive implications).

The rating agency has given a Stable outlook on long-term rating and the ratings have been removed from rating watch with positive implications. The aforesaid Ratings will be due for surveillance any time before April 5, 2023.

Tejas Networks is currently trading at Rs532.85 down by Rs28 or 4.99% from its previous closing of Rs560.85 on the BSE. Its scrip has touched a high and low of Rs578.45 and Rs532.85 respectively.