ICRA assigns ‘AA’ rating to Piramal Enterprises Rs 350 crore NCD

08 Nov 2012 Evaluate

ICRA has assigned ‘AA’ rating to Rs 350 crore worth Non-Convertible Debentures (NCD) and Rs 350 crore worth Term Loans of Piramal Enterprises. The credit rating agency has an outstanding rating of ‘AA’ rating to Rs 150 crore Non Convertible debenture programme and Rs 300 crore long term fund based limits. The long-term rating carries stable outlook.

ICRA also has A1+ rating outstanding to Rs 300 crore short term fund based limit, Rs 200 crore short term non-fund based limits and Rs 3,500 crore Commercial Paper programme of the company. The fund based facilities are interchangeable between long-term and short-term exposures and the total fund based utilization should not exceed Rs 300 crore.

The rating re-affirmations take into account company’s strong and experienced management team with track record of successfully scaling up businesses and generating adequate returns. PEL’s financial profile is supported by its receivables from Abbott. The company has also invested around Rs 5,800 crore in Vodafone India, which is expected to be redeemed over the next 12-18 months, providing adequate liquidity and healthy return on these investments.

Piramal Enterprises is part of the Ajay Piramal group of companies. The Group is a diversified Indian business house with interests in healthcare, glass manufacturing and real estate.

Piramal Enterprises Share Price

1084.85 -8.80 (-0.80%)
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