Hot Pursuit
Bhagyanagar India Ltd announced ratings and assignments across various instruments by ICRA, with some ratings also reflecting developments related to an ongoing demerger process. ICRA has assigned a “[ICRA]A” rating with a watch with developing implications to Long term – Fund -based – Others amounting to Rs. 595.00, Long -term Fund -based – Term loan of Rs. 59.00, and several Fund Based Limits totaling Rs. 195.00 (HDFC Bank Limited), Rs. 100.00 (YES Bank Limited), Rs. 75.00 (HSBC Limited), Rs. 65.00 (Kotak Mahindra Bank Limited), Rs. 40.00 (Axis Bank Limited), Rs. 20.00 (State Bank of India), and a proposed limit of Rs. 100.00, along with Term Loans of Rs. 27.00 (HDFC Bank Limited), Rs. 3.00 (HSBC Limited), and Rs. 14.50 (Kotak Mahindra Bank Limited), and a Long-term Fund-based – Bank facilities of Rs. 654 Crore with a “[ICRA]A-” rating under watch; the agency also noted a monitoring exercise for the Copper Business (under Bhagyanagar Copper Private Limited - BCPL) due to its demerger into Tieramet Limited, alongside favourable factors like improved business profile and healthy revenue visibility, and planned capital expenditure of Rs. 40 crore, while also outlining potential upgrade and downgrade triggers based on financial performance and coverage ratios.