ICRA Assigns Credit Ratings for DriveSys Systems Subsidiary of ZF Steering Gear India Ltd
ICRA Limited has assigned credit ratings to DriveSys Systems Private Limited, a wholly owned subsidiary of ZF Steering Gear India Ltd. The agency also assigned an outlook of 'Stable' for both fund and non-fund based facilities.The credit rating details provided by ICRA are as follows:
| Credit Rating Agency | Rated Instrument | Amount (Rs. in crore) | Rating | Rating action |
|---|---|---|---|---|
| ICRA Limited | Long-term/Short-term- Fund-based/Non-fund based Limits | 58 | ICRA] BBB+(Stable)/ [ICRA]A2 | Assigned |
| ICRA Limited | Long-term-Fund- based-Term loan | 80 | [ICRA]BBB+(Stable) | Assigned |
| TOTAL | TOTAL | 138 |
Details of Rated Instruments
ICRA provided specific details regarding the instruments covered under the rating, totaling Rs. 138 crore.The rating for Long-term/Short-term- Fund-based/Non-fund based Limits, amounting to Rs. 58 crore, carries the rating [ICRA]BBB+(Stable)/ [ICRA]A2. For the Long-term-Fund- based-Term loan, totaling Rs. 80 crore, the assigned rating is [ICRA]BBB+(Stable).
A separate annexure detailed the bank limits rated by ICRA on a Long-Term/Short-Term Scale:
| Details of Bank Limits Rated by ICRA | Amount (Rs. crore) | Rating | Rating Assigned On |
|---|---|---|---|
| Kotak Mahindra Bank Limited - Working Capital Facilities | 5.00 | ICRA]BBB+(Stable)/[ICRA]A2 | March 24, 2026 |
| Axis Bank Limited - Working Capital Facilities | 3.00 | ICRA]BBB+(Stable)/[ICRA]A2 | March 24, 2026 |
| State Bank of India - Working Capital Facilities | 50.00 | ICRA]BBB+(Stable)/[ICRA]A2 | March 24, 2026 |
| Total | 58.00 |
For the Long-Term Scale, the rated term loans were detailed as follows:
| Details of Bank Limits Rated by ICRA | Amount (Rs. crore) | Rating | Rating Assigned On |
|---|---|---|---|
| Kotak Mahindra Bank Limited - Term Loan | 30.00 | ICRA]BBB+(Stable) | March 24, 2026 |
| Axis Bank Limited - Term Loan | 50.00 | ICRA]BBB+(Stable) | March 24, 2026 |
| Total | 80.00 |
Stock Price Movement
At the close of trading on Monday, ZF Steering Gear India Ltd settled at ₹708.10, reflecting a strong 1.37% increase for the shares. Throughout the session, the stock experienced significant movement, finding support near ₹673.05 before peaking at ₹715.00.Source:
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