ICRA Reaffirms Long-Term Rating and Upgrades Short-Term Rating for Windlas Biotech’s Working Capital Facilities
Windlas Biotech Ltd has received an updated review of its credit ratings from ICRA Limited, which reaffirmed the rating for its long-term working capital facilities and upgraded the short-term working capital facilities. The ratings cover a total amount of Rs 84.90 Crore across various instruments provided by different banks.ICRA's Rating Committee reviewed Windlas Biotech’s financial standing, leading to positive actions regarding the company’s secured working capital access. The ratings encompass both fund-based and non-fund based facilities.
The rating actions are as follows:
- The Long-term Working Capital Facilities were Reaffirmed with a rating of [ICRA]A+(Stable).
- The Short-term Working Capital Facilities were Upgraded to [ICRA]A1+, an improvement from the previous A+ rating.
These facilities, valued at Rs 84.90 Crore in total, are provided by three lending institutions as detailed below:
| Bank | Rated Amount (Rs. crore) | Rating Action / Assignment |
|---|---|---|
| HSBC Limited | 40.10 | [ICRA]A+(Stable)/[ICRA]A1+ |
| HDFC Bank Limited | 23.30 | [ICRA]A+(Stable)/[ICRA]A1+ |
| IndusInd Bank Limited | 21.50 | [ICRA]A+(Stable)/[ICRA]A1+ |
The facilities secured by Windlas Biotech include various provisions from the banks, as detailed in the rating agreement executed with ICRA Limited. Sanctioned bank facilities from HSBC Limited include a cash credit/overdraft facility (sub-limit Rs 25.00 crore), a bank guarantee (sub-limit Rs 40.00 crore), a letter of credit (sub-limit Rs 40.00 crore) and a forward cover limit / corporate card (sub-limit Rs 0.10 crore).
Facilities from HDFC Bank Limited include a cash credit/overdraft facility (sub-limit Rs 23.30 crore) and a bank guarantee (sub-limit Rs 15.00 crore). IndusInd Bank Limited facilities comprise a cash credit/overdraft facility (sub-limit Rs 20.00 crore), a bank guarantee (sub-limit Rs 10.00 crore), a letter of credit (sub-limit Rs 10.00 crore) and a forward cover limit / corporate card (sub-limit Rs 1.50 crore).
WINDLAS Stock Price Movement
Shares of Windlas Biotech Limited today edged higher, settling at ₹858.85 after closing in the post-market session with a 0.23% gain. The stock saw 82,820 units traded during the day, which encompassed an intraday range between a low of ₹850 and a high of ₹895.8.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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