Kothari Fermentation & Biochem Ltd announces withdrawal of CRISIL credit ratings for bank facilities
Kothari Fermentation & Biochem Limited has announced that CRISIL Ratings Limited has withdrawn all credit ratings assigned to its bank facilities. The rating action pertains to the bank facilities availed by the company from Kotak Mahindra Bank Limited, following the repayment of the said facility and the submission of the necessary No Objection Certificate.The withdrawal covers both Long Term and Short Term ratings for the specified bank loan facilities. In total, the rated bank loan facilities amounted to Rs. 44 Crore.
Kothari Fermentation & Biochem Ltd (KFBL) was established in 1990 and is promoted by Mr Moti Lal Kothari and Mr Pramod Kothari. The company operates a plant in Sikandrabad, Uttar Pradesh, where it produces yeast and its derivatives, boasting an installed capacity of 2,000 tonne per month.
The withdrawal confirms the completion of the facility related to the bank loan, which was previously rated by CRISIL.
Rating Action Summary
The following table summarizes the rating status for the bank facilities:| Total Bank Loan Facilities Rated | Rs.44 Crore |
|---|---|
| Long Term Rating | Withdrawn |
| Short Term Rating | Withdrawn |
This comprehensive action is in line with CRISIL's policy concerning the withdrawal of ratings on bank loan facilities, following receipt of the No Objection Certificate from the lending institution.
Stock Price Movement
Kothari Fermentation & Biochem Ltd settled at ₹43.90 on Thursday, recording no change for the shares during trading. The stock traded within an intraday range, hitting a low of ₹41.67 and peaking at ₹44.00.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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