Pursuant to the sanction of the Scheme of Amalgamation, CRISIL has reviewed and removed rating on long term bank facilities of the Company from 'Ratings Watch with Positive Implications' and upgraded to 'Crisil A+ Stable' from 'Crisil A / Watch Positive'. For Short-Term facilities, the rating remains unchanged at 'Crisil A1' 're-affirmed'.
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CRISIL has upgraded Rane (Madras) Limited's long-term bank facility rating from 'Crisil A / Watch Positive' to 'Crisil A+/Stable' and removed it from 'Ratings Watch with Positive Implications'. The short-term rating has been reaffirmed at 'Crisil A1'. The total bank loan facilities covered under the rating stand at Rs. 682.75 crore. The action follows the NCLT-approved merger of Rane Engine Valve Limited and Rane Brake Lining Limited into Rane (Madras) Limited, effective April 7, 2025. Consequently, CRISIL has withdrawn its ratings on the Rs. 220 crore facilities that were previously assigned to Rane Engine Valve Limited, as that entity no longer exists separately.
This is a positive credit event for Rane (Madras) shareholders, reflecting improved creditworthiness of the merged entity and potentially lower borrowing costs. The upgrade signals CRISIL's confidence in the combined business's financial strength post-merger, which may be viewed favorably by the market.