CARE places GTBL bank facility ratings on watch with negative implications

Rating Watch NegativeCredit & Debt View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

-1.2%Reaction day

₹367.45

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Nifty Microcap 250market · in no size index; the smallest one is used+0.6%-1.8% vs market

Pharmaceuticals peers, median of 167sector+0.8%-2.0% vs sector

On the reaction day the stock moved 1.8 pts less than Nifty Microcap 250 and 2.0 pts less than its Pharmaceuticals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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Reaction day

-1.2+0.6-1.8+0.8-2.0

Next day

-0.2+0.9-1.2+0.8-1.0

-4.5-0.2-4.2-0.5-3.9

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+12.2+5.1+7.0+1.8+10.4

-5.1-1.6-3.5-4.5-0.6

UpDownMarket · Nifty Microcap 250Sector · Pharmaceuticals peers, median of 167Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

CARE Ratings placed GTBL's bank facility ratings (CARE BBB long term on Rs 75 crore term loan, CARE A3+ short term on Rs 5 crore) on Rating Watch with Negative Implications. The trigger is two large planned acquisitions: 100% stake in MicroBiopharm Japan for about Rs 1,300 crore and Sanofi's anti-TB and anti-infective brand portfolio for about Rs 1,700 crore, together around 10 times GTBL's tangible net worth. CARE flagged uncertainty over the funding mix. GTBL plans to raise Rs 1,000 crore through a QIP and has formally dissented against the rating action.

Likely market impact

Watch with negative view may raise future borrowing costs; hinges on QIP success and how acquisitions are funded. Mildly negative near term.