CARE places GTBL ratings on Negative Watch over large acquisitions

Rating Watch NegativeCredit & Debt View source PDF Explain this filing

GUJTHEM · price

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

+1.0%Reaction day

₹363.00

prior close

₹360.50

announcement price

After-mkt

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Nifty Microcap 250market · in no size index; the smallest one is used+0.3%+0.6% vs market

Pharmaceuticals peers, median of 165sector+0.1%+0.9% vs sector

On the reaction day the stock moved 0.6 pts more than Nifty Microcap 250 and 0.9 pts more than its Pharmaceuticals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

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Sessions after the filingfrom the prior close

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Reaction day

+1.0+0.3+0.6+0.1+0.9

Next day

-3.3-0.9-2.5-1.5-1.8

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-0.7-1.1+0.4-2.3+1.6

+0.2+0.2+0.1-1.6+1.8

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15d

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+13.6+4.5+9.0+0.9+12.6

-3.9-2.2-1.7-6.0+2.1

UpDownMarket · Nifty Microcap 250Sector · Pharmaceuticals peers, median of 165Pending

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

AI summary

CARE Ratings has placed Gujarat Themis Biosyn's long-term bank facility rating of BBB (about Rs 75 crore) and short-term A3+ (about Rs 5 crore) on Rating Watch with Negative Implications. The action is driven by two major acquisitions planned: 100 percent stake in MicroBiopharm Japan for about Rs 1,300 crore and an asset purchase from Sanofi for about Rs 1,700 crore. These deals are roughly 10 times the company's tangible net worth. GTBL plans to raise about Rs 1,000 crore via QIP to fund part of the acquisitions. The company has filed a formal dissent letter contesting the rating action.

Likely market impact

Negative watch signals possible downgrade risk if acquisition funding clarity does not emerge. GTBL has contested the action, but stock may see pressure until funding mix is finalised.