Please find enclosed herewith Care rating assigned by Care Rating Limited
Awaiting price reaction for this filing.
CARE Ratings has assigned initial credit ratings to Sir Shadi Lal Enterprises Ltd's bank facilities totalling Rs. 375 crore. Long-term bank facilities of Rs. 142.55 crore received a CARE A+ rating, while long-term/short-term bank facilities of Rs. 232.45 crore got CARE A+/CARE A1+. Both ratings have been placed on 'Rating Watch with Positive implications' (RWP). The positive watch is due to an ongoing composite scheme of amalgamation and demerger between SSEL and Triveni Engineering & Industries Limited, under which SSEL will merge into Triveni, which has a stronger credit profile. CARE will reassess the rating once the merger's implications on SSEL's credit risk profile become clear.
The positive rating watch is favourable for shareholders, signalling that CARE sees potential for an upgrade once the merger with the financially stronger Triveni Engineering is completed. Investors should note that SSEL is slated to amalgamate into Triveni, which could change the company's standalone credit standing and shareholder structure.