Raymond Limited has informed the Exchange about General Updates
RAYMOND · price
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ICRA has withdrawn the credit ratings assigned to Maini Precision Products Limited (MPPL), a Raymond Group subsidiary (59.25% stake acquired in March 2024). The withdrawal follows the amalgamation of MPPL with JK Maini Precision Technology Limited under a composite scheme of arrangement. The withdrawn ratings were [ICRA]A (long-term) and [ICRA]A2+ (short-term), both with Rating Watch with Developing Implications, covering total bank facilities of Rs. 315 crore (Rs. 44.5 crore term loan, Rs. 241 crore working capital, and Rs. 29.5 crore unallocated limits). MPPL reported operating income of Rs. 984.1 crore and PAT of Rs. 42.8 crore in FY2025. The withdrawal is purely procedural in line with ICRA's policy on rating withdrawal post-merger, not driven by any credit weakness.
This is a routine, procedural rating withdrawal triggered by the legal merger of the subsidiary — it is not a credit action and does not signal any deterioration in the credit profile. No material impact expected on Raymond Limited shareholders or stock price.