Tega Industries Limited has informed the Exchange regarding 'Update on credit rating of wholly owned material subsidiary'.
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Tega Industries informed the exchanges that its wholly owned subsidiary, Tega McNally Minerals Limited, received credit ratings from CRISIL for total bank loan facilities of Rs. 220 crore, enhanced from the earlier Rs. 120 crore. The long-term rating of 'Crisil AA-(CE)/Stable' was reaffirmed, while a new long-term rating of 'Crisil A/Stable' and a short-term rating of 'Crisil A1' were assigned to the subsidiary. The 'CE' (Credit Enhancement) tag reflects support from the parent company, Tega Industries. Overall, the subsidiary retained its strong credit profile and gained access to a larger borrowing limit.
This is a positive signal for shareholders, as the subsidiary's strong credit ratings and the near-doubling of its bank loan facility limit (from Rs. 120 Cr to Rs. 220 Cr) suggest healthy financial standing and easier access to affordable funding for growth.