TruCap Finance Limited has informed the Exchange about the revised submission of revision in the Credit Rating of the Company.
TRU · price
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Awaiting price reaction for this filing.
TruCap Finance's credit ratings have been sharply downgraded by both CARE Ratings and Infomerics after the company defaulted on Rs 72.28 crore in interest and principal payments on its non-convertible debentures (NCDs) that were due on July 16, 2025. CARE downgraded long-term bank facilities (Rs 750 crore) and NCDs (Rs 150 crore across 8 series) from BB+ to 'D' (default category), while Infomerics cut bank facility ratings from BBB to IVR C and kept them on watch with developing implications. The default was caused by delayed funding from the proposed acquirer Marwadi Group and premature NCD redemption, leaving the company with a strained liquidity position. The company posted a Rs 66.61 crore loss in FY25 with gross NPAs rising sharply from 1.33% to 3.69%, and Infomerics also withdrew its rating on a proposed NCD issuance at the company's request.
This is a deeply negative signal — CARE's 'D' rating indicates the company is in default on its debt obligations, which could trigger cross-default clauses on other borrowings and severely limit access to fresh funding. Shareholders should brace for significant stock price pressure, and the future of the company now hinges on whether the proposed Marwadi Group acquisition (Rs 206.87 crore investment for 75% stake) goes through and restores liquidity.