VARVEE GLOBAL LIMITED has informed the Exchange about Credit Rating withdrawal
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Awaiting price reaction for this filing.
Varvee Global Limited (formerly Aarvee Denims & Exports Limited) has announced the withdrawal of its credit rating assigned by Infomerics Valuation and Rating Pvt. Ltd. The rating being withdrawn was 'IVR-D (Issuer not cooperating),' which had been assigned to the company's bank facilities and fixed deposits. The withdrawal was initiated at the company's request, supported by No Due certificates from State Bank of India, Yes Bank, Standard Chartered Bank, and Tata Capital Limited, along with an auditor's confirmation that there are no outstanding fixed deposits. This effectively means the company has fully closed out all its bank borrowings and fixed deposit obligations, leaving nothing for the rating agency to assess.
This is a positive signal for shareholders as it indicates the company has completely deleveraged by repaying all bank loans and settling all fixed deposit liabilities. The stock may get a mild positive reaction, though the scale of operations and future funding plans will matter more for the investment case.