RANEENGINENSERane Engine Valve Limited· Auto AncillariesMediumNeutral
Announced Wed, 16 Apr · 21:09 IST
Withdrawal of credit rating of Rane Engine Valve Limited pursuant to merger with Rane (Madras) Limited.
Credit & Debt View source PDF
Price reaction · full curve
Awaiting price reaction for this filing.
AI summary
Rane Engine Valve Limited's credit rating is being withdrawn following its merger with Rane (Madras) Limited. Since the merging entity ceases to exist as a separate listed entity, the existing credit rating is no longer applicable. The withdrawal is a procedural step tied to the merger scheme. Shareholders of Rane Engine Valve will receive shares in Rane (Madras) as per the agreed swap ratio.
Likely market impact
This is a procedural outcome of the merger and not reflective of any deterioration in credit quality. Existing shareholders become shareholders of Rane (Madras), and the stock of Rane Engine Valve may eventually be delisted.