Announced Mon, 6 Apr · 16:23 IST
ICRA assigns BBB+ rating to subsidiary DriveSys for Rs 138 cr facilities
ZFSTEERING · price
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Price reaction · full curve
Awaiting price reaction for this filing.
AI summary
ICRA assigned credit ratings to DriveSys Systems Pvt Ltd, a wholly-owned subsidiary of ZF Steering Gear India. Long-term/short-term fund and non-fund based limits of Rs 58 cr rated [ICRA]BBB+(Stable)/[ICRA]A2. Long-term term loan of Rs 80 cr rated [ICRA]BBB+(Stable). Total facilities rated: Rs 138 cr. Outlook: Stable. Lenders include Kotak Mahindra Bank, Axis Bank, and SBI.
Likely market impact
Subsidiary secures investment-grade rating, supporting borrowing capacity. Positive for parent company's consolidated profile.