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Raymond Limited ( (IN:RAYMOND) ) has provided an update.
Raymond Limited has announced that, following the amalgamation of its subsidiary Maini Precision Products Limited with JK Maini Precision Technology Limited under a composite scheme of arrangement, credit ratings previously assigned by ICRA to MPPL’s bank facilities totaling Rs 315 crore have been withdrawn. The withdrawal, which covers long-term term loans, working capital facilities and unallocated limits that were earlier on Rating Watch with Developing Implications, is in line with ICRA’s policy on rating withdrawals after such corporate restructuring and signals a formal transition in the subsidiary’s capital and borrowing profile post-amalgamation, with implications for how lenders and investors assess the Raymond Group’s precision engineering business going forward.
More about Raymond Limited
Raymond Limited, a diversified Indian conglomerate, operates across textiles, apparel, engineering and allied businesses, and has been expanding its presence in precision engineering through strategic acquisitions. In March 2024, the Raymond Group acquired a 59.25% majority stake in Maini Precision Products Limited (MPPL), a Bengaluru-based precision engineering company that supplies machined components primarily to the automotive and aerospace industries and operates as a Tier-2 supplier with 11 manufacturing plants.
Average Trading Volume: 14,675
Technical Sentiment Signal: Hold
Current Market Cap: 27.13B INR
See more insights into RAYMOND stock on TipRanks’ Stock Analysis page.