AI assistant
Bharat Electronics Ltd. Capital/Financing Update 2024
60828_rns_2024-04-10_c04bedfb-7640-4f8e-9ce8-1f5fda3d4be6.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
प्रबंधक The Manager लिस्टिंग विभाग Listing Department नेशनल स्टॉक एक्सचेंज ऑफ इंडिया लि. National Stock Exchange of India Ltd. एक्सचेंज प्लाज़ा, सी-1, ब्लॉक जी, Exchange Plaza, C-1, Block G, बांद्रा-कुर्ला कॉम्पलेक्स, बांद्रा पूर्व Bandra Kurla Complex Bandra, East, मुंबई, महाराष्ट्र - 400051 Mumbai, Maharashtra- 400051
सं.No. 17565/6/SE/NSEC/SEC दिनांक / Date: 10.04.2024
भारत इलेक्टॉनिक्स BHARAT ELECTRONICS भारत इलेक्ट्रॉनिक्स लिमिटेड (भारत सरकार का उद्यम, रक्षा मंत्रालय) पंजीकृत कार्यालय : आउटर रिंग रोड, नागवारा, बेंगलूर - 560 045, भारत Bharat Electronics Limited (Govt. of India Enterprise, Ministry of Defence) Registered Office : Outer Ring Road, Nagavara, Bangalore - 560 045, INDIA. CIN: L32309KA1954GOI000787 टेलीफैक्स/Telefax: +91 (80) 25039266
: www.bel-india.in
ई-मेल/E-mail : [email protected]
वेब/Web
महोदय / महोदया, Dear Sir/Madam,
विषय: क्रेडिट रेटिंग की सूचना Sub: Intimation of Credit Rating.
सेबी (एल.ओ.डी.आर.) विनियम, 2015 के विनियम 30 के तारतम्य में, आपको सूचित किया जाता है कि आई.सी.आर.ए. (क्रेडिट रेटिंग एजेंसी) ने कंपनी की निम्नलिखित क्रेडिट रेटिंग प्रतिधारित की है-Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, we inform that ICRA (Credit Rating Agency) has retained the following credit ratings of the Company:
| क्र.सं. | विलेख / सुविधाएं | सीमा | रेटिंग | रेटिंग |
|---|---|---|---|---|
| (राशि रु. करोड़ में) | कार्रवाई | |||
| SI. | Instruments/Facilities | Limits(Amount | Rating | Rating |
| No. | Rs. In Crore) | Action | ||
| 1 | दीर्घकालीन निधि आधारित सीमाएं Long Term - Fund Based Limits |
500 | [ICRA]AAA (Stable) |
पुनःअभिपुष्ट Reaffirmed |
| $\overline{2}$ | दीर्घकालिक-अआबंटित सीमाएं Long Term - Unallocated Limits |
300 | ||
| 3 | आधारित अल्पावधि-गैर-निधि सीमाएं Short Term - Non-Fund Based Limits |
4500 | $[ICRA]A1+$ | पुनःअभिपुष्ट Reaffirmed |
4N+iRi+ ÿrr "fÿc' |i % \fÿT <M=biPt+ sfk 3ÿh<*iRh ÿff t ywT |i 14 2025 ÿtsr |i
The outlook on the long-term rating is ' Stable,. These ratings indicate the highest credit quality in the long-term and short-term. These ratings are valid till 14*h February, 2025.
3rrq% 3nt. ÿft.3TR.ÿ. ÿrrft ftrri# tRT ?r?rsr |i We enclose copy of the report issued by ICRA for your reference.
ÿrr =r |ÿi This is for your information and record.
fsfw? / Thanking you,
Yours faithfully,
fcf STPCcT ÿ+iTPl+u PiHU*; For Bharat Electronics Limited xjÿT %DR=im S Sreenivas SREENIVA S SRIPADA Digitally signed by SREENIVAS SRIPADA DN: c=IN, o=BHARAT ELECTRONICS LIMITED, 2.5.4.20=2785c3f8889288c5c03452d0f6bfbd07ecfa7 416298e4d510fd5354c33bb0aa8, ou=SECRETARIAT,CID - 6840256, postalCode=560045, st=Karnataka, serialNumber=8da16a32e5cf7b4693c748a3f167cf33 b9870c0132bad61e7d1c3490de34d08f, cn=SREENIVAS SRIPADA Date: 2024.04.10 17:13:28 +05'30'
wt Company Secretary
twx- W -dM <lxh I Ends: As stated above.
ICRA Limited
Ref: ICRA/ Bharat Electronics Limited/08042024/01
Date: April 08, 2024
Mr. S Damodar Bhattad General Manager (Finance) Bharat Electronics Limited Outer Ring Road, Nagavara, Bangalore – 560 045
Dear Sir,
Re: Surveillance of ICRA-assigned Credit Rating for Rs. 5300.00 crore Bank Facilities (details as per Annexure) of Bharat Electronics Limited
Please refer to the Rating Agreement/Statement of Work dated February 04, 2019, and December 13, 2021 executed between ICRA Limited ("ICRA") and your Company, whereby, ICRA is required to review its rating(s), on an annual basis, or as and when the circumstances so warrant. Based on a review of the latest developments, the Rating Committee of ICRA, after due consideration has reaffirmed the long-term rating at [ICRA]AAA (pronounced ICRA Triple A) and the short-term Rating at [ICRA] A1+ (pronounced ICRA A One Plus) ("Rating"). Outlook on the long-term Rating is Stable. For Rating definition(s), please refer to ICRA website at http://www.icra.in.
In any of your publicity material or other document wherever you are using the above Rating(s), it should be stated as [ICRA]AAA(Stable)/[ICRA]A1+.
The aforesaid Rating(s) will be due for surveillance any time before February 14, 2025. However, ICRA reserves the right to review and/or, revise the above Rating(s) at any time on the basis of new information becoming available, or the required information not being available, or other circumstances that ICRA believes could have an impact on the Rating(s). Therefore, request the lenders and Investors to visit ICRA website at www.icra.in for latest Rating(s) of the Company.
The Rating(s) are specific to the terms and conditions of the Bank Facilities as indicated to us by you, and any change in the terms or size of the same would require a review of the Rating(s) by us. In case there is any change in the terms and conditions or the size of the rated Bank Facilities, the same must be brought to our notice before the Bank Facilities is used by you. In the event such changes occur after the Rating(s) have been assigned by us and their use has been confirmed by you, the Rating(s) would be subject to our review, following which there could be a change in the Rating(s) previously assigned. Notwithstanding the foregoing, any change in the over-all limit of the Bank Facilities from that specified in the first paragraph of this letter would constitute an enhancement that would not be covered by or under the said Rating Agreement.
The Rating(s) assigned must be understood solely as an opinion and should not be treated, or cause to be treated, as recommendation to buy, sell, or hold the rated Bank Facilities availed/issued by your company.
Building No. 8, 2nd Floor, Tower A DLF Cyber City, Phase II Gurugram – 122002, Haryana Tel.: +91.124 .4545300 CIN : L749999DL1991PLC042749 Website: www.icra.in Email: [email protected] Helpdesk: +91 9354738909 Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. :+91.11.23357940-41
R A T I N G ● R E S E A R C H ● I N F O R M A T I O N
You are also requested to forthwith inform us about any default or delay in repayment of interest or principal amount of the instrument rated, as above, or any other debt instruments/ borrowing and keep us informed of any other developments which may have a direct or indirect impact on the debt servicing capability of the company including any proposal for re-schedulement or postponement of the repayment programmes of the dues/ debts of the company with any lender(s) / investor(s), or occurrence of any significant development that could impact the ability of the company to raise funds such as restriction imposed by any authority from raising funds through issuance of debt securities through electronic bidding system. Further, you are requested to inform us immediately as and when the borrowing limit for the instrument rated, as above, or as prescribed by the regulatory authority(ies) is exceeded.
We look forward to your communication and assure you of our best services.
With kind regards, Yours sincerely, For ICRA Limited
Anupama Reddy Vice President and Co-Group Head [email protected]
Annexure
Instrument Details
| Details of Bank Limits Rated by ICRA (Rated on Long-Term Scale) |
Amount (Rs. crore) |
Rating | Rating Assigned on |
|---|---|---|---|
| Fund based Limits |
|||
| State Bank of lndia | 450.00 | [ICRA]AAA(Stable) | February 15, 2024 |
| Canara Bank | 15.00 | [ICRA]AAA(Stable) | February 15, 2024 |
| lDBl Bank Limited |
5.00 | [ICRA]AAA(Stable) | February 15, 2024 |
| Bank of Baroda | 10.00 | [ICRA]AAA(Stable) | February 15, 2024 |
| Union Bank of India | 1.00 | [ICRA]AAA(Stable) | February 15, 2024 |
| Punjab National Bank | 1.00 | [ICRA]AAA(Stable) | February 15, 2024 |
| Bank of India | 1.00 | [ICRA]AAA(Stable) | February 15, 2024 |
| lClCl Bank Limited |
1.00 | [ICRA]AAA(Stable) | February 15, 2024 |
| Axis Bank Limited |
5.00 | [ICRA]AAA(Stable) | February 15, 2024 |
| HDFC Bank Limited | 5.00 | [ICRA]AAA(Stable) | February 15, 2024 |
| Kotak Mahindra Bank Limited | 1.00 | [ICRA]AAA(Stable) | February 15, 2024 |
| IndusInd Bank Limited | 4.00 | [ICRA]AAA(Stable) | February 15, 2024 |
| Yes Bank Limited | 1.00 | [ICRA]AAA(Stable) | February 15, 2024 |
| Sub-total | 500.00 | ||
| Unallocated Limits | |||
| Unallocated Limits | 300.00 | ||
| Sub-total | 300.00 | ||
| Total | 800.00 |
| Details of Bank Limits Rated by ICRA (Rated on Short Term Scale) |
Amount (Rs. crore) |
Rating | Rating Assigned on |
|---|---|---|---|
| Short-term Non-Fund based | |||
| State Bank of lndia | 3,750.00 | [ICRA]A1+ | February 15, 2024 |
| Canara Bank | 160.00 | [ICRA]A1+ | February 15, 2024 |
| lDBl Bank Limited | 128.00 | [ICRA]A1+ | February 15, 2024 |
| Bank of Baroda | 170.00 | [ICRA]A1+ | February 15, 2024 |
| Union Bank of India | 1.00 | [ICRA]A1+ | February 15, 2024 |
| Punjab National Bank | 44.00 | [ICRA]A1+ | February 15, 2024 |
| Bank of India | 1.00 | [ICRA]A1+ | February 15, 2024 |
| lClCl Bank Limited | 64.00 | [ICRA]A1+ | February 15, 2024 |
| Axis Bank Limited | 45.00 | [ICRA]A1+ | February 15, 2024 |
| HDFC Bank Limited | 115.00 | [ICRA]A1+ | February 15, 2024 |
| Kotak Mahindra Bank Limited | 10.00 | [ICRA]A1+ | February 15, 2024 |
| IndusInd Bank Limited | 11.00 | [ICRA]A1+ | February 15, 2024 |
| Yes Bank Limited | 1.00 | [ICRA]A1+ | February 15, 2024 |
| Total | 4,500.00 |