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Paradeep Phosphates Limited — Capital/Financing Update 2024
Feb 16, 2024
59408_rns_2024-02-16_7d1ae1d3-f1ab-4fbd-b67b-268a90af8746.pdf
Capital/Financing Update
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February 16, 2024
National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) MUMBAI - 400 051
BSE Limited, Floor 25, Phiroze Jeejeebhoy Towers, Dalal Street MUMBAI - 400 001
Dear Sir/Madam,
Company's Scrip Code in BSE : 543530 Company’s Symbol in NSE : PARADEEP ISIN : INE088F01024
Sub: Intimation of Revision in Credit Rating
Pursuant to the provisions of Regulation 30 and Sub Para 3 of Para A of Part A of Schedule Ill of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform that the credit rating of the Company has been updated.
Please find the details of credit rating accorded by ICRA Limited vide their letter dated February 15, 2024 (copy enclosed).
| Credit Rating Agency |
Facilities | Amount (in crores) | Rating |
|---|---|---|---|
| ICRA Limited | Long-term rating | 4,700 | [ICRA]A; watch with developing implications |
| Short-term rating | 8,000 | [ICRA]A1; watch with developing implications |
|
| Commercial Paper | 300 | [ICRA]A1; watch with developing implications |
Kindly take the same on record.
Thanking you,
Yours faithfully,
For Paradeep Phosphates Limited
SACHIN Digitally signed by SACHIN SHANKA SHANKAR PATIL Date: R PATIL 2024.02.16 16:55:21 +05'30' Sachin Patil Company Secretary
PARADEEP PHOSPHATES LIMITED
CIN No.: L24129OR1981PLC001020
Corporate Office : Adventz Center, 3[rd] Floor, No. 28, Union Street, Off Cubbon Road, Bengaluru- 560001 Tel : + 91 80 46812500/555 Email : [email protected]
Registered office : Bayan Bhawan, Pandit J N Marg, Bhubaneswar - 751001 Tel: +0674 666 6100 Fax: +0674 2392631 www.paradeepphosphates.com
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ICRA Limited
Ref: ICRA/Paradeep Phosphates Limited/15022024/2
Date: February 15, 2024
Mr. Bijoy Kumar Biswal Paradeep Phosphates Limited
Pandit Jawaharlal Nehru Marg Bhubaneswar, Orissa – 751001
Dear Sir,
Re: Credit Rating of Rs. 12,700.00 crore Bank facilities of Paradeep Phosphates Limited following occurrence/ announcement of Material event
This is in reference to the periodic monitoring of ICRA assigned credit rating for the long-term/ short-term borrowing programme of Paradeep Phosphates Limited.
Please refer to the Rating Agreement/Statement of Work dated July 14, 2022 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 put the rating of [ICRA]A (pronounced ICRA A) and short-term rating of [ICRA]A1 (pronounced ICRA A one) on Watch with Developing Implications for the captioned borrowing programme of your company on the basis of best available information.
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.
We look forward to your communication and assure you of our best services.
With kind regards, Yours sincerely, For ICRA Limited
Prashant Vasisht Senior Vice President [email protected]
Building No. 8, 2[nd] Floor, Tower A Tel.: +91.124 .4545300 Website: www.icra.in DLF Cyber City, Phase II CIN : L749999DL1991PLC042749 Gurugram – 122002, Haryana 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
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
Annexure
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Instrument Details
Details of the bank limits rated by ICRA (Rated on long term scale):
| Bank | Facilities | Amount (Rs. Crore) |
Rating | Assigned on |
|---|---|---|---|---|
| ICICI Bank Limited | Term Loan | 460 | [ICRA]A; placed under watch with developing implications |
13-Feb- 24 |
| Bank of India | Term Loan | 145 | ||
| State Bank of India | Term Loan | 187 | ||
| HDFC Bank Limited | Term Loan | 190 | ||
| Indian Bank | Term Loan | 100 | ||
| Bank of India | Term Loan | 100 | ||
| Canara Bank | Term Loan | 328 | ||
| Axis Bank Limited | Term Loan | 140 | ||
| Indusind Bank | Term Loan | 200 | ||
| Proposed Loan | Term Loan | 150 | ||
| State Bank of India | Fund-based Facilities |
730 | ||
| Canara Bank | Fund-based Facilities |
550 | ||
| Punjab National Bank | Fund-based Facilities |
270 | ||
| HDFC Bank Limited | Fund-based Facilities |
50 | ||
| Axis Bank Limited | Fund-based Facilities |
500 | ||
| ICICI Bank Limited | Fund-based Facilities |
150 | ||
| DBS Bank Limited | Fund-based | 75 | ||
| Bank of Baroda | Fund-based Facilities |
150 | ||
| Union Bank of India | Fund-based Facilities |
75 | ||
| Proposed facilities | Fund-based Facilities |
150 | ||
| Total | 4700 |
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Details of the bank limits rated by ICRA on Short-term Scale:
| Bank | Facilities | Amount (Rs. Crore) |
Rating | Assigne d on |
|---|---|---|---|---|
| State Bank of India | Non Fund-Based Facilities |
2700 | [ICRA]A1; placed under watch with developing implications |
13-Feb- 24 |
| Canara Bank | Non Fund-Based Facilities |
1705 | ||
| Punjab National Bank | Non Fund-Based Facilities |
1030 | ||
| HDFC Bank Limited | Non Fund-Based Facilities |
75 | ||
| Axis Bank Limited | Non Fund-Based Facilities |
520 | ||
| ICICI Bank Limited | Non Fund-Based Facilities |
340 | ||
| DBS Bank Limited | Non Fund-Based Facilities |
130 | ||
| Bank of Baroda | Non Fund-Based Facilities |
520 | ||
| Union Bank of India | Non Fund-Based Facilities |
495 | ||
| Proposed facilities | Non Fund-Based | 485 | ||
| Total | 8000 |
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ICRA Limited
Ref: ICRA/Paradeep Phosphates Limited/15022024/1
Date: February 15, 2024
Mr. Bijoy Kumar Biswal Paradeep Phosphates Limited
Pandit Jawaharlal Nehru Marg Bhubaneswar, Orissa – 751001
Dear Sir,
Re: Credit Rating of Rs. 300.00 crore commercial paper programme of Paradeep Phosphates Limited following occurrence/ announcement of Material event
This is in reference to the periodic monitoring of ICRA assigned credit rating for the long-term/ short-term borrowing programme of Paradeep Phosphates Limited.
Please refer to the Rating Agreement/Statement of Work dated July 14, 2022 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 put the rating of [ICRA]A1 (pronounced ICRA A one) on Watch with Developing Implications for the captioned borrowing programme of your company on the basis of best available information.
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 commercial paper programme availed/issued by your company.
We look forward to your communication and assure you of our best services.
With kind regards, Yours sincerely, For ICRA Limited
Prashant Vasisht Senior Vice President [email protected]
Building No. 8, 2[nd] Floor, Tower A Tel.: +91.124 .4545300 DLF Cyber City, Phase II CIN : L749999DL1991PLC042749 Gurugram – 122002, Haryana
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