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UGRO CAPITAL LIMITED — Capital/Financing Update 2022
May 28, 2022
61740_rns_2022-05-28_98fcb526-d73b-47f7-962a-b925763ed73a.pdf
Capital/Financing Update
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28[th ] May, 2022
BSE Limited National Stock Exchange of India Limited 25[th] floor, Phiroze Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, G Block, Bandra - Kurla Complex, Fort, Mumbai- 400001 Bandra (E), Mumbai - 400 051 Scrip code: 511742 Symbol: UGROCAP
Sub: Credit Rating - Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that the Company has received letters dated 26[th] May, 2022 on 27[th] May, 2022 from CRISIL Ratings Limited a credit rating agency, in relation to the credit rating assigned to the below mentioned instruments of the Company:
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Instrument Amount Rating
(Rs. In
crores)
Commercial Papers 200 CRISIL A 1
Non-Convertible Debentures 250 CRISIL A-/ Stable
Long term Principal Protected Market Linked 250 PPMLD A-r/ Stable
Debentures
Proposed Long Term Bank Loan Facilities 1500 CRISIL A-/ Stable (Assigned)
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The letters as received from CRISIL, is enclosed herewith.
This is for your information and record.
Thanking you,
For UGRO Capital Limited
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Aniket Karandikar Company Secretary
Encl: a/a
UGRO CAPITAL LIMITED
Registered Office Address : Equinox Business Park, Tower 3, 4th Floor, LBS Road, Kurla (West), Mumbai - 400070 CIN : L67120MH1993PLC070739 Telephone : +91 22 48918686 I E-mail : [email protected] I Website : www.ugrocapital.com
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CONFIDENTIAL
RL/CHOSEC/294682/CP/0522/34716 May 26, 2022
Mr. Nirav Shah
Chief Strategy Officer and Head of Investor Relations Ugro Capital Limited
4th Floor, Tower 3, Equinox Business Park, Lal Bahadur Shastri Rd, Kurla, Mumbai City - 400070
Dear Mr. Nirav Shah,
Re: Review of CRISIL Rating on the Rs. 200 Crore Commercial Paper of Ugro Capital Limited
All ratings assigned by CRISIL Ratings are kept under continuous surveillance and review.
CRISIL Ratings has, after due consideration, reaffirmed its CRISIL A1 (pronounced as CRISIL A one rating) rating on the captioned debt instrument. Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.
For the purpose of issuance of captioned commercial paper programme, this letter is valid for 30 calendar days from the date of the letter. In the event of your company not placing the above programme within this period, or in the event of any change in the size/structure of your proposed issue, the rating shall have to be reviewed and a letter of revalidation shall have to be issued to you. Once the instrument is issued, the above rating is valid (unless revised) throughout the life of the captioned Commercial Paper Programme with a maximum maturity of one year.
As per our Rating Agreement, CRISIL Ratings would disseminate the rating through its publications and other media, and keep the rating under surveillance for the life of the instrument. CRISIL Ratings reserves the right to withdraw or revise the ratings assigned to the captioned instrument at any time, on the basis of new information, or unavailability of information or other circumstances, which CRISIL Ratings believes, may have an impact on the rating. Please visit www.crisilratings.com and search with the name of the rated entity to access the latest rating/s.
Should you require any clarification, please feel free to get in touch with us.
With warm regards,
Yours sincerely,
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Malvika Bhotika Associate Director - CRISIL Ratings
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Nivedita Shibu Associate Director - CRISIL Ratings
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Disclaimer : A rating by CRISIL Ratings reflects CRISIL Ratings’ current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by CRISIL Ratings. Our ratings are based on information provided by the issuer or obtained by CRISIL Ratings from sources it considers reliable. CRISIL Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by CRISIL Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. CRISIL Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. CRISIL Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. CRISIL Ratings’ criteria are available without charge to the public on the web site, www.crisilratings.com . CRISIL Ratings or its associates may have other commercial transactions with the company/entity. For the latest rating information on any instrument of any company rated by CRISIL Ratings, please visit www.crisilratings.com or contact Customer Service Helpdesk at [email protected] or at 1800267-1301
CRISIL Ratings Limited
(A subsidiary of CRISIL Limited) Corporate Identity Number: U67100MH2019PLC326247
Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai- 400 076. Phone: +91 22 3342 3000 | Fax: +91 22 3342 3001 www.crisilratings.com
CONFIDENTIAL
RL/CHOSEC/294682/NCD/0522/34719/108402990 May 26, 2022
Mr. Nirav Shah
Chief Strategy Officer and Head of Investor Relations Ugro Capital Limited
4th Floor, Tower 3, Equinox Business Park, Lal Bahadur Shastri Rd, Kurla, Mumbai City - 400070
Dear Mr. Nirav Shah,
Re: CRISIL Rating on the Rs. 250 Crore Non Convertible Debentures of Ugro Capital Limited
We refer to your request for a rating for the captioned Debt instrument.
CRISIL Ratings has, after due consideration, assigned a CRISIL A-/Stable (pronounced as CRISIL A minus rating with Stable outlook) rating to the captioned Debt instrument. Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.
Further, in view of your decision to accept the CRISIL Ratings, we request you to apprise us of the instrument details (in the enclosed format) as soon as it has been placed. In the event of your company not making the issue within a period of 180 days from the above date, or in the event of any change in the size or structure of your proposed issue, a fresh letter of revalidation from CRISIL Ratings will be necessary.
As per our Rating Agreement, CRISIL Ratings would disseminate the rating along with outlook through its publications and other media, and keep the rating along with outlook under surveillance for the life of the instrument. CRISIL Ratings reserves the right to withdraw, or revise the rating / outlook assigned to the captioned instrument at any time, on the basis of new information, or unavailability of information, or other circumstances which CRISIL Ratings believes may have an impact on the rating. Please visit www.crisilratings.com and search with the name of the rated entity to access the latest rating/s.
As per SEBI circular (reference number: CIR/IMD/DF/17/2013; dated October 22, 2013) on centralized database for corporate bonds/debentures, you are required to provide international securities identification number (ISIN; along with the reference number and the date of the rating letter) of all bond/debenture issuances made against this rating letter to us. The circular also requires you to share this information with us within 2 days after the allotment of the ISIN. We request you to mail us all the necessary and relevant information at [email protected]. This will enable CRISIL Ratings to verify and confirm to the depositories, including NSDL and CDSL, the ISIN details of debt rated by us, as required by SEBI. Feel free to contact us at [email protected] for any clarification you may need.
Should you require any clarification, please feel free to get in touch with us.
With warm regards,
Yours sincerely,
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Malvika Bhotika Nivedita Shibu Associate Director - CRISIL Ratings Associate Director - CRISIL Ratings
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Disclaimer : A rating by CRISIL Ratings reflects CRISIL Ratings’ current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by CRISIL Ratings. Our ratings are based on information provided by the issuer or obtained by CRISIL Ratings from sources it considers reliable. CRISIL Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by CRISIL Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. CRISIL Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. CRISIL Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. CRISIL Ratings’ criteria are available without charge to the public on the web site, www.crisilratings.com . CRISIL Ratings or its associates may have other commercial transactions with the company/entity. For the latest rating information on any instrument of any company rated by CRISIL Ratings, please visit www.crisilratings.com or contact Customer Service Helpdesk at [email protected] or at 1800267-1301
CRISIL Ratings Limited
(A subsidiary of CRISIL Limited) Corporate Identity Number: U67100MH2019PLC326247
Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai- 400 076. Phone: +91 22 3342 3000 | Fax: +91 22 3342 3001 www.crisilratings.com
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Details of the Rs.250 Crore Non Convertible Debentures of Ugro Capital Limited
| 1st tranche | 1st tranche | 2nd tranche | 2nd tranche | 3rd tranche | 3rd tranche | |
|---|---|---|---|---|---|---|
| Instrument Series: | ||||||
| Amount Placed: | ||||||
| Maturity Period: | ||||||
| Put or Call Options (if any): | ||||||
| Coupon Rate: | ||||||
| Interest Payment Dates: | ||||||
| Principal Repayment Details: | Date | Amount | Date | Amount | Date | Amount |
| Investors: | ||||||
| Trustees: | ||||||
| In case there is an offer | documentfor the captioned Debt issue, please send us a copy of it. |
Disclaimer : A rating by CRISIL Ratings reflects CRISIL Ratings’ current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by CRISIL Ratings. Our ratings are based on information provided by the issuer or obtained by CRISIL Ratings from sources it considers reliable. CRISIL Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by CRISIL Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. CRISIL Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. CRISIL Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. CRISIL Ratings’ criteria are available without charge to the public on the web site, www.crisilratings.com . CRISIL Ratings or its associates may have other commercial transactions with the company/entity. For the latest rating information on any instrument of any company rated by CRISIL Ratings, please visit www.crisilratings.com or contact Customer Service Helpdesk at [email protected] or at 1800267-1301
CRISIL Ratings Limited
(A subsidiary of CRISIL Limited) Corporate Identity Number: U67100MH2019PLC326247
Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai- 400 076. Phone: +91 22 3342 3000 | Fax: +91 22 3342 3001 www.crisilratings.com
CONFIDENTIAL
RL/CHOSEC/294682/LTPPMLD/0522/34717/108401535 May 26, 2022
Mr. Nirav Shah
Chief Strategy Officer and Head of Investor Relations
Ugro Capital Limited
4th Floor, Tower 3, Equinox Business Park, Lal Bahadur Shastri Rd, Kurla, Mumbai City - 400070
Dear Mr. Nirav Shah,
Re: CRISIL Rating on the Rs. 250 Crore Long Term Principal Protected Market Linked Debentures of Ugro Capital Limited
We refer to your request for a rating for the captioned Debt instrument.
CRISIL Ratings has, after due consideration, assigned a CRISIL PPMLD A- r /Stable (pronounced as CRISIL PPMLD A minus r rating with Stable outlook) rating to the captioned Debt instrument. Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.
A prefix of 'PP-MLD' indicates that the instrument is a principal-protected market-linked debenture. The terms of such instruments indicate that while the issuer promises to pay back the face value/principal of the instrument, the coupon rates of these instruments will not be fixed, and could be linked to one or more external variables such as commodity prices, equity share prices, indices, or foreign exchange rates. A suffix of 'r' indicates investments carrying non-credit risk. The 'r' suffix indicates that payments on the rated instrument have significant risks other than credit risk. The terms of the instrument specify that the payments to investors will not be fixed, and could be linked to one or more external variables such as commodity prices, equity indices, or foreign exchange rates. This could result in variability in payments, including possible material loss of principal, because of adverse movement in value of the external variables. The risk of such adverse movement in price/value is not addressed by the rating.
Further, in view of your decision to accept the CRISIL Ratings, we request you to apprise us of the instrument details (in the enclosed format) as soon as it has been placed. In the event of your company not making the issue within a period of 180 days from the above date, or in the event of any change in the size or structure of your proposed issue, a fresh letter of revalidation from CRISIL Ratings will be necessary.
As per our Rating Agreement, CRISIL Ratings would disseminate the rating along with outlook through its publications and other media, and keep the rating along with outlook under surveillance for the life of the instrument. CRISIL Ratings reserves the right to withdraw, or revise the rating / outlook assigned to the captioned instrument at any time, on the basis of new information, or unavailability of information, or other circumstances which CRISIL Ratings believes may have an impact on the rating. Please visit www.crisilratings.com and search with the name of the rated entity to access the latest rating/s.
As per SEBI circular (reference number: CIR/IMD/DF/17/2013; dated October 22, 2013) on centralized database for corporate bonds/debentures, you are required to provide international securities identification number (ISIN; along with the reference number and the date of the rating letter) of all bond/debenture issuances made against this rating letter to us. The circular also requires you to share this information with us within 2 days after the allotment of the ISIN. We request you to mail us all the necessary and relevant information at [email protected]. This will enable CRISIL Ratings to verify and confirm to the depositories, including NSDL and CDSL, the ISIN details of debt rated by us, as required by SEBI. Feel free to contact us at [email protected] for any clarification you may need.
Should you require any clarification, please feel free to get in touch with us.
With warm regards,
| With warm regards, | |
|---|---|
| Yours sincerely, | |
| Malvika Bhotika | Nivedita Shibu |
| Associate Director - CRISIL Ratings | Associate Director - CRISIL Ratings |
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Disclaimer : A rating by CRISIL Ratings reflects CRISIL Ratings’ current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by CRISIL Ratings. Our ratings are based on information provided by the issuer or obtained by CRISIL Ratings from sources it considers reliable. CRISIL Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by CRISIL Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. CRISIL Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. CRISIL Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. CRISIL Ratings’ criteria are available without charge to the public on the web site, www.crisilratings.com . CRISIL Ratings or its associates may have other commercial transactions with the company/entity. For the latest rating information on any instrument of any company rated by CRISIL Ratings, please visit www.crisilratings.com or contact Customer Service Helpdesk at [email protected] or at 1800267-1301
CRISIL Ratings Limited (A subsidiary of CRISIL Limited) Corporate Identity Number: U67100MH2019PLC326247
Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai- 400 076. Phone: +91 22 3342 3000 | Fax: +91 22 3342 3001 www.crisilratings.com
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Details of the Rs.250 Crore Long Term Principal Protected Market Linked Debentures of Ugro Capital Limited
| 1st tranche | 1st tranche | 2nd tranche | 2nd tranche | 3rd tranche | 3rd tranche | |
|---|---|---|---|---|---|---|
| Instrument Series: | ||||||
| Amount Placed: | ||||||
| Maturity Period: | ||||||
| Put or Call Options (if any): | ||||||
| Coupon Rate: | ||||||
| Interest Payment Dates: | ||||||
| Principal Repayment Details: | Date | Amount | Date | Amount | Date | Amount |
| Investors: | ||||||
| Trustees: |
In case there is an offer document for the captioned Debt issue, please send us a copy of it.
Disclaimer : A rating by CRISIL Ratings reflects CRISIL Ratings’ current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by CRISIL Ratings. Our ratings are based on information provided by the issuer or obtained by CRISIL Ratings from sources it considers reliable. CRISIL Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by CRISIL Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. CRISIL Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. CRISIL Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. CRISIL Ratings’ criteria are available without charge to the public on the web site, www.crisilratings.com . CRISIL Ratings or its associates may have other commercial transactions with the company/entity. For the latest rating information on any instrument of any company rated by CRISIL Ratings, please visit www.crisilratings.com or contact Customer Service Helpdesk at [email protected] or at 1800267-1301
CRISIL Ratings Limited
(A subsidiary of CRISIL Limited) Corporate Identity Number: U67100MH2019PLC326247
Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai- 400 076. Phone: +91 22 3342 3000 | Fax: +91 22 3342 3001 www.crisilratings.com
CONFIDENTIAL
RL/CHOSEC/294682/BLR/0522/34718 May 26, 2022
Mr. Nirav Shah
Chief Strategy Officer and Head of Investor Relations
Ugro Capital Limited
4th Floor, Tower 3, Equinox Business Park, Lal Bahadur Shastri Rd, Kurla, Mumbai City - 400070
Dear Mr. Nirav Shah,
Re: Assignment of CRISIL Ratings to the bank facilities of Ugro Capital Limited
All ratings assigned by CRISIL Ratings are kept under continuous surveillance and review.
Please find in the table below the ratings outstanding for the debt instruments/facilities of the company, and the rating actions by CRISIL Ratings on the ratings as on date.
| Total Bank Loan Facilities Rated | Rs.1500 Crore |
|---|---|
| Long Term Rating | CRISIL A-/Stable(Assigned) |
(Bank-wise details as per Annexure 1)
As per our Rating Agreement, CRISIL Ratings would disseminate the ratings, along with the outlook, through its publications and other media, and keep the ratings, along with the outlook, under surveillance over the life of the instrument/facility. CRISIL Ratings reserves the right to withdraw, or revise the ratings, along with the outlook, at any time, on the basis of new information, or unavailability of information, or other circumstances which CRISIL Ratings believes may have an impact on the ratings. Please visit www.crisilratings.com and search with the name of the rated entity to access the latest rating/s.
In the event of the company not availing the proposed facilities within a period of 180 days from the date of this letter, a fresh letter of revalidation from CRISIL Ratings will be necessary.
Should you require any clarification, please feel free to get in touch with us.
With warm regards,
Yours sincerely,
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Malvika Bhotika Associate Director - CRISIL Ratings
==> picture [81 x 31] intentionally omitted <==
Nivedita Shibu Associate Director - CRISIL Ratings
==> picture [54 x 53] intentionally omitted <==
Disclaimer : A rating by CRISIL Ratings reflects CRISIL Ratings’ current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by CRISIL Ratings. Our ratings are based on information provided by the issuer or obtained by CRISIL Ratings from sources it considers reliable. CRISIL Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by CRISIL Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. CRISIL Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. CRISIL Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. CRISIL Ratings’ criteria are available without charge to the public on the web site, www.crisilratings.com . CRISIL Ratings or its associates may have other commercial transactions with the company/entity. For the latest rating information on any instrument of any company rated by CRISIL Ratings, please visit www.crisilratings.com or contact Customer Service Helpdesk at [email protected] or at 1800267-1301
CRISIL Ratings Limited
(A subsidiary of CRISIL Limited) Corporate Identity Number: U67100MH2019PLC326247
Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai- 400 076. Phone: +91 22 3342 3000 | Fax: +91 22 3342 3001 www.crisilratings.com
Annexure 1 - Bank-wise details of various facility classes (outstanding facilities)
| S.No. | Bank Facility | Bank | Amount (Rs. in Crore) |
Outstanding Rating |
|---|---|---|---|---|
| 1 | Proposed Long Term Bank Loan Facility |
-- | 1500 | CRISIL A-/Stable |
| Total | 1500 |
Disclaimer : A rating by CRISIL Ratings reflects CRISIL Ratings’ current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by CRISIL Ratings. Our ratings are based on information provided by the issuer or obtained by CRISIL Ratings from sources it considers reliable. CRISIL Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by CRISIL Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. CRISIL Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. CRISIL Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. CRISIL Ratings’ criteria are available without charge to the public on the web site, www.crisilratings.com . CRISIL Ratings or its associates may have other commercial transactions with the company/entity. For the latest rating information on any instrument of any company rated by CRISIL Ratings, please visit www.crisilratings.com or contact Customer Service Helpdesk at [email protected] or at 1800267-1301
(A subsidiary of CRISIL Limited) Corporate Identity Number: U67100MH2019PLC326247
CRISIL Ratings Limited
Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai- 400 076. Phone: +91 22 3342 3000 | Fax: +91 22 3342 3001 www.crisilratings.com