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Wockhardt Ltd — Capital/Financing Update 2021
Sep 30, 2021
59231_rns_2021-09-30_b87dc2c2-08b1-4af2-8f6e-e44c668c1a1d.pdf
Capital/Financing Update
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30[th] September, 2021
| BSE LimitedCorporate Relations DepartmentP J Towers,Dalal StreetMumbai - 400 001Scrip Code: 532300 | National Stock Exchange of India LimitedListing DepartmentExchange PlazaBandra Kurla Complex, Bandra (E),Mumbai - 400 051NSE Symbol– WOCKPHARMA |
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Dear Sir/ Madam,
Sub: Affirmation of Credit Rating by India Ratings
Pursuant to regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that India Ratings & Research (India Ratings) has reaffirmed the Company’s Ratings for:
| Instrument Type | Size of Issue(million) | Rating/Outlook | RatingAction |
|---|---|---|---|
| Long-Term IssuerRating | - | IND BBB- /Stable | Affirmed |
| Term Loan | INR 2,776.30 | IND BBB- /Stable | Affirmed |
| Fund-based limits | INR 3,540 | IND BBB- /Stable | Affirmed |
| Non-Fund-based limits | INR 1,712 | IND A3 | Affirmed |
| Fund-based/nonfund-Basedinterchangeable limits | INR 1,737.5 | IND BBB- /Stable/INDA3 | Affirmed |
| Term Loan | INR 6,443.5^(USD 87.5) | IND BBB- /Stable | Affirmed |
| Proposed working capital facilities#* | INR 1,047.5 | IND BBB- /Stable/INDA3 | Affirmed |
#The provisional rating of the proposed bank facilities has been converted to final rating in accordance with India Ratings updated policy. This is because the agency notes that debt seniority and general terms and conditions of working capital facilities tend to be uniform across banks, and are not a rating driver.
*Affirmed rating at IND BBB-/Stable/IND A3
^ Reserve Bank of India Reference Rate dated 13[th] September 2021: USD 1= INR 73.64
The Agency undertook a consolidated view of Wockhardt Limited and the rating was given, inter alia , after considering various factors such as monetisation of vaccine contracts which is likely to
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boosts prospects, India Business Reporting Above-Industry Growth, Likely sustenance of improvement in Q1 FY22 performance, Commencement of monetisation of R&D Initiatives etc.
For Wockhardt Limited
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Debashis Dey Company Secretary
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