The Rating Agency, ICRA Limited (ICRA), has revised the ratings of debt instruments of IFCI Limited, as under:
Fund based Bank Limits from '[ICRA] BBB' to '[ICRA] BBB-'; Long Term Bonds (including Subordinated Debt) from '[ICRA] BBB' to '[ICRA] BBB-'; Bonds / NCD (Public Issue) from '[ICRA] BBB' to '[ICRA] BBB-'. The outlook on these Long Term Ratings is negative.
The rating on Short Term Instruments - Commercial Paper has been revised from '[ICRA] A3+ to [ICRA] A3'.
Rating Rationale for downgrade has essentially factored the requirement of capital infusion, divestment from non-core assets (including investment in subsidiaries), stepping up the recovery from NPA to support capital and liquidity profile.
Shares of IFCI LTD. was last trading in BSE at Rs.7.11 as compared to the previous close of Rs. 6.98. The total number of shares traded during the day was 824309 in over 1482 trades.
The stock hit an intraday high of Rs. 7.65 and intraday low of 7.06. The net turnover during the day was Rs. 6014975.