CARE Ratings Limited (CARE) has revised the ratings assigned to Long Term and Short Term Bank facilities, Long term infrastructure bond, Non-Convertible Debenture issue (Series II, IV, V) and Unsecured Subordinated Tier II NCDs (Series IV-VI) of the Company to 'CARE D (Single D)'.
The aforesaid borrowings have been transferred to Srei Equipment Finance Limited (SEFL), a wholly owned subsidiary of the Company, as part of the business of the Company transferred to SEFL on and from 01.10.2019.
The Company believes that the rating given as above is blatantly wrong, misleading and baseless. The rating agency has recognised default arbitrarily even though there's or can be no default in terms of the order dated 30th December, 2020 passed by the Hon'ble National Company Law Tribunal, Kolkata Bench in an application filed under section 230 of the Companies Act, 2013 by Srei Equipment Finance Limited, material wholly owned subsidiary of the Company. The Company is in the process of availing appropriate legal remedy, among others, to set aside the rating since the Company believes that the rating agency has acted in a wrongful and contumacious manner.
Shares of SREI INFRASTRUCTURE FINANCE LTD. was last trading in BSE at Rs.7.31 as compared to the previous close of Rs. 7.58. The total number of shares traded during the day was 177351 in over 323 trades.
The stock hit an intraday high of Rs. 7.76 and intraday low of 7.25. The net turnover during the day was Rs. 1322792.