Acuite assigns ratings to RattanIndia Power Limited's bank facilities

Acuite Ratings & Research Limited ("Acuite") has rated the bank facilities of RattanIndia Power Limited ("the Company") as under:

Total Bank Facilities Rated - Rs. 1160.00 Crore
Long Term Rating - ACUITE BBB
Short Term Rating - ACUITE A3

Acuite has assessed the Outlook for the Company to be Stable.

The ratings so assigned by Acuite takes into account following strengths and derives comfort from:

1. Successful implementation of binding settlement (One Time Settlement) with consortium of banks and financial institutions (Erstwhile Lenders) through restructuring plan leading to improved financial position of the company;

2. Strong performance post One Time Settlement, not just meeting all payment obligations but also sizable prepayment;

3. Extensive experience of the management;

4. Completed status of the project;

5. Off-take Agreement for entire capacity;

6. Availability/ long term linkage of domestic coal for nearly entire fuel requirement through fuel supply agreement;

7. Improved competitiveness of the Project in Merit Order stack post MERC Order dated 30.12.2020.

Shares of RattanIndia Power Limited was last trading in BSE at Rs.3.16 as compared to the previous close of Rs. 3.3. The total number of shares traded during the day was 4228770 in over 1576 trades.

The stock hit an intraday high of Rs. 3.4 and intraday low of 3.14. The net turnover during the day was Rs. 13704182.

Source : Equity Bulls

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