IND Ra withdraws ratings for Religare Enterprises
Based on the request of Religare Enterprises, the India Ratings & Research Private Limited (IND Ra) has withdrawn the company’s ratings on its debt instruments.
It has withdrawn the ratings on the existing Long Term Issuer Rating of (IND BB-) of the company which was on Rating Watch Negative (RWN) and the existing Short Term Debt (Commercial Papers) rating of Ind A4+/RWN for an amount of Rs. 500 million.
According to IND Ra, the request was made since there is no rated debt instrument outstanding for the company.
Last week, RHC Finance Private Limited disclosed the details about its acquisition of voting rights on 2.5 crore, 0.01 per cent Non-cumulative Non-convertible redeemable preference shares of Rs. 10 each of Religare Enterprises.
On Tuesday, the stock of Religare closed at Rs. 22.75 per share. On Wednesday, it opened at Rs. 22.95 and surged by 5.5 per cent to make intraday high of Rs. 24 in the morning trade. In February 2018, the stock was trading at a high of Rs. 60 per share and since then has dipped by 62 per cent in the one-year period.