ICRA assigns Grade 3 to CCCL's IPO
ICRA assigns average ranking to the proposed initial IPO of Consolidated Construction Consortium (CCCL).
By PTI |
NEW DELHI: Rating agency ICRA on Tuesday assigned Grade 3, which indicates average ranking, to the proposed initial public offer (IPO) of Consolidated Construction Consortium (CCCL).
The IPO grade reflects the company's record of the number of projects it has successfully completed within stipulated time-frame and quality parameters, ICRA said in a release.
The grade also takes into account the company's order book position, which along with the buoyant outlook on the construction industry, is expected to lead to healthy growth in revenues and profitability, it added.
Grading of CCCL's IPO is, however, constrained due to concentration of its order book in South India.
The company proposes to use the net proceeds of the issue for various investment purpose, repayment of loans and other general corporate purposes.
The IPO grade reflects the company's record of the number of projects it has successfully completed within stipulated time-frame and quality parameters, ICRA said in a release.
The grade also takes into account the company's order book position, which along with the buoyant outlook on the construction industry, is expected to lead to healthy growth in revenues and profitability, it added.
Grading of CCCL's IPO is, however, constrained due to concentration of its order book in South India.
The company proposes to use the net proceeds of the issue for various investment purpose, repayment of loans and other general corporate purposes.
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