CRISIL places Nirma on rating watch
CRISIL has placed its P1+ rating on Nirma Ltd’s short-term debt programme of Rs 350 crore on ‘Rating Watch with Developing Implications’.
By INDIATIMES NEWS NETWORK |
MUMBAI: CRISIL has placed its P1+ rating on Nirma Ltd’s short-term debt programme of Rs 350 crore on ‘Rating Watch with Developing Implications’.
The rating action follows the company’s announcement that it has entered into a definitive agreement to acquire 100 per cent stake in US-based natural soda ash producers Searles Valley Minerals Operations Inc and Searles Valley Minerals Inc.
The cost of the acquisitions, future investments, mode of funding, and the likely impact of the acquisitions on Nirma’s financial profile are not yet fully known. The deal is also subject to regulatory clearances.
CRISIL is in discussions with Nirma’s management regarding the details of transaction and will review its outstanding rating after analysing the impact of the acquisitions on the company’s business and financial risk profiles.
The rating action follows the company’s announcement that it has entered into a definitive agreement to acquire 100 per cent stake in US-based natural soda ash producers Searles Valley Minerals Operations Inc and Searles Valley Minerals Inc.
The cost of the acquisitions, future investments, mode of funding, and the likely impact of the acquisitions on Nirma’s financial profile are not yet fully known. The deal is also subject to regulatory clearances.
CRISIL is in discussions with Nirma’s management regarding the details of transaction and will review its outstanding rating after analysing the impact of the acquisitions on the company’s business and financial risk profiles.
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