Raymond Subsidiary Maini Precision Products Ratings Withdrawn Post Amalgamation
Raymond Limited's subsidiary, Maini Precision Products Limited (MPPL), has had its credit ratings withdrawn by ICRA following its amalgamation with JK Maini Precision Technology Limited. The total rated amount was ₹315 crore. Raymond acquired a majority stake in MPPL in March 2024.
The credit ratings were withdrawn due to an amalgamation, which is a corporate restructuring event. The underlying business operations and financial health of the consolidated entity would determine the actual impact, but the rating withdrawal itself is a procedural step with limited immediate impact.
The withdrawal of credit ratings is a regulatory and procedural event following an amalgamation, and it does not directly indicate a positive or negative change in the company's financial health or operational performance.
Raymond Limited has informed that the credit ratings assigned to various credit facilities of its subsidiary, Maini Precision Products Limited (MPPL), have been withdrawn by ICRA Limited. This withdrawal follows the amalgamation of MPPL with JK Maini Precision Technology Limited under a composite scheme of arrangement.
The total rated amount for MPPL's facilities stood at ₹315.00 crore. This included ₹44.50 crore for Long term – Fund based - Term Loan, ₹241.00 crore for Long term / Short term – Fund based/non -fund -based – Working capital – Others, and ₹29.50 crore for Long term / Short term – Unallocated Limits. ICRA withdrew these ratings in line with its policy on withdrawal of credit ratings.
MPPL, incorporated in 1973, is a precision machining company supplying components to the automotive and aerospace industries. The Raymond Group acquired a majority stake of 59.25% in MPPL in March 2024. For FY2025, MPPL reported operating income of ₹984.1 crore and Profit After Tax (PAT) of ₹42.8 crore.
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