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The board of CEAT has approved a corporate guarantee of ₹220 crore to the bankers of its arm CEAT Speciality Tyres, the company said in a release to the exchanges. The corporate guarantee will be a collateral security for the long-term loan availed by the subsidiary from the bankers, CEAT said. Shares of CEAT edged down 0.3 per cent at ₹898.05 on the NSE.
Sadbhav Engineering has informed the exchanges that rating agency Credit Analysis & Research has reaffirmed the rating of 'CARE A +' [Single A plus] to the long-term bank facilities, and long-term NCDs of the company and 'CARE A1+' [A One Plus] to the short-term bank facilities, and commercial papers of the company. Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk. The stock of Sadbhav Engineering slumped 7.7 per cent at ₹242.75 on the NSE.
The board of directors of Himadri Chemicals and Industries on Friday approved redemption of foreign currency convertible bonds (FCCBs) issued to International Finance Corporation. The bonds, aggregating to $7 million, fall due for redemption on April 3, 2016. The FCCB holders have not exercised their right to convert the bonds into equity shares of the company. Shares of Himadri Chemicals surged 6.9 per cent at ₹15.55 on the NSE.
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