UGRO Capital maintains key ratings, gets IND A1+ for new commercial paper

UGRO Capital Limited announced today that India Ratings & Research Pvt. Ltd. has maintained the company's bank loan, non-convertible debentures, and subordinated debt ratings on "Rating Watch with Positive Implications." This is due to the ongoing acquisition of a 100% stake in Profectus Capital Private Limited, which has already received RBI approval. The ratings for commercial paper have been affirmed at IND A1+ and an additional INR3,000 million commercial paper has been assigned IND A1+.

The company's bank loan limits now stand at INR68,000 million, non-convertible debentures at INR30,014.2 million, and subordinated debt at INR6,500 million. Commercial paper limits are INR8,000 million. All these instruments maintain a "Rating Watch with Positive Implications," with commercial paper affirmed at IND A1+.

The Rating Watch will be resolved following the full completion of the acquisition, which is expected to further strengthen UGRO Capital's market position, with total Assets Under Management (AUM) projected to exceed INR150 billion. The company continues to focus on growing its franchise, maintaining adequate capital buffers, and diversifying its funding mix.