Raymond Limited has notified stock exchanges about the withdrawal of credit ratings assigned to its subsidiaries following their amalgamation under a composite scheme of arrangement. The company filed the intimation under Regulation 30 of SEBI Listing Regulations on December 30, 2025.

Amalgamation Details

The credit rating withdrawals stem from two key corporate restructuring activities approved by the National Company Law Tribunal (NCLT), Mumbai Bench. The NCLT sanctioned the composite scheme of restructuring on July 04, 2025, under case number C.P.(CAA)/03/MB-III/2025 in C.A.(CAA)/152/MB-III/2024.

The restructuring involved:

• Amalgamation of the engineering business of JK Files and Engineering Limited
• Amalgamation of Ring Plus Aqua Limited with JK Maini Precision Technology Limited

Credit Rating Withdrawals

CARE Ratings Limited issued withdrawal letters dated December 30, 2025, for various credit facilities previously assigned to the subsidiaries. The rating agency withdrew all outstanding ratings with immediate effect due to the corporate restructuring.

JK Files and Engineering Limited

Ring Plus Aqua Limited

Regulatory Compliance

CARE Ratings Limited confirmed that bankers have verified no outstanding amounts remain against the rated facilities in the name of JK Files and Engineering Limited. The rating agency will announce the withdrawals through press releases as per standard procedure.

The rating agency has instructed both companies to ensure the withdrawn ratings are not used for any purpose whatsoever going forward. CARE Ratings remains available to provide services for any future rating requirements.

Corporate Structure Impact

The amalgamation represents a consolidation of Raymond Limited's subsidiary operations, with bank facilities and credit arrangements being transferred to JK Maini Precision Technology Limited as the surviving entity. The completion of debt repayments for non-convertible debentures indicates a clean transfer of operations under the approved scheme.

Raymond Limited , a prominent player in the Indian textile industry, has seen a significant change in its promoter shareholding structure. J.K. Investors (Bombay) Limited, a key promoter of Raymond, has released the pledge on a substantial portion of its shareholding in the company.

Pledge Release Details

According to the latest disclosure filed with the stock exchanges, J.K. Investors (Bombay) Limited has released the pledge on 5,899,522 shares of Raymond Limited. This represents approximately 8.86% of the company's total share capital. The shares were previously held as collateral with Bajaj Finance Limited.

Impact on Promoter Shareholding

Despite this significant release of pledged shares, J.K. Investors (Bombay) Limited continues to maintain its overall promoter stake in Raymond at 29.83%. This move reduces the promoter's pledged shareholding, potentially indicating improved financial flexibility for the promoter group.

Detailed Breakdown of the Pledge Release

The pledge release was executed in two tranches:

Current Promoter Holding Structure

Following this transaction, the promoter group's shareholding in Raymond Limited stands as follows:

Implications

The release of pledged shares by a major promoter is often viewed positively by the market. It may indicate:

1. Improved financial health of the promoter group
2. Reduced risk of forced selling in case of market volatility
3. Increased confidence in the company's future prospects

While this development doesn't directly impact Raymond's operations, it could potentially boost investor confidence in the stock. However, investors should continue to monitor the company's fundamental performance and industry trends when making investment decisions.

Raymond Limited, known for its textiles and apparel brands, continues to be a significant player in the Indian market. Market participants will be keen to see how this change in promoter shareholding structure might influence the company's strategic decisions going forward.