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The rating agency has instructed both companies to ensure the withdrawn ratings are not used for any purpose whatsoever going forward.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 has officially appointed two new Independent Directors to strengthen its board governance. The Board of Directors, meeting on December 29, 2025, approved the appointments of Mr. Tikka Singh and Mr. Ajoy Mehta as Additional Directors designated as Non-Executive Independent Directors, effective January 1, 2026.

Board Appointments Confirmed

The appointments represent the culmination of a process that began with the Nomination and Remuneration Committee's recommendations in August. Both directors will serve five-year terms, marking their first tenure as Independent Directors with the company.

Director Profiles and Expertise

Mr. Tikka Singh

Mr. Tikka Shatrujit Singh brings extensive international business experience, having graduated from Doon School and Delhi University. He worked in finance for 10 years across New York's banking sector, with positions in Hong Kong, London, and Zurich. In 1995, he joined the French multinational group Moët Hennessy-Louis Vuitton (LVMH) as Chief Representative in Asia and was appointed Advisor to the Chairman of Louis Vuitton. He spearheaded Louis Vuitton's business development in India and helped launch Dom Pérignon champagne and Hennessy Cognac in the Indian market. He has been conferred the highest French distinction "Knight of the Legion of Honour."

Mr. Ajoy Mehta

Mr. Ajoy Mehta, aged 65 years, is a retired Indian Administrative Service (IAS) officer from the 1984 batch. He served as Chief Secretary of Maharashtra from May 10, 2019, to February 11, 2021, and subsequently as Chairman of the Maharashtra Real Estate Regulatory Authority from February 12, 2021, to September 20, 2024. As Municipal Commissioner of Mumbai, he worked on affordable housing initiatives and tackled sanitation issues. He completed his engineering from IIT BHU before joining the IAS.

Regulatory Compliance and Next Steps

The appointments comply with stock exchange requirements under circulars NSE/CML/2018/24 and BSE/LIST/COMP/14/2018-19 dated June 20, 2018. The Board meeting, which commenced at 2:00 p.m. and concluded at 2:32 p.m., formalized the appointments that were initially recommended by the Nomination and Remuneration Committee.

Neither Mr. Tikka Singh nor Mr. Ajoy Mehta is related to any existing Director or Key Managerial Personnel of the company, ensuring their independence as per regulatory requirements.