Shriram Pistons & Rings Limited has announced the successful issuance and allotment of commercial papers worth ₹10,000 million through private placement. The company informed both the National Stock Exchange of India Limited and BSE Limited about this fundraising initiative under Regulation 30 of the SEBI Listing Regulations.

Commercial Paper Details

The commercial paper issuance carries specific terms and conditions that reflect the company's strategic financing approach. The following table outlines the key parameters of the issuance:

Interest and Yield Structure

The commercial papers offer a coupon rate of 6.37%, providing short-term investment opportunities for institutional investors.

Listing and Administrative Details

Shriram Pistons & Rings Limited has indicated its intention to list these commercial papers on the National Stock Exchange of India Limited. The company has appointed an issuing and paying agent to ensure smooth processing of transactions and timely settlements for investors.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was made simultaneously to both major stock exchanges where the company's shares are listed.

Shriram Pistons & Rings Limited has received a significant credit rating update from India Ratings and Research (Ind-Ra), a Fitch Group company. The rating agency has placed Shriram Pistons & Rings' long-term issuer rating on Rating Watch with Positive Implications, covering ₹4,889.20 million in bank facilities and a new commercial paper programme.

Rating Actions Overview

India Ratings has taken multiple rating actions on Shriram Pistons & Rings Limited and its debt instruments, with the most notable being the placement of ratings on Rating Watch with Positive Implications. This development suggests potential for future rating upgrades based on the company's improving credit fundamentals.

Commercial Paper Programme Details

The rating agency has assigned an IND A1+ rating to the company's commercial paper programme worth ₹10,000.00 million. The commercial paper has a maturity period of up to 365 days and represents a significant addition to the company's funding options. This rating reflects the company's strong short-term creditworthiness and ability to meet its immediate financial obligations.

Bank Facilities Breakdown

The comprehensive rating covers an extensive network of banking relationships across multiple leading financial institutions. The facilities are distributed among various banks including State Bank of India, HDFC Bank Limited, Axis Bank Limited, IDBI Bank, Citibank N.A., HSBC, DBS Bank India Limited, and ICICI Bank.

Fund-Based Working Capital Facilities:

• State Bank of India: ₹550.00 million
• HDFC Bank Limited: ₹170.00 million and ₹1,259.20 million (term loan)
• Axis Bank Limited: ₹203.00 million
• IDBI Bank: ₹300.00 million
• Citibank N.A.: ₹296.00 million and ₹330.00 million (term loan)
• HSBC: ₹131.00 million and ₹220.00 million (term loan)
• DBS Bank India Limited: ₹50.00 million
• ICICI Bank: ₹300.00 million

Non-Fund Based Working Capital Facilities:

• State Bank of India: ₹50.00 million
• HDFC Bank Limited: ₹430.00 million
• Axis Bank Limited: ₹330.00 million
• IDBI Bank: ₹300.00 million
• Citibank N.A.: ₹324.50 million
• HSBC: ₹115.50 million
• DBS Bank India Limited: ₹200.00 million
• ICICI Bank: ₹250.00 million

Regulatory Compliance and Disclosure

The rating intimation has been made pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has fulfilled its regulatory obligations by informing both the National Stock Exchange of India Limited and BSE Limited about these rating developments.

The rating letters and related documentation have been made available on the company's website at www.shrirampistons.com , ensuring transparency and accessibility for all stakeholders.