Dr. Agarwal's Health Care Limited has announced that ICRA Limited has reaffirmed and assigned credit ratings for the company's debt facilities totaling ₹200 crores. The rating action was communicated through a letter dated February 23, 2026, and disclosed to stock exchanges in compliance with Regulation 30 of SEBI listing regulations.

Credit Rating Details

ICRA Limited has taken comprehensive rating actions across the company's debt portfolio, covering both existing facilities and enhanced limits.

Rating Significance

The ICRA AA- (Stable) rating indicates high credit quality with very low credit risk, while the ICRA A1+ rating for short-term facilities represents the highest safety regarding timely payment of financial obligations. The stable outlook suggests that the rating is unlikely to change in the near term.

Enhanced Credit Facilities

A significant development in this rating action is the enhancement of unallocated limits to ₹126.20 crores, for which ICRA has both reaffirmed existing ratings and assigned new ratings. These unallocated limits provide the company with flexibility to utilize funds across long-term and short-term requirements as per business needs.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was signed by Thanikainathan Arumugam, Company Secretary and Compliance Officer, ensuring proper corporate governance protocols.

Dr. Agarwal's Eye Hospital Limited has received a crucial regulatory approval from BSE Limited for its proposed amalgamation scheme with Dr. Agarwal's Health Care Limited. The company announced receipt of an observation letter conveying "no adverse observations" from BSE Limited on February 17, 2026, marking a significant milestone in the merger process.

BSE Approval Details

The BSE approval came with comprehensive compliance requirements that must be fulfilled throughout the amalgamation process:

The scheme involves the amalgamation of Dr. Agarwal's Eye Hospital Limited as the transferor company with Dr. Agarwal's Health Care Limited as the transferee company, along with their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013.

SEBI Compliance Requirements

SEBI has outlined 17 specific compliance conditions that must be met, including adherence to Regulation 11 of SEBI LODR Regulations, 2015. Key requirements include:

• Disclosure of all ongoing adjudication and recovery proceedings against the company, promoters, and directors
• Ensuring financial statements used are not older than 6 months from the date of exchange approval
• Mandatory demat form for proposed equity shares
• Comprehensive disclosure requirements covering rationale, synergies, and impact analysis

Detailed Disclosure Mandates

The regulatory framework requires extensive disclosures to enable informed shareholder decision-making:

Next Steps and Timeline

The observation letter remains valid for six months from February 17, 2026, within which the scheme must be submitted to the National Company Law Tribunal. The scheme continues to require necessary statutory and regulatory approvals, including approvals from respective shareholders and creditors of both companies and the jurisdictional NCLT.

The company has made the observation letter accessible on its website at the designated scheme section, ensuring transparency for all stakeholders. BSE Limited has reserved rights to withdraw its approval if submitted information is found incomplete, incorrect, or misleading at any stage of the process.