KEC International has received significant relief from the High Court, which has stayed Power Grid Corporation of India Limited's (PGCIL) order excluding the company from tender participation for a period of 9 months. This judicial intervention provides the infrastructure company with the opportunity to continue its business operations without the imposed restrictions.

Court Stay Order Details

The High Court's ruling specifically stays PGCIL's exclusion order that would have prevented KEC International from participating in tender processes. The court's decision to stay this exclusion demonstrates judicial oversight in matters affecting business operations and competitive bidding processes.

Business Continuity Provisions

The court's stay order allows KEC International to maintain its participation in ongoing projects and continue submitting bids during the legal proceedings. This ensures that the company's business activities remain uninterrupted while the matter is under judicial review.

Ongoing Tender Participation Rights

Under the High Court's stay order, KEC International retains the right to participate in bidding processes for ongoing projects until further notice from the court. This provision ensures business continuity and protects the company's interests during the legal proceedings.

The development represents a crucial turning point for KEC International, allowing the company to maintain its market position and continue pursuing business opportunities in the infrastructure sector while the legal matter remains under consideration.

KEC International Limited has announced that CARE Ratings Ltd. has reaffirmed the credit ratings for its banking facilities worth ₹19,800 crores. The company informed the stock exchanges about this development in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Credit Rating Details

CARE Ratings communicated the rating decisions for various banking facilities maintained by KEC International. The rating agency has maintained a stable outlook across the reaffirmed ratings, indicating confidence in the company's financial position.

Enhancement in Banking Facilities

Notably, the long-term/short-term bank facilities have been enhanced from the previous amount of ₹15,500 crores to ₹16,800 crores, representing an increase of ₹1,300 crores. This enhancement suggests the company's improved access to banking credit and potential expansion of its operational requirements.

Rating Withdrawal

CARE Ratings has withdrawn the rating for non-convertible debentures, citing that the instrument was not placed in the market. This withdrawal is a routine action when financial instruments are not utilized by companies for fundraising purposes.

Regulatory Compliance

KEC International has duly informed both the National Stock Exchange of India Limited and BSE Limited about the credit rating communication. The disclosure was made through the company's Company Secretary and Compliance Officer, Suraj Eksambekar, ensuring adherence to regulatory requirements for listed entities.

Conclusion

In this latest update, CARE Ratings reaffirmed KEC International's credit ratings for banking facilities worth ₹19,800 crores, with long-term facilities rated CARE A (Stable) and enhanced short-term facilities.