Transport Corporation of India has formally notified stock exchanges about the withdrawal of its ₹200.00 crore long-term loan rating by ICRA Limited under Regulation 30 of SEBI Listing Regulations. The rating was withdrawn at the company's request after being reaffirmed at the [ICRA]AA level with a stable outlook.

Regulatory Filing Details

The company filed the mandatory disclosure with BSE and NSE, providing complete transparency about the rating action. The filing includes specific regulatory compliance information:

Rating Action Summary

ICRA's Rating Committee took formal action on the company's long-term fund-based term loan facility. The rating development followed a structured process:

Withdrawal Process

The withdrawal followed ICRA's established policy requirements. Transport Corporation of India had initially requested the rating withdrawal in October 2025, and ICRA processed this request with proper due diligence. The rating agency confirmed that the ratings were presented to their Rating Committee prior to withdrawal, ensuring compliance with their internal procedures.

The withdrawal was executed based on the company's formal request and a No Objection Certificate received from the bankers. This procedural approach demonstrates that the withdrawal was administrative rather than related to any deterioration in credit quality.

Credit Quality Validation

The [ICRA]AA rating with stable outlook represents high credit quality with very low credit risk. The reaffirmation before withdrawal confirms that Transport Corporation of India maintained strong financial fundamentals and creditworthiness. ICRA has expressed willingness to be associated with rating any future borrowing programmes of the company, indicating continued confidence in the organization's credit profile.

Bhoruka Supply Chain Solutions Holdings Limited, part of the promoter group of Transport Corporation of India Limited, has acquired 3,390 equity shares of the logistics company through open market purchase. The transaction was completed on December 17, 2025, with the formal regulatory disclosure filed on December 22, 2025.

Transaction Details

The acquisition represents a minor increase in the promoter group's shareholding in the logistics major. The following table summarizes the key transaction parameters:

Shareholding Pattern Changes

The acquisition resulted in a marginal change in the promoter group's stake in Transport Corporation of India. The shareholding details before and after the transaction are presented below:

Company Capital Structure

Transport Corporation of India's equity share capital remains unchanged following this transaction. The company's capital structure details include:

Regulatory Compliance

The disclosure was made in compliance with Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The formal disclosure document was signed by Sudhir Kumar Agarwal, Director of Bhoruka Supply Chain Solutions Holdings Limited, and filed with BSE Limited and National Stock Exchange of India Limited on December 22, 2025.

Bhoruka Supply Chain Solutions Holdings Limited is registered at DPT 625/626, DLF Prime Tower, Okhla, Phase-I, New Delhi-110020, with its corporate office located at Plot No. 69, TCI House, Institutional Area, Sector-32, Gurugram-122001. The transaction represents routine promoter group activity with minimal impact on the overall shareholding structure of the logistics company.