Indigo Paints Limited informed the exchanges Tuesday that at the company's request and on the basis of the No Objection Letter (NOC) issued by HDFC Bank Limited on full repayment of the borrowings by the company, Credit Analysis and Research Limited (CARE), has withdrawn the ratings to the bank facilities of the company.
“At the request of the company vide email dated March 13, 2021 along with ‘No Objection Certificate’ dated March 13, 2021 from HDFC Bank, we hereby withdraw the outstanding rating of 'CARE BBB+; Stable/CARE A3+' assigned to the bank facilities of your company with immediate effect,” Indigo Paints shared CARE’s mail in its regulatory filing on Tuesday.
At around 2.16 pm, Indigo Paints Limited was trading at Rs2418.00 up Rs45.10 or 1.90% on the BSE.