Brickwork Ratings India Pvt. Ltd. has revised the rating assigned to Perpetual Debt Instrument (PDI) aggregating to Rs10cr of Srei Infrastructure Finance Limited to ‘BWR D.
The company believes that the rating given above is blatantly wrong, misleading and baseless. The rating agency has recognised default arbitrarily even though there’s or can be no default in terms of the order dated December 30, 2020 passed by the National Company Law Tribunal, Kolkata Bench in an application filed under section 230 of the Companies Act, 2013 by Srei Equipment Finance Limited, material wholly owned subsidiary of the Company.
The company is in the process of availing appropriate legal remedy, among others, to set aside the rating since the company believes that the rating agency has acted in a wrongful and contumacious manner.
Early on, SREI Infrastructure Finance Ltd was trading at Rs6.01 per piece up by Rs0.09 or 1.52% from its previous closing of Rs5.92 per piece on the BSE.