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Crisil Places Anupam Rasayan Ratings on Watch Developing After Bliss GVS Acquisition Announcement

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Crisil Ratings placed its A+ long-term and A1 short-term ratings on the bank facilities of Anupam Rasayan India (NSE:ANURAS, BOM:543275) on "Rating Watch with Developing Implications" following the company's proposed acquisition of a 43.3%-48.2% stake in Bliss GVS Pharma, according to a company filing with Indian bourses on Wednesday.

The agency also assigned an A+ rating to the proposed non-convertible debentures and placed the rating on watch.

Crisil said the watch reflects uncertainty over the funding structure and regulatory approvals for the transaction. It expects Anupam Rasayan to raise about 3 billion rupees of debt, with the remaining funding to come from a global investment management fund through a non-controlling, non-voting equity investment.

The rating agency said it will resolve the watch after obtaining greater clarity on the acquisition funding and approvals, adding that it does not expect the ratings to move by more than one notch.

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