Wockhardt receives ratings action from ICRA

Wockhardt announced that ICRA (ICRA) has assigned a long-term rating of [ICRA]BBB- (Stable) and short-term rating of [ICRA]A3 for the Company, [ICRA]BBB-(Stable) for Long term - Fund Based - Term Loan of Rs.75 crore, [ICRA]BBB-(Stable) /[ICRA]A3 for Long term/ Short term - Fund Based Working Capital limits of Rs.512.80 crore, Long term/ Short term - Non Fund Based limits of Rs.171.20 crore, and Long term/ Short term - Unallocated Limits of Rs.326 crore with Stable outlook. This is an Investment Grade Rating.

While assigning this rating, ICRA has factored overall improvement in company's liquidity position post successful fund raising through Qualified Institutional Placement of Equity Shares, Reduction in long term external debt, established track records and healthy market position in various regulated markets and satisfactory progress of the NCE Program.

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