LA rating assigned to KSBL and KCL on rating watch

New Delhi, Apr 28 (UNI) ICRA has placed the LA rating assigned to the Rs 50 crore non-convertible debenture programme of Karvy Stock Broking Ltd (KSBL) and the Rs 10 crore non-convertible debenture programme of Karvy Consultants Ltd (KCL) on rating watch with negative implications.

The positive outlook assigned to the ratings was withdrawn, following the order of the Stock Exchange Board of India (SEBI) in matter of investigations into Initial Public Offerings.

The rating action factors in the business and financial risk uncertainties associated with KSBL and KCL in the wake of the order which restrains KSBL and KCL from various capital market related business.

ICRA is evaluating the impact of this order on the business and financial risk profile of KSBL and KCL pending which the long term ratings of LA have been placed under rating watch with negative implications.

KSBL and KCL are part of the Karvy group of companies promoted by a group of chartered accountants.

UNI ARB PV BD1948