ICRA downgrades LML preference capital rating

Mumbai, June 26 (UNI) ICRA has downgraded the rating assigned to the Rs 125 crore preference share capital programme of LML Limited (LML) to LC, from the LBB, following prolonged disruption of manufacturing operations subsequent to lockout at its Kanpur factory.

The lockout was declared by the management in March, following labour unrest over compensation. The revised rating indicates poor-credit quality rating assigned by ICRA. The rated instrument has limited prospect of recovery, a release here said.

UNI LS GK SKB1836