Ratings agency Moody's on September 20 withdrew Kalyan Jewellers India's stable B2 long-term corporate family rating after the firm pushed back plans to access the international debt capital markets.
In April, the company was planning to raise around $200 million through its subsidiary to refinance old debt, according to Business Standard. The subsidiary was to issue senior dollar-denominated fixed-rate notes.
Kalyan, the second-largest jeweller in India, reported consolidated revenues of Rs 10,820 crore ($1.4 billion) and core profit of around Rs 850 crore ($107 million) for the fiscal year ended March 31.
Share price continues to rise
The company's shares have performed well in 2022. According to NSE website, the price has risen over 65 percent in the last six months.
On September 20 at 12:09 pm, shares were at Rs 98.05 apiece, up 0.36 percent from the previous close.
As of September 16, the company had a market capitalisation of Rs 9,730 crore ($1.2 billion). The Kalyanaraman family and associates own a 60.53 percent stake in the company. An affiliate of private equity firm Warburg Pincus & Company US has a direct stake of 26.36 percent in the jeweller.A company investors' meeting is scheduled for September 20 with the Government of Singapore Investment Corporation and Kotak Mahindra AMC.