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Moody's withdraws Kalyan Jewellers stable rating after fundraise delay, stock up

In April, the company was planning to raise around $200 million through its subsidiary to refinance old debt

September 21, 2022 / 12:23 PM IST
Representative Image

Representative Image


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.

Also Read | Kalyan Jewellers reports robust revenue growth in June quarter

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

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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.

Also Read | Kalyan Jewellers Q1 consolidated PAT at Rs 108 crore

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.
Shivangini Gupta
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