Corporate Actions

Deccan Cements Ltd. has announced the withdrawal of a rating exercise previously undertaken by Infomerics Valuation and Rating Limited for proposed Non-Convertible Debentures (NCDs) initially planned for an amount of up to Rs. 50 Crores, with a partial mandate for ratings up to Rs. 25 Crores; the company had initially sought ratings for these instruments, but subsequently abandoned the fundraising plan due to project completion within budget and a reduction in capital costs and term loans. Infomerics Valuation and Rating Limited had previously assigned a Long Term Rating of IVR BBB- /Negative, followed by a Review with a Long Term Rating of IVR BB+ /Negative, both with a status of "ISSUER NOT COOPERAITNG*" despite repeated communication from Deccan Cements Ltd. that the rating exercise was no longer required.