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Ind-Ra had placed BRPL’s ratings on RWE on 10 June 2019, following the information of its amalgamation with its existing subsidiary Baidyanath Power Private Limited (BPPL). The company successfully merged with BPPL in 1H2019 post receiving the requisite approvals from the National Company Law Tribunal.
BRPL-owned 0.8MW solar power assets, as well as its outstanding fund & non-fund based debts have been transferred to BPPL post the amalgamation.
Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the lenders (in July 2020). This is consistent with the Securities and Exchange Board of India’s circular dated 31 March 2017 for credit rating agencies.