Capacite Infraprojects informed that the company has received sanction for non-fund based limits totalling to Rs 150 crore from State Bank of India which is also the consortium leader.
The limits will help us in realising our pending receivable in the form of retention monies and mobilisation advance from the existing on-going projects, the company said in a statement.
Capacite Infra further stated that it is also engaging with other consortium members for sanction of balance assessed limits. It is hopeful that the other consortium members will also take up their part of assessed limits shortly.
It would also be approaching the rating agency to reconsider their view on the debt instruments of the company.
On February 23, 2023, Capacite Infraprojects (CIL) had announced that the India Ratings and Research had downgraded the company's long-term issuer rating to 'IND BB+' from 'IND BBB+' and has placed it on rating watch with negative implications.
As per the rating agency, The downgrade reflects CIL's inability to tie up enhanced working capital limits, continued blockage of working capital and a delay in recovering its pending receivables, resulting in a further stretch in its working capital.
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In its Q3 FY23 results call, the company had highlighted that there were delays in sanction of non-fund based limits. However, it was continuously engaging with the consortium bankers to expedite the process.
Capacit'e Infraprojects is a real estate developer. The company provides end-to end construction services for high rise and super high-rise buildings, townships, mass housing, etc. in the residential space, office complexes, IT & ITES parks in the commercial space and hospitality, healthcare facilities, industrial buildings, MLCPs in the institutional space.
The company's consolidated net profit jumped 90.1% to Rs 22.85 crore on 21.3% rise in net sales to Rs 443.43 crore in Q3 FY23 over Q3 FY22.
The scrip fell 1.30% to currently trade at Rs 125.35 on the BSE.
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