Welspun Living's arm gets credit rating upgrade, check stock reaction

Welspun Living Ltd shares fell in Wednesday's trade even as India Ratings and Research upgraded the credit rating of its material subsidiary, Welspun Global Brands Ltd, for bank loan facilities worth Rs 900 crore.

The rating agency upgraded the rating for the bank loan facilities to IND AA+/Stable/IND A1+. The rating action was classified as upgraded, according to the company's exchange filing.

Shares of Welspun Living opened at Rs 201.35 apiece against their previous close of Rs 202.25 on Wednesday. The stock touched a high of Rs 204.40 and a low of Rs 195.65 so far. The day's low marked a decline of around 3.26 per cent over the previous closing price.

The credit rating disclosure relates to Welspun Global Brands, a material subsidiary of Welspun Living. The bank loan facilities covered under the revised rating amount to Rs 9,000 million, or Rs 900 crore.

The company disclosed the rating revision under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Welspun Living is engaged in the home textiles business and has operations spanning products including towels, bed and bath linen and other home textile offerings.

Welspun Living is a major global textile manufacturing company from India that specializes in home solutions, bed and bath linens, and flooring products. Formerly known as Welspun India Limited, the Mumbai-headquartered company changed its name in September 2023 to reflect its broader focus on lifestyle and home living.