The rating for the long-term facilities Pitti Engineering remains at CARE BBB+ with revision in the outlook from 'Positive' to 'Stable' on account of the proposed large debt funded capex for the expansion plans announced by the company. The restructuring is likely to result in moderation of capital structure and impact the cash flows of the company over the medium term. The rating for the short-term facilities are reaffirmed. Shares of the company closed 0.67 per cent lower at ₹37 on the BSE.

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