FCCPSFalls Church City Public Schools (Virginia)
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In the first stage of the transaction, Tube Investments will acquire a 26.5% stake in Cholamandalam DBS for INR1.6bn (increasing its stake to 57.4% from the current 30.9%), while New Ambadi will acquire the FCCPs of INR1.5bn, and an 11% stake for INR660m, from DBS.
The downgrade is driven by the proposed leveraged acquisition of the 26.5% stake in Cholamandalam DBS as well as the FCCPs. The incremental borrowings will result in Tube Investments' gearing deteriorating to between 0.9 and 1 times over the near- to medium-term, compared with the previously estimated levels of 0.5 to 0.6 times, and a commensurate moderation in the company's currently healthy debt protection metrics.