Stating that the downgrade by CARE Ratings came as a surprise, Kishore Lulla, group chairman and CEO of Eros International clarified that the firm has not defaulted on any loans.

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Shares of Eros International have lost 30 percent in the last two trading sessions after CARE downgraded its rating to 'D' from 'BBB'.

“We have not defaulted on any loans and the banks have not served us any notice on any loans. We have already rectified whatever has to be rectified and we will take up the matter with CARE for revision of our ratings soon in the coming weeks,” said Lulla.

“There is no near maturity of debt and we have not defaulted on any debt. The net debt of the company is only Rs 450 crore,” he added.

Talking about delay in repayment, Lulla said, “The cash is being deployed for expansion of the business. We are in the growth area now and when the company is in the growth area, we are not a dividend paying company.”

First Published:Jun 10, 2019 11:00 AM IST