Fitch puts Bilcare on watch

Fitch Ratings said it placed Bilcare Ltd.'s F1(ind) rating on its Rs. 1.23 billion working capital bank limits and Rs. 400 million non-fund based working capital limits on Rating Watch negative.

The action follows news that Bilcare plans to acquire Ineos Group's global films business for Rs. 6.07 billion, Fitch said. Bilcare said it plans to fund the acquisition through a combination of debt and internal accruals.

The negative watch reflects the expected increase in Bilcare's leverage that would occur from the debt taken to finance the acquisition, the agency said.

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