India Ratings & Research (Ind-Ra) has assigned I G Petrochemicals (IGPL) a long-term issuer rating of 'BBB+'. The outlook is stable.

IGPL is one of the leading manufacturers of Pthalic Anhydrate (PAN) and according to the company’s management it has a market share of around 45%-50%. IGPL also has a long track record of over two decades in the same line of business.

IGPL completed capex of Rs 2,350 million in Q3FY14, it was funded through a mix of debt and internal accruals and used to expand its PAN capacity to 1,66,110 metric tonnes per annum (MTPA) and to undertake process improvements to achieve operating efficiency.

Shares of the company gained Rs 12.25, or 26.23%, to settle at Rs 58.95. The total volume of shares traded was 7,092 at the BSE (Wednesday).