India Ratings & Research (Ind-Ra) has assigned SRF proposed Rs 2,000 million non-convertible debenture programme an 'AA(exp)' rating. The assignment of the final rating is contingent upon the receipt of final documents conforming to the information already received. 

SRF's ratings reflect the successful completion of the first phase of capex for its chemical complex at Dahej, Gujarat and the commencement of operations of its packaging film units at Thailand and South Africa. SRF does not have any major capex planned over the next two years when Ind-Ra expects it to consolidate its operations.

The capex in the company's specialty chemical business could be customer-driven, requiring SRF to set up flexible and dedicated plants to produce newer molecules.

Shares of the company gained Rs 12.15, or 1.74%, to trade at Rs 712.15. The total volume of shares traded was 22,487 at the BSE (1.19 p.m., Friday).