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Rating Rationale |
July 16, 2020 | Mumbai |
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Analytical Approach |
For arriving at the ratings, CRISIL has combined the business and financial risk profile of PFC and its subsidiaries including REC. Furthermore, CRISIL factors in support from the majority owner, GoI given the company's key role in financing the Indian power sector.
Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation. | |
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Key Rating Drivers & Detailed Description |
Strengths: * Strategic importance to and majority ownership by GoI The company plays a major role in implementing government policies, and is important for financing India's power sector, particularly government sector power utilities (86% of the consolidated loan book as on March 31, 2020). PFC is the nodal agency for the development of Ultra Mega Power Projects and the Integrated Power Development Scheme, and is also the bid process coordinator for the Independent Transmission Projects scheme. It plays a developmental role in channelling finance to meet the power sector's large funding requirement, particularly of public sector utilities (PSUs). REC is also the nodal agency for channelling finance towards the rural electrification programme under the Deendayal Upadhyaya Gram Jyoti Yojana (formerly known as Rajiv Gandhi Grameen Vidyutikaran Yojana) and Pradhan Mantri Sahaj Bijli Har Ghar Yojana, or Saubhagya scheme, and the National Electricity Fund Scheme. Further, PFC and REC are the lending partners for the recently announced Rs 90,000 crore discom package. GoI remains the majority shareholder, with a stake of 56% as on March 31, 2020. The government supports the company financially and operationally in various ways, including conferring special status to raise capital gains tax exemption bonds. CRISIL believes that GoI has strong strategic reasons and a moral obligation to support PFC, both on an ongoing basis and in the event of distress, given the latter's role in implementing the government's power sector policies and GoI's majority ownership in the company. * Dominant market position in the power financing segment PFC plays an important role in the Indian power sector, not only by providing finance but also by implementing GoI's power sector policies. The company, at a consolidated level, is the largest lender to the power sector with a share of over 30%, and plays a key role in channelling finance to PSUs. The gross consolidated loan book grew by 12% fiscal-on-fiscal to Rs 6.67 lakh crore as on March 31, 2020, from Rs 5.96 lakh crore a year earlier. The share of PSUs in the consolidated loan book stood at 86% as on March 31, 2020. Loans outstanding to PSUs on a consolidated basis stood at Rs 5.7 lakh crore as on this date (Rs 5.1 lakh crore a year earlier). * Adequate capitalisation As on March 31, 2020, on a consolidated basis, the tier-I CAR was 12.3% and overall CAR 16.1% (12.4% and 16.8%, respectively a year earlier). On a standalone basis, tier-I CAR was 12.5% and overall CAR 17.0%, (11.7% and 17.1%, respectively, a year earlier). Capitalisation is expected to remain adequate over the medium term, supported by a demonstrated ability to raise capital through public issues. The networth to net NPA ratio on a consolidated basis was 2.8 times as on March 31, 2020, against 2.5 times a year earlier (3.4 times as on March 31, 2020, and 3.0 times a year earlier, on a standalone basis for PFC). Accretion to networth is supported by the ability to maintain good interest spreads and a low operating expense ratio. The consolidated return on assets ratio was 1.4% and return on equity were 14.6% for fiscal 2020 (2.2% and 21.3%, respectively, for fiscal 2019). Profitability was impacted in fiscal 2020 due to increase in credit costs and foreign exchange (forex) losses. Ability to contain credit costs and hence improve profitability and capitalisation will remain a key monitorable. * Adequate resource profile Borrowing costs are competitive and the resource base, though wholesale, is diversified. The debt instruments have wide market acceptability which is also reflective in its low cost of borrowing compared to peers (7.4% in fiscal 2020). The consolidated resource profile as on March 31, 2020 mainly comprises of bonds (83%) and term loans (15%), and other borrowings (2%). The company also has access to foreign currency borrowing, which comprised 16% of the total consolidated borrowings as on March 31, 2020 (12% as on March 31, 2019) (On a standalone basis, foreign currency borrowings formed 16% of the total borrowings as on March 31, 2020). It hedges only a limited portion of its foreign currency borrowing based on its board-approved policy. PFC has also received government approval to raise capital gain bonds under Section 54 EC; which should further support the resource profile. In fiscal 2017, extra budgetary resources of Rs 5000 crore were raised on behalf of the, GoI. These bonds will be fully serviced by the government through the general budget; hence, a separate government guarantee was not required for issue of these bonds. In its analytical treatment, CRISIL has assumed that PFC will ensure the bonds are serviced on time. Weakness: * Inherent vulnerability in asset quality, and significant sectoral and customer concentration PFC's asset quality remains inherently vulnerable to the weak credit risk profiles of borrowers. The company caters only to the power sector, with 86% of its consolidated loan book as on March 31, 2020to government sector power utilities (including generation, transmission, and discoms). PSUs, especially discoms, are an inherently weak asset class because of their poor financial risk profiles. Effective execution of various reform measures is extremely critical for PSUs to produce the desired positive impact, and broad-based political consensus is necessary to implement the much-needed tariff increases to ensure sustained improvement in their performance. NPAs and restructured assets from the PSU book rose sharply in fiscal 2017 owing to alignment with RBI restructuring norms. However, the downgraded accounts had been paying dues regularly, and a majority of them were upgraded in fiscal 2018. As on March 31, 2020, NPAs (stage III assets as per IND AS) were nil from this portfolio. PFC (consolidated) also has 14% exposure to private sector power players, which have increasingly become more vulnerable to asset quality risks owing to issues such as lack of fuel availability, inability to pass on fuel price increases, and absence of long-term power purchase agreements for assured power offtake. PFC, on a consolidated basis, had gross NPAs (stage III assets as per IND-AS) of 7.4% as on March 31, 2020 (8.4% as on March 31, 2019). While government sector NPAs declined over previous fiscals, the share of NPAs from the private sector has increased considerably. As on March 31, 2020, 52% of private sector loans have been recognised as stage III assets on which the company has a provision coverage of 52% on a consolidated basis. | |
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Liquidity Superior |
Asset Liability Maturity (ALM) profile of PFC shows that liquidity position is superior. The mismatches in the ALM buckets up to one year given the relatively long tenure of its assets are managed mainly through unutilised bank lines. Additionally, the debt repayments are well staggered across months, supporting its liquidity profile. PFC has not availed moratorium on any of its borrowings under the recent scheme. As on June 30, 2020, the company (on a standalone basis) had a liquidity cushion of Rs 9,919 crore (Rs 26 crore of cash and equivalents, Rs 6,838 crore of unutilised cash credit lines, and Rs 3,055 crore of liquid investments) as against debt obligation of Rs 14,505 crore in the next two months. Further, PFC has raised about 29,000 crore in the first quarter of fiscal 2021 through term loans from banks and capital market instruments. | |
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Outlook: Stable |
CRISIL believes GoI will retain its majority stake in PFC, which will continue to play a critical role in implementing government policies related to financing the Indian power sector, over the medium term. The company is also likely to retain its strong position in the infrastructure-financing segment, while maintaining healthy capitalisation. In addition, the rating on the perpetual bonds remains sensitive to the capital buffer maintained by PFC over regulatory capital requirements; rating transition on these instruments could potentially be sharper than that on other debt instruments and bank facilities. | |
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Rating Sensitivity factors |
Downward factors * Decline in government shareholding to below 50% and/or diminution of government support * Significant deterioration in asset quality, thereby impacting profitability and capitalisation | |
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About the Company |
PFC was established in 1986 by GoI as an institution dedicated to funding and developing the power sector in India. Until 1996, it lent exclusively to public sector entities. Since then, it has expanded its customer profile to include private sector power utilities and projects. PFC aims to promote balanced and integrated development of the power sector by providing finance to low-cost, efficient, and reliable projects. In March 2019, PFC completed the acquisition of GoI's 52.6% stake in REC for Rs 14,500 crore. CRISIL believes both PFC and REC will remain strategically important to the government, which would provide them support, if required. They will continue to play their respective policy roles and will remain the nodal agencies for implementing power sector policies. Further, they are expected to operate all functions independently as they do currently. On a consolidated basis, PFC reported a profit after tax (PAT) of Rs 9477 crore and total income (net of interest) of Rs 21431 crore in fiscal 2020 (Rs 12640 crore and 19530 crore, respectively in the previous fiscal). On a standalone basis, PFC reported PAT of Rs 5656 crore and total income (net of interest) of Rs 11518 crore in fiscal 2020 as against Rs 6953 crore and Rs 10741 crore, respectively in the previous fiscal. | |
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Key Financial Indicators - PFC Consolidated |
As on / for the period ended March 31, |
Unit |
2020 |
2019 |
Total Assets |
Rs. Cr. |
694521 |
628869 |
Total income (net of interest expenses) |
Rs. Cr. |
21431 |
19530 |
Profit after tax |
Rs. Cr. |
9477 |
12640 |
Gross NPA |
% |
7.4 |
8.4 |
Overall capital adequacy ratio |
% |
16.1 |
16.8 | |
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Key Financial Indicators - PFC Standalone |
As on / for the period ended March 31, |
Unit |
2020 |
2019 |
Total Assets |
Rs. Cr. |
361787 |
344856 |
Total income (net of interest expenses) |
Rs. Cr. |
11518 |
9779 |
Profit after tax |
Rs. Cr. |
5656 |
6953 |
Gross NPA |
% |
8.1 |
9.4 |
Overall capital adequacy ratio |
% |
17.0 |
17.1 | | |
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Any other information: Not applicable | |
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Note on complexity levels of the rated instrument: CRISIL complexity levels are assigned to various types of financial instruments and are included (where applicable) in the Annexure -- Details of Instrument in this Rating Rationale. For more details on the CRISIL complexity levels, please visit www.crisil.com/complexity-levels. |
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Annexure - Details of Instrument(s) |
ISIN |
Name of Instrument |
Date of Issue |
Coupon Rate (%) |
Maturity Date |
Issue Size (Rs.Cr) |
Complexity Levels |
Rating Assigned with Outlook |
INE134E08KA5 |
Institutional bonds& |
30-Apr-19 |
8.79% |
29-Apr-34 |
2,578.9 |
Simple |
CRISIL AAA/Stable |
INE134E07810 |
Institutional bonds& |
30-Apr-19 |
5.75% |
30-Apr-24 |
48.9 |
Simple |
CRISIL AAA/Stable |
INE134E08KB3 |
Institutional bonds& |
27-May-19 |
8.20% |
27-May-22 |
1,605.0 |
Simple |
CRISIL AAA/Stable |
INE134E08KC1 |
Institutional bonds& |
27-May-19 |
8.85% |
25-May-29 |
1,982.1 |
Simple |
CRISIL AAA/Stable |
INE134E07828 |
Institutional bonds& |
31-May-19 |
5.75% |
31-May-24 |
72.7 |
Simple |
CRISIL AAA/Stable |
INE134E08KD9 |
Institutional bonds& |
04-Jun-19 |
8.10% |
04-Jun-24 |
691.1 |
Simple |
CRISIL AAA/Stable |
INE134E07836 |
Institutional bonds& |
30-Jun-19 |
5.75% |
30-Jun-24 |
81.7 |
Simple |
CRISIL AAA/Stable |
INE134E07844 |
Institutional bonds& |
31-Jul-19 |
5.75% |
31-Jul-24 |
117.3 |
Simple |
CRISIL AAA/Stable |
INE134E08KE7 |
Institutional bonds& |
08-Aug-19 |
8.15% |
08-Aug-34 |
4,035.0 |
Simple |
CRISIL AAA/Stable |
INE134E07851 |
Institutional bonds& |
31-Aug-19 |
5.75% |
31-Aug-24 |
105.7 |
Simple |
CRISIL AAA/Stable |
INE134E08KF4 |
Institutional bonds& |
06-Sep-19 |
8.25% |
06-Sep-34 |
4,016.0 |
Simple |
CRISIL AAA/Stable |
INE134E07869 |
Institutional bonds& |
30-Sep-19 |
5.75% |
30-Sep-24 |
102.0 |
Simple |
CRISIL AAA/Stable |
INE134E08KG2 |
Institutional bonds& |
15-Oct-19 |
7.35% |
15-Oct-22 |
3,735.0 |
Simple |
CRISIL AAA/Stable |
INE134E07877 |
Institutional bonds& |
31-Oct-19 |
5.75% |
31-Oct-24 |
92.1 |
Simple |
CRISIL AAA/Stable |
INE134E08KH0 |
Institutional bonds& |
19-Nov-19 |
7.42% |
19-Nov-24 |
3,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E07885 |
Institutional bonds& |
30-Nov-19 |
5.75% |
30-Nov-24 |
90.0 |
Simple |
CRISIL AAA/Stable |
INE134E08KI8 |
Institutional bonds& |
31-Dec-19 |
7.93% |
31-Dec-29 |
4,710.5 |
Simple |
CRISIL AAA/Stable |
INE134E07893 |
Institutional bonds& |
31-Dec-19 |
5.75% |
31-Dec-24 |
93.1 |
Simple |
CRISIL AAA/Stable |
INE134E08KJ6 |
Institutional bonds& |
07-Jan-20 |
7.04% |
14-Apr-23 |
1,400.0 |
Simple |
CRISIL AAA/Stable |
INE134E08KK4 |
Institutional bonds& |
14-Jan-20 |
7.86% |
12-Apr-30 |
1,100.0 |
Simple |
CRISIL AAA/Stable |
INE134E07901 |
Capital Gains Bond |
31-Jan-20 |
5.75% |
31-Jan-25 |
94.0 |
Simple |
CRISIL AAA/Stable |
INE134E08KL2 |
Institutional bonds& |
25-Feb-20 |
7.41% |
25-Feb-30 |
2,500.0 |
Simple |
CRISIL AAA/Stable |
INE134E08KM0 |
Institutional bonds& |
02-Mar-20 |
7.41% |
15-May-30 |
5,000.0 |
Simple |
CRISIL AAA/Stable |
NA |
Term Loan& |
19-Dec-19 |
8.19% |
19-Dec-24 |
500.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
27-Dec-19 |
8.19% |
19-Dec-24 |
470.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Dec-19 |
8.19% |
19-Dec-24 |
1,170.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
31-Dec-19 |
8.19% |
19-Dec-24 |
262.2 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
01-Jan-20 |
8.19% |
19-Dec-24 |
167.8 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.19% |
19-Dec-24 |
430.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
19-Jun-19 |
7.82% |
15-Apr-20 |
100.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
19-Jun-19 |
7.82% |
15-Apr-21 |
100.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
19-Jun-19 |
7.82% |
15-Apr-22 |
600.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
19-Jun-19 |
7.82% |
15-Apr-23 |
600.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
19-Jun-19 |
7.82% |
15-Apr-24 |
600.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
21-Jun-19 |
7.92% |
21-Jun-24 |
500.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
24-Jun-19 |
7.92% |
24-Jun-24 |
500.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
7.92% |
29-Jun-24 |
1,000.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-22 |
56.3 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-23 |
56.3 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-24 |
56.3 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-25 |
56.3 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-20 |
100.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-21 |
100.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-22 |
100.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-23 |
100.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-24 |
100.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Sep-23 |
150.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Dec-23 |
150.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Mar-24 |
150.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Jun-24 |
150.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Sep-24 |
150.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Dec-24 |
150.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Mar-25 |
150.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Jun-25 |
150.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Sep-25 |
150.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Dec-25 |
150.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Mar-26 |
150.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Jun-26 |
150.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Apr-24 |
4.6 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Jul-24 |
4.6 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Oct-24 |
4.6 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Jan-25 |
4.6 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Apr-25 |
4.6 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Jul-25 |
4.6 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Oct-25 |
4.6 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Jan-26 |
4.6 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Apr-26 |
4.6 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Jul-26 |
4.6 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Oct-26 |
4.6 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Jan-27 |
4.5 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
8.46% |
31-Jul-21 |
100.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
8.46% |
31-Oct-21 |
100.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
8.46% |
31-Jan-22 |
100.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
8.46% |
30-Apr-22 |
100.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
8.46% |
31-Jul-22 |
100.0 |
NA |
CRISIL AAA/Stable |
INE134E08JP5 |
Institutional bonds~ |
03-Apr-18 |
7.85% |
03-Apr-28 |
3,855.0 |
Simple |
CRISIL AAA/Stable |
INE134E07687 |
Institutional bonds~ |
30-Apr-18 |
5.75% |
30-Apr-23 |
6.5 |
Simple |
CRISIL AAA/Stable |
INE134E07695 |
Institutional bonds~ |
31-May-18 |
5.75% |
31-May-23 |
7.0 |
Simple |
CRISIL AAA/Stable |
INE134E07703 |
Institutional bonds~ |
30-Jun-18 |
5.75% |
30-Jun-23 |
10.1 |
Simple |
CRISIL AAA/Stable |
INE134E07711 |
Institutional bonds~ |
31-Jul-18 |
5.75% |
31-Jul-23 |
14.3 |
Simple |
CRISIL AAA/Stable |
INE134E07729 |
Institutional bonds~ |
31-Aug-18 |
5.75% |
31-Aug-23 |
16.0 |
Simple |
CRISIL AAA/Stable |
INE134E07737 |
Institutional bonds~ |
30-Sep-18 |
5.75% |
30-Sep-23 |
26.0 |
Simple |
CRISIL AAA/Stable |
INE134E08JQ3 |
Institutional bonds~ |
10-Oct-18 |
8.95% |
10-Oct-28 |
3,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E07745 |
Institutional bonds~ |
31-Oct-18 |
5.75% |
31-Oct-23 |
32.9 |
Simple |
CRISIL AAA/Stable |
INE134E08JR1 |
Institutional bonds~ |
19-Nov-18 |
8.67% |
18-Nov-28 |
1,007.4 |
Simple |
CRISIL AAA/Stable |
INE134E08JS9 |
Institutional bonds~ |
19-Nov-18 |
8.64% |
19-Nov-33 |
528.4 |
Simple |
CRISIL AAA/Stable |
INE134E07752 |
Institutional bonds~ |
30-Nov-18 |
5.75% |
30-Nov-23 |
41.1 |
Simple |
CRISIL AAA/Stable |
INE134E07760 |
Institutional bonds~ |
31-Dec-18 |
5.75% |
31-Dec-23 |
55.1 |
Simple |
CRISIL AAA/Stable |
INE134E07778 |
Institutional bonds~ |
31-Jan-19 |
5.75% |
31-Jan-24 |
70.6 |
Simple |
CRISIL AAA/Stable |
INE134E08JT7 |
Institutional bonds~ |
22-Feb-19 |
8.75% |
22-Feb-34 |
2,654.0 |
Simple |
CRISIL AAA/Stable |
INE134E07786 |
Institutional bonds~ |
28-Feb-19 |
5.75% |
29-Feb-24 |
66.7 |
Simple |
CRISIL AAA/Stable |
INE134E08JU5 |
Institutional bonds~ |
11-Mar-19 |
8.45% |
11-Aug-22 |
2,155.0 |
Simple |
CRISIL AAA/Stable |
INE134E08JV3 |
Institutional bonds~ |
14-Mar-19 |
8.20% |
14-Sep-20 |
3,500.0 |
Simple |
CRISIL AAA/Stable |
INE134E08JW1 |
Institutional bonds~ |
19-Mar-19 |
8.18% |
19-Mar-22 |
3,751.2 |
Simple |
CRISIL AAA/Stable |
INE134E08JY7 |
Institutional bonds~ |
25-Mar-19 |
9.25% |
25-Sep-24 |
2,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E08JX9 |
Institutional bonds~ |
25-Mar-19 |
9.10% |
23-Mar-29 |
2,411.5 |
Simple |
CRISIL AAA/Stable |
INE134E08JZ4 |
Institutional bonds~ |
28-Mar-19 |
8.98% |
28-Mar-29 |
1,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E07794 |
Institutional bonds~ |
31-Mar-19 |
5.75% |
31-Mar-24 |
145.4 |
Simple |
CRISIL AAA/Stable |
NA |
Term Loan~ |
08-Jun-18 |
7.95% |
08-Aug-19 |
2,000.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
19-Jun-18 |
7.95% |
19-Jun-20 |
1,800.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
22-Jun-18 |
7.95% |
19-Jun-20 |
200.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
22-Jun-18 |
8.05% |
22-Jul-19 |
217.2 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
25-Jun-18 |
8.05% |
25-Jul-19 |
782.8 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
29-Jun-18 |
8.05% |
29-Jun-20 |
236.6 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
30-Jun-18 |
8.05% |
29-Jun-20 |
1,563.4 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
30-Jun-18 |
8.05% |
30-Jul-19 |
2,000.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
06-Aug-18 |
8.05% |
29-Jun-20 |
179.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
06-Aug-18 |
8.05% |
06-Aug-20 |
821.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
23-Aug-18 |
8.05% |
06-Aug-20 |
179.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
23-Aug-18 |
8.10% |
23-Aug-21 |
1,000.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
24-Aug-18 |
8.10% |
24-May-20 |
2,000.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
05-Sep-18 |
8.10% |
05-Jun-20 |
2,000.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
13-Sep-18 |
8.20% |
13-Sep-20 |
1,500.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
14-Sep-18 |
8.38% |
14-Sep-21 |
800.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
27-Sep-18 |
8.35% |
27-Sep-23 |
5,500.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
05-Oct-18 |
8.35% |
27-Sep-23 |
500.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
05-Oct-18 |
8.45% |
05-Oct-23 |
750.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
24-Dec-18 |
8.65% |
24-Dec-23 |
1,000.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
27-Dec-18 |
8.11% |
27-Dec-28 |
7,500.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
28-Dec-18 |
8.70% |
28-Dec-23 |
500.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
15-Jan-19 |
7.92% |
16-Jan-24 |
500.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
21-Jan-19 |
7.92% |
21-Jan-24 |
1,000.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
30-Jan-19 |
7.92% |
21-Jan-24 |
1,000.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
20-Feb-19 |
7.92% |
20-Feb-24 |
1,000.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
25-Feb-19 |
7.87% |
25-Feb-22 |
375.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
25-Feb-19 |
7.87% |
25-Feb-23 |
375.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
25-Feb-19 |
7.87% |
25-Feb-24 |
375.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
25-Feb-19 |
7.87% |
25-Feb-25 |
375.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
02-Mar-19 |
7.92% |
02-Mar-24 |
500.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
02-Mar-19 |
7.92% |
02-Mar-25 |
500.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
04-Mar-19 |
7.82% |
04-Mar-21 |
700.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Jun-21 |
18.8 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Sep-21 |
18.8 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Dec-21 |
18.8 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Mar-22 |
18.8 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Jun-22 |
56.3 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Sep-22 |
56.3 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Dec-22 |
56.3 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Mar-23 |
56.3 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Jun-23 |
112.5 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Sep-23 |
112.5 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Dec-23 |
112.5 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Mar-24 |
112.5 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
15-Mar-19 |
7.87% |
15-Mar-21 |
200.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
15-Mar-19 |
7.87% |
15-Mar-22 |
200.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
15-Mar-19 |
7.87% |
15-Mar-23 |
200.0 |
NA |
CRISIL AAA/Stable |
NA |
Term Loan~ |
15-Mar-19 |
7.87% |
15-Mar-24 |
200.0 |
NA |
CRISIL AAA/Stable |
INE134E08IZ6 |
Institutional bonds* |
05-May-17 |
7.46% |
05-Jun-20 |
1,180.0 |
Simple |
CRISIL AAA/Stable |
INE134E08JA7 |
Institutional bonds* |
30-May-17 |
7.30% |
30-Jun-20 |
1,560.0 |
Simple |
CRISIL AAA/Stable |
INE134E08JB5 |
Institutional bonds* |
12-Jun-17 |
7.28% |
10-Jun-22 |
1,950.0 |
Simple |
CRISIL AAA/Stable |
INE134E08JC3 |
Institutional bonds* |
12-Jun-17 |
7.44% |
11-Jun-27 |
1,540.0 |
Simple |
CRISIL AAA/Stable |
INE134E07596 |
Institutional bonds* |
31-Jul-17 |
5.25% |
31-Jul-20 |
18.3 |
Simple |
CRISIL AAA/Stable |
INE134E08JD1 |
Institutional bonds* |
08-Aug-17 |
7.10% |
08-Aug-22 |
3,395.0 |
Simple |
CRISIL AAA/Stable |
INE134E08JE9 |
Institutional bonds* |
08-Aug-17 |
7.30% |
07-Aug-27 |
1,500.0 |
Simple |
CRISIL AAA/Stable |
INE134E07604 |
Institutional bonds* |
31-Aug-17 |
5.25% |
31-Aug-20 |
13.9 |
Simple |
CRISIL AAA/Stable |
INE134E07612 |
Institutional bonds* |
30-Sep-17 |
5.25% |
30-Sep-20 |
20.5 |
Simple |
CRISIL AAA/Stable |
INE134E07620 |
Institutional bonds* |
31-Oct-17 |
5.25% |
31-Oct-20 |
20.5 |
Simple |
CRISIL AAA/Stable |
INE134E08JF6 |
Institutional bonds* |
22-Nov-17 |
7.35% |
22-Nov-22 |
800.0 |
Simple |
CRISIL AAA/Stable |
INE134E08JG4 |
Institutional bonds* |
22-Nov-17 |
7.65% |
22-Nov-27 |
2,001.0 |
Simple |
CRISIL AAA/Stable |
INE134E07638 |
Institutional bonds* |
30-Nov-17 |
5.25% |
30-Nov-20 |
33.5 |
Simple |
CRISIL AAA/Stable |
INE134E08JH2 |
Institutional bonds* |
15-Dec-17 |
7.62% |
15-Dec-27 |
5,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E07646 |
Institutional bonds* |
31-Dec-17 |
5.25% |
31-Dec-20 |
33.8 |
Simple |
CRISIL AAA/Stable |
INE134E08JI0 |
Institutional bonds* |
30-Jan-18 |
7.74% |
29-Jan-28 |
850.0 |
Simple |
CRISIL AAA/Stable |
INE134E07653 |
Institutional bonds* |
31-Jan-18 |
5.25% |
31-Jan-21 |
25.9 |
Simple |
CRISIL AAA/Stable |
INE134E08JJ8 |
Institutional bonds* |
12-Feb-18 |
7.73% |
12-Mar-21 |
505.0 |
Simple |
CRISIL AAA/Stable |
INE134E08JK6 |
Institutional bonds* |
12-Feb-18 |
7.73% |
05-Apr-21 |
1,325.0 |
Simple |
CRISIL AAA/Stable |
INE134E07661 |
Institutional bonds* |
28-Feb-18 |
5.25% |
28-Feb-21 |
38.0 |
Simple |
CRISIL AAA/Stable |
INE134E08JM2 |
Institutional bonds* |
15-Mar-18 |
7.75% |
15-Apr-21 |
600.0 |
Simple |
CRISIL AAA/Stable |
INE134E08JO8 |
Institutional bonds* |
20-Mar-18 |
7.99% |
20-Dec-22 |
1,295.0 |
Simple |
CRISIL AAA/Stable |
INE134E07679 |
Institutional bonds* |
31-Mar-18 |
5.25% |
31-Mar-21 |
87.8 |
Simple |
CRISIL AAA/Stable |
NA |
Term loan* |
19-Mar-18 |
7.85% |
19-Apr-19 |
1,000.0 |
NA |
CRISIL AAA/Stable |
NA |
Term loan* |
31-Mar-18 |
7.85% |
19-Apr-19 |
2,000.0 |
NA |
CRISIL AAA/Stable |
INE134E08FT5 |
Subordinated debt issue |
14-Jun-13 |
8.19% |
14-Jun-23 |
800.0 |
Complex |
CRISIL AAA/Stable |
INE134E08FW9 |
Subordinated debt issue |
13-Jan-14 |
9.65% |
13-Jan-24 |
1,000.0 |
Complex |
CRISIL AAA/Stable |
INE134E08FX7 |
Subordinated debt issue |
21-Feb-14 |
9.70% |
21-Feb-24 |
2,000.0 |
Complex |
CRISIL AAA/Stable |
INE134E08693 |
Institutional bonds |
30-Dec-02 |
8.10% |
30-Dec-22 |
750.0 |
Simple |
CRISIL AAA/Stable |
INE134E08925 |
Institutional bonds |
31-May-06 |
8.85% |
31-May-21 |
600.0 |
Simple |
CRISIL AAA/Stable |
INE134E08BP2 |
Institutional bonds |
07-Aug-09 |
8.60% |
07-Aug-24 |
866.5 |
Simple |
CRISIL AAA/Stable |
INE134E08CN5 |
Institutional bonds |
15-Dec-09 |
8.50% |
15-Dec-24 |
351.0 |
Simple |
CRISIL AAA/Stable |
INE134E08CP0 |
Institutional bonds |
15-Jan-10 |
8.80% |
15-Jan-25 |
1,172.6 |
Simple |
CRISIL AAA/Stable |
INE134E08CS4 |
Institutional bonds |
15-Mar-10 |
8.90% |
15-Mar-25 |
184.0 |
Simple |
CRISIL AAA/Stable |
INE134E08CV8 |
Institutional bonds |
30-Mar-10 |
8.95% |
30-Mar-25 |
492.0 |
Simple |
CRISIL AAA/Stable |
INE134E08CY2 |
Institutional bonds |
14-May-10 |
8.70% |
14-May-25 |
1,337.5 |
Simple |
CRISIL AAA/Stable |
INE134E08CX4 |
Institutional bonds |
14-May-10 |
8.70% |
14-May-20 |
1,337.5 |
Simple |
CRISIL AAA/Stable |
INE134E08DB8 |
Institutional bonds |
15-Jun-10 |
8.85% |
15-Jun-30 |
633.0 |
Simple |
CRISIL AAA/Stable |
INE134E08DA0 |
Institutional bonds |
15-Jun-10 |
8.75% |
15-Jun-25 |
1,532.0 |
Simple |
CRISIL AAA/Stable |
INE134E08CZ9 |
Institutional bonds |
15-Jun-10 |
8.65% |
15-Jun-20 |
500.0 |
Simple |
CRISIL AAA/Stable |
INE134E08DE2 |
Institutional bonds |
04-Aug-10 |
8.70% |
15-Jul-20 |
1,424.0 |
Simple |
CRISIL AAA/Stable |
INE134E08DG7 |
Institutional bonds |
15-Nov-10 |
8.78% |
15-Nov-20 |
1,549.0 |
Simple |
CRISIL AAA/Stable |
INE134E08DJ1 |
Institutional bonds |
15-Dec-10 |
9.05% |
15-Dec-30 |
192.7 |
Simple |
CRISIL AAA/Stable |
INE134E08DI3 |
Institutional bonds |
15-Dec-10 |
9.05% |
15-Dec-25 |
192.7 |
Simple |
CRISIL AAA/Stable |
INE134E08DH5 |
Institutional bonds |
15-Dec-10 |
9.05% |
15-Dec-20 |
192.7 |
Simple |
CRISIL AAA/Stable |
INE134E08DL7 |
Institutional bonds |
14-Jan-11 |
8.99% |
15-Jan-21 |
1,219.0 |
Simple |
CRISIL AAA/Stable |
INE134E07075 |
Institutional bonds |
31-Mar-11 |
8.30% |
31-03-2021 |
50.0 |
Simple |
CRISIL AAA/Stable |
INE134E07083 |
Institutional bonds |
31-Mar-11 |
8.30% |
31-03-2021 |
109.1 |
Simple |
CRISIL AAA/Stable |
INE134E07091 |
Institutional bonds |
31-Mar-11 |
8.50% |
31-03-2026 |
5.3 |
Simple |
CRISIL AAA/Stable |
INE134E07109 |
Institutional bonds |
31-Mar-11 |
8.50% |
31-03-2026 |
19.3 |
Simple |
CRISIL AAA/Stable |
INE134E08DM5 |
Institutional bonds |
15-Apr-11 |
9.18% |
15-Apr-21 |
1,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E08DN3 |
Institutional bonds |
09-Jun-11 |
9.70% |
09-Jun-21 |
1,693.2 |
Simple |
CRISIL AAA/Stable |
INE134E08DQ6 |
Institutional bonds |
29-Jun-11 |
9.61% |
29-Jun-21 |
2,084.7 |
Simple |
CRISIL AAA/Stable |
INE134E08DS2 |
Institutional bonds |
01-Aug-11 |
9.46% |
01-Aug-26 |
1,105.0 |
Simple |
CRISIL AAA/Stable |
INE134E08DR4 |
Institutional bonds |
01-Aug-11 |
9.36% |
01-Aug-21 |
2,589.4 |
Simple |
CRISIL AAA/Stable |
INE134E08DU8 |
Institutional bonds |
01-Sep-11 |
9.45% |
01-Sep-26 |
2,568.0 |
Simple |
CRISIL AAA/Stable |
INE134E08DW4 |
Institutional bonds |
23-Sep-11 |
9.44% |
23-Sep-21 |
1,180.0 |
Simple |
CRISIL AAA/Stable |
INE134E07125 |
Institutional bonds |
15-Oct-11 |
7.75% |
15-Oct-26 |
218.0 |
Simple |
CRISIL AAA/Stable |
INE134E07117 |
Institutional bonds |
15-Oct-11 |
7.51% |
15-Oct-21 |
205.2 |
Simple |
CRISIL AAA/Stable |
INE134E07158 |
Institutional bonds |
21-Nov-11 |
8.50% |
21-Nov-21 |
21.8 |
Simple |
CRISIL AAA/Stable |
INE134E07166 |
Institutional bonds |
21-Nov-11 |
8.50% |
21-Nov-21 |
36.3 |
Simple |
CRISIL AAA/Stable |
INE134E07174 |
Institutional bonds |
21-Nov-11 |
8.75% |
21-Nov-26 |
2.9 |
Simple |
CRISIL AAA/Stable |
INE134E07182 |
Institutional bonds |
21-Nov-11 |
8.75% |
21-Nov-26 |
7.8 |
Simple |
CRISIL AAA/Stable |
INE134E07141 |
Institutional bonds |
25-Nov-11 |
8.16% |
25-Nov-26 |
209.3 |
Simple |
CRISIL AAA/Stable |
INE134E07133 |
Institutional bonds |
25-Nov-11 |
8.09% |
25-Nov-21 |
334.3 |
Simple |
CRISIL AAA/Stable |
INE134E07190 |
Tax Free Bonds |
01-Feb-12 |
8.20% |
01-Feb-22 |
2,752.5 |
Simple |
CRISIL AAA/Stable |
INE134E07208 |
Tax Free Bonds |
01-Feb-12 |
8.30% |
01-Feb-27 |
1,280.6 |
Simple |
CRISIL AAA/Stable |
INE134E08EH3 |
Institutional bonds |
06-Mar-12 |
9.26% |
15-Apr-23 |
736.0 |
Simple |
CRISIL AAA/Stable |
INE134E08EG5 |
Institutional bonds |
06-Mar-12 |
9.30% |
15-Apr-20 |
79.5 |
Simple |
CRISIL AAA/Stable |
INE134E08EO9 |
Institutional bonds |
28-Mar-12 |
9.48% |
15-Apr-22 |
184.7 |
Simple |
CRISIL AAA/Stable |
INE134E07216 |
Institutional bonds |
30-Mar-12 |
8.43% |
30-Mar-22 |
7.4 |
Simple |
CRISIL AAA/Stable |
INE134E07224 |
Institutional bonds |
30-Mar-12 |
8.43% |
30-Mar-22 |
15.5 |
Simple |
CRISIL AAA/Stable |
INE134E07232 |
Institutional bonds |
30-Mar-12 |
8.72% |
30-Mar-27 |
0.9 |
Simple |
CRISIL AAA/Stable |
INE134E07240 |
Institutional bonds |
30-Mar-12 |
8.72% |
30-Mar-27 |
2.4 |
Simple |
CRISIL AAA/Stable |
INE134E08EU6 |
Institutional bonds |
29-Jun-12 |
9.39% |
29-Jun-22 |
2,695.2 |
Simple |
CRISIL AAA/Stable |
INE134E08EX0 |
Institutional bonds |
21-Aug-12 |
9.29% |
21-Aug-22 |
640.0 |
Simple |
CRISIL AAA/Stable |
INE134E07307 |
Institutional bonds |
22-Nov-12 |
7.38% |
22-Nov-27 |
25.0 |
Simple |
CRISIL AAA/Stable |
INE134E07299 |
Institutional bonds |
22-Nov-12 |
7.21% |
22-Nov-22 |
255.0 |
Simple |
CRISIL AAA/Stable |
INE134E07323 |
Institutional bonds |
29-Nov-12 |
7.38% |
29-Nov-27 |
100.0 |
Simple |
CRISIL AAA/Stable |
INE134E07315 |
Institutional bonds |
29-Nov-12 |
7.22% |
29-Nov-22 |
30.0 |
Simple |
CRISIL AAA/Stable |
INE134E07331 |
Tax Free Bonds |
04-Jan-13 |
7.19% |
04-Jan-23 |
185.9 |
Simple |
CRISIL AAA/Stable |
INE134E07331 |
Tax Free Bonds |
04-Jan-13 |
7.69% |
04-Jan-23 |
156.9 |
Simple |
CRISIL AAA/Stable |
INE134E07349 |
Tax Free Bonds |
04-Jan-13 |
7.36% |
04-Jan-28 |
150.1 |
Simple |
CRISIL AAA/Stable |
INE134E07349 |
Tax Free Bonds |
04-Jan-13 |
7.86% |
04-Jan-28 |
206.9 |
Simple |
CRISIL AAA/Stable |
INE134E08FJ6 |
Institutional bonds |
04-Mar-13 |
8.84% |
04-Mar-23 |
1,310.0 |
Simple |
CRISIL AAA/Stable |
INE134E08FL2 |
Institutional bonds |
11-Mar-13 |
9.00% |
11-Mar-28 |
1,370.0 |
Simple |
CRISIL AAA/Stable |
INE134E08FO6 |
Institutional bonds |
18-Mar-13 |
8.90% |
18-Mar-28 |
403.0 |
Simple |
CRISIL AAA/Stable |
INE134E08FN8 |
Institutional bonds |
18-Mar-13 |
8.90% |
18-Mar-23 |
403.0 |
Simple |
CRISIL AAA/Stable |
INE134E08FP3 |
Institutional bonds |
18-Mar-13 |
8.87% |
18-Mar-23 |
70.0 |
Simple |
CRISIL AAA/Stable |
INE134E08FQ1 |
Institutional bonds |
25-Mar-13 |
8.94% |
25-Mar-28 |
2,807.0 |
Simple |
CRISIL AAA/Stable |
INE134E07356 |
Tax Free Bonds |
28-Mar-13 |
6.88% |
28-Mar-23 |
50.1 |
Simple |
CRISIL AAA/Stable |
INE134E07356 |
Tax Free Bonds |
28-Mar-13 |
7.38% |
28-Mar-23 |
46.0 |
Simple |
CRISIL AAA/Stable |
INE134E07364 |
Tax Free Bonds |
28-Mar-13 |
7.04% |
28-Mar-28 |
6.1 |
Simple |
CRISIL AAA/Stable |
INE134E07364 |
Tax Free Bonds |
28-Mar-13 |
7.54% |
28-Mar-28 |
63.1 |
Simple |
CRISIL AAA/Stable |
INE134E08FT5 |
Institutional bonds |
14-Jun-13 |
8.19% |
14-Jun-23 |
800.0 |
Simple |
CRISIL AAA/Stable |
INE134E07380 |
Institutional bonds |
30-Aug-13 |
8.46% |
30-Aug-28 |
1,011.1 |
Simple |
CRISIL AAA/Stable |
INE134E07372 |
Institutional bonds |
30-Aug-13 |
8.01% |
30-Aug-23 |
113.0 |
Simple |
CRISIL AAA/Stable |
INE134E07414 |
Tax Free Bonds |
16-Nov-13 |
8.18% |
16-Nov-23 |
325.1 |
Simple |
CRISIL AAA/Stable |
INE134E07422 |
Tax Free Bonds |
16-Nov-13 |
8.43% |
16-Nov-23 |
335.5 |
Simple |
CRISIL AAA/Stable |
INE134E07430 |
Tax Free Bonds |
16-Nov-13 |
8.54% |
16-Nov-28 |
932.7 |
Simple |
CRISIL AAA/Stable |
INE134E07448 |
Tax Free Bonds |
16-Nov-13 |
8.79% |
16-Nov-28 |
353.3 |
Simple |
CRISIL AAA/Stable |
INE134E07455 |
Tax Free Bonds |
16-Nov-13 |
8.67% |
16-Nov-33 |
1,067.4 |
Simple |
CRISIL AAA/Stable |
INE134E07463 |
Tax Free Bonds |
16-Nov-13 |
8.92% |
16-Nov-33 |
862.0 |
Simple |
CRISIL AAA/Stable |
INE134E08FW9 |
Institutional bonds |
13-Jan-14 |
9.65% |
13-Jan-24 |
1,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E07505 |
Institutional bonds |
31-Jan-14 |
9.70% |
31-Jan-21 |
270.0 |
Simple |
CRISIL AAA/Stable |
INE134E08FX7 |
Institutional bonds |
21-Feb-14 |
9.70% |
21-Feb-24 |
2,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E08GA3 |
Institutional bonds |
07-Jul-14 |
9.20% |
07-Jul-21 |
700.0 |
Simple |
CRISIL AAA/Stable |
INE134E08GD7 |
Institutional bonds |
19-Aug-14 |
9.37% |
19-Aug-24 |
855.0 |
Simple |
CRISIL AAA/Stable |
INE134E08GH8 |
Institutional bonds |
27-Aug-14 |
9.39% |
27-Aug-29 |
460.0 |
Simple |
CRISIL AAA/Stable |
INE134E08GG0 |
Institutional bonds |
27-Aug-14 |
9.39% |
27-Aug-24 |
460.0 |
Simple |
CRISIL AAA/Stable |
INE134E08GK2 |
Institutional bonds |
08-Oct-14 |
8.98% |
08-Oct-24 |
961.0 |
Simple |
CRISIL AAA/Stable |
INE134E08GL0 |
Institutional bonds |
08-Oct-14 |
8.98% |
08-Oct-24 |
950.0 |
Simple |
CRISIL AAA/Stable |
INE134E08GR7 |
Institutional bonds |
28-Nov-14 |
8.66% |
27-Nov-21 |
200.0 |
Simple |
CRISIL AAA/Stable |
INE134E08GU1 |
Institutional bonds |
09-Dec-14 |
8.48% |
09-Dec-24 |
1,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E08GT3 |
Institutional bonds |
09-Dec-14 |
8.55% |
09-Dec-21 |
1,200.0 |
Simple |
CRISIL AAA/Stable |
INE134E08GV9 |
Institutional bonds |
29-Dec-14 |
8.65% |
28-Dec-24 |
2,826.0 |
Simple |
CRISIL AAA/Stable |
INE134E08GW7 |
Institutional bonds |
05-Jan-15 |
8.65% |
04-Jan-25 |
5,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E08GY3 |
Institutional bonds |
10-Mar-15 |
8.20% |
10-Mar-25 |
1,600.0 |
Simple |
CRISIL AAA/Stable |
INE134E08HD5 |
Institutional bonds |
19-Mar-15 |
8.39% |
19-Apr-25 |
925.0 |
Simple |
CRISIL AAA/Stable |
INE134E08HG8 |
Institutional bonds |
27-Mar-15 |
8.41% |
27-Mar-25 |
5,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E07521 |
Institutional bonds |
17-Jul-15 |
7.16% |
17-Jul-25 |
300.0 |
Simple |
CRISIL AAA/Stable |
INE134E08HP9 |
Institutional bonds |
24-Jul-15 |
8.53% |
24-Jul-20 |
2,700.0 |
Simple |
CRISIL AAA/Stable |
INE134E08HQ7 |
Institutional bonds |
10-Aug-15 |
8.45% |
10-Aug-20 |
1,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E08HV7 |
Institutional bonds |
04-Sep-15 |
8.36% |
04-Sep-20 |
1,250.0 |
Simple |
CRISIL AAA/Stable |
INE134E08HX3 |
Institutional bonds |
18-Sep-15 |
8.40% |
18-Sep-25 |
1,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E08HW5 |
Institutional bonds |
18-Sep-15 |
8.46% |
18-Sep-20 |
1,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E07539 |
Tax Free Bonds |
17-Oct-15 |
7.11% |
17-Oct-25 |
75.1 |
Simple |
CRISIL AAA/Stable |
INE134E07547 |
Tax Free Bonds |
17-Oct-15 |
7.36% |
17-Oct-25 |
79.3 |
Simple |
CRISIL AAA/Stable |
INE134E07554 |
Tax Free Bonds |
17-Oct-15 |
7.27% |
17-Oct-30 |
131.3 |
Simple |
CRISIL AAA/Stable |
INE134E07562 |
Tax Free Bonds |
17-Oct-15 |
7.52% |
17-Oct-30 |
45.2 |
Simple |
CRISIL AAA/Stable |
INE134E07570 |
Tax Free Bonds |
17-Oct-15 |
7.35% |
17-Oct-35 |
213.6 |
Simple |
CRISIL AAA/Stable |
INE134E07588 |
Tax Free Bonds |
17-Oct-15 |
7.60% |
17-Oct-35 |
155.5 |
Simple |
CRISIL AAA/Stable |
INE134E08ID3 |
Institutional bonds |
27-Apr-16 |
8.05% |
27-Apr-21 |
300.0 |
Simple |
CRISIL AAA/Stable |
INE134E08IE1 |
Institutional bonds |
02-May-16 |
8.03% |
02-May-26 |
1,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E08IG6 |
Institutional bonds |
31-May-16 |
8.04% |
30-May-20 |
100.0 |
Simple |
CRISIL AAA/Stable |
INE134E08II2 |
Institutional bonds |
16-Aug-16 |
7.63% |
14-Aug-26 |
1,675.0 |
Simple |
CRISIL AAA/Stable |
INE134E08IH4 |
Institutional bonds |
16-Aug-16 |
7.50% |
16-Aug-21 |
2,660.0 |
Simple |
CRISIL AAA/Stable |
INE134E08IK8 |
Institutional bonds |
16-Sep-16 |
7.56% |
16-Sep-26 |
210.0 |
Simple |
CRISIL AAA/Stable |
INE134E08IJ0 |
Institutional bonds |
16-Sep-16 |
7.47% |
16-Sep-21 |
2,260.0 |
Simple |
CRISIL AAA/Stable |
INE134E08IL6 |
Institutional bonds |
26-Sep-16 |
7.55% |
25-Sep-26 |
4,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E08IM4 |
Institutional bonds |
30-Sep-16 |
7.40% |
30-Sep-21 |
1,830.0 |
Simple |
CRISIL AAA/Stable |
INE134E08IN2 |
Institutional bonds |
22-Dec-16 |
7.27% |
22-Dec-21 |
1,101.0 |
Simple |
CRISIL AAA/Stable |
INE134E08IO0 |
Institutional bonds |
05-Jan-17 |
7.23% |
05-Jan-27 |
2,635.0 |
Simple |
CRISIL AAA/Stable |
INE134E08IQ5 |
Institutional bonds |
17-Jan-17 |
6.83% |
15-Apr-20 |
2,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E08IS1 |
Institutional bonds |
15-Feb-17 |
7.05% |
15-May-20 |
2,551.0 |
Simple |
CRISIL AAA/Stable |
INE134E08IT9 |
Institutional bonds |
20-Feb-17 |
7.60% |
20-Feb-27 |
1,465.0 |
Simple |
CRISIL AAA/Stable |
INE134E08IW3 |
Institutional bonds |
17-Mar-17 |
7.50% |
17-Sep-20 |
2,435.0 |
Simple |
CRISIL AAA/Stable |
INE134E08IX1 |
Institutional bonds |
22-Mar-17 |
7.75% |
22-Mar-27 |
2,000.0 |
Simple |
CRISIL AAA/Stable |
INE134E08IY9 |
Institutional bonds |
27-Mar-17 |
7.42% |
26-Jun-20 |
3,605.0 |
Simple |
CRISIL AAA/Stable |
INE134E07596 |
Capital Gain Bonds |
31-Jul-17 |
5.25% |
31-Jul-20 |
18.3 |
Simple |
CRISIL AAA/Stable |
INE134E08EL5 |
Institutional bonds |
20-Mar-12 |
9.42% |
20-Mar-20 |
650.8 |
Simple |
CRISIL AAA/Stable |
INE134E07919 |
Institutional bonds& |
29-Feb-20 |
5.75% |
28-Feb-25 |
500.0 |
Simple |
CRISIL AAA/Stable |
INE134E07927 |
Institutional bonds& |
31-Mar-20 |
5.75% |
31-Mar-25 |
500.00 |
Simple |
CRISIL AAA/Stable |
INE134E08KN8 |
Institutional bonds@ |
20-Apr-20 |
6.98% |
20-Apr-23 |
3160.0 |
Simple |
CRISIL AAA/Stable |
INE134E08KO6 |
Institutional bonds@ |
24-Apr-20 |
6.83% |
24-Apr-23 |
1970.0 |
Simple |
CRISIL AAA/Stable |
INE134E08KP3 |
Institutional bonds@ |
24-Apr-20 |
7.16% |
24-Apr-25 |
1320.0 |
Simple |
CRISIL AAA/Stable |
INE134E07935 |
Capital Gain Bonds@ |
30-Apr-20 |
5.75% |
30-Apr-25 |
500.0 |
Simple |
CRISIL AAA/Stable |
INE134E07943 |
Capital Gain Bonds@ |
31-May-20 |
5.75% |
31-May-25 |
500.0 |
Simple |
CRISIL AAA/Stable |
INE134E07950 |
Capital Gain Bonds@ |
30-Jun-20 |
5.75% |
30-Jun-25 |
500.0 |
Simple |
CRISIL AAA/Stable |
INE134E08KQ1 |
Institutional bonds@ |
08-May-20 |
7.40% |
08-May-30 |
2920.0 |
Simple |
CRISIL AAA/Stable |
INE134E08KR9 |
Institutional bonds@ |
15-May-20 |
7.68% |
15-Jul-30 |
31.0 |
Simple |
CRISIL AAA/Stable |
INE134E08KS7 |
Institutional bonds@ |
22-May-20 |
6.75% |
22-May-23 |
2145.0 |
Simple |
CRISIL AAA/Stable |
INE134E08KT5 |
Institutional bonds@ |
22-May-20 |
7.17% |
22-May-25 |
810.0 |
Simple |
CRISIL AAA/Stable |
INE134E08KU3 |
Institutional bonds@ |
22-May-20 |
7.79% |
22-Jul-30 |
1936.0 |
Simple |
CRISIL AAA/Stable |
INE134E08KV1 |
Institutional bonds@ |
11-Jun-20 |
7.75% |
11-Jun-30 |
500.0 |
Simple |
CRISIL AAA/Stable |
INE134E08KW9 |
Institutional bonds@ |
11-Jun-20 |
6.72% |
9-Jun-23 |
500.0 |
Simple |
CRISIL AAA/Stable |
NA |
Bonds^^ |
NA |
NA |
NA |
13043.2 |
Simple |
CRISIL AAA/Stable |
NA |
Long Term Borrowing Programme (FY18)* |
NA |
NA |
NA |
32,406.8 |
Simple |
CRISIL AAA/Stable |
Na |
Short Term Borrowing Programme (FY18)* |
NA |
NA |
NA |
20,000.0 |
Simple |
CRISIL A1+ |
NA |
Long Term Borrowing Programme (FY19)~^ |
NA |
NA |
NA |
12,366.6 |
Simple |
CRISIL AAA/Stable |
NA |
Short Term Borrowing Programme (FY19)~^ |
NA |
NA |
NA |
17,000.0 |
Simple |
CRISIL A1+ |
NA |
Long Term Borrowing Programme (FY20)&^ |
NA |
NA |
NA |
39,669.1 |
Simple |
CRISIL AAA/Stable |
NA |
Short Term Borrowing Programme (FY20)&^ |
NA |
NA |
NA |
12,000.0 |
Simple |
CRISIL A1+ |
NA |
Long Term Borrowing Programme (FY21)@^ |
NA |
NA |
NA |
53,208.0 |
Simple |
CRISIL AAA/Stable |
NA |
Short Term Borrowing Programme (FY21)@^ |
NA |
NA |
NA |
20,000.0 |
Simple |
CRISIL A1+ |
NA |
Subordinated debt issue^^ |
NA |
NA |
NA |
11,200.0 |
Complex |
CRISIL AAA/Stable |
NA |
Cash Credit# |
NA |
NA |
NA |
10000.0 |
NA |
CRISIL AAA/Stable |
NA |
Perpetual Non-Convertible Debentures@ |
NA |
NA |
NA |
1000.0 |
Complex |
CRISIL AAA/Stable | ^^Not yet issued @ Part of borrowing programme for fiscal 2021 &Part of borrowing programme for fiscal 2020 ~Part of borrowing programme for fiscal 2019 *Part of borrowing programme for fiscal 2018 #Limit for working capital'working capital demand loan/overdraft facility/cash credit/line of credit/bank guarantee. Limit includes long-term and short-term facilities. Total working capital borrowing not to exceed board-approved limit of Rs 10,000 crore. However, quantum of sanctioned working capital facilities may be different from the Board-approved limit for outstanding working capital borrowing. |
|
Annexure - Details of Rating Withdrawn |
ISIN |
Name of Instrument |
Date of Issue |
Coupon Rate (%) |
Maturity Date |
Issue Size (Rs.Cr) |
Complexity Levels |
INE134E08CU0 |
Institutional bonds |
30-Mar-10 |
8.95% |
30-Mar-20 |
492.0 |
Simple |
INE134E08FI8 |
Institutional bonds |
04-Mar-13 |
8.86% |
04-Mar-20 |
54.3 |
Simple |
INE134E08HC7 |
Institutional bonds |
19-Mar-15 |
8.42% |
18-Apr-20 |
200.0 |
Simple |
INE134E08HF0 |
Institutional bonds |
27-Mar-15 |
8.38% |
27-Apr-20 |
1,350.0 |
Simple | |
|
Annexure - List of entities consolidated |
Names of Entities Consolidated |
Extent of consolidation |
Rationale for Consolidation |
REC Limited |
Full |
Subsidiary |
PFC Consulting Limited |
Full |
Subsidiary |
Energy Efficiently Services Limited |
Proportionate |
Joint Venture |
Power Equity Capital Advisors (Private) Limited |
Full |
Subsidiary |
Chattisgarh Surguja Power Limited |
Proportionate |
Associate |
Coastal Karnataka Power Limited |
Proportionate |
Associate |
Coastal Maharashtra Mega Power Limited |
Proportionate |
Associate |
Coastal Tamil Nadu Power Limited |
Proportionate |
Associate |
Orissa Integrated Power Limited |
Proportionate |
Associate |
Sakhigopal Integrated Power Company Limited |
Proportionate |
Associate |
Ghogarpalli Integrated Power Company Limited |
Proportionate |
Associate |
Tatiya Andhra Mega Power Limited |
Proportionate |
Associate |
Deoghar Mega Power Limited |
Proportionate |
Associate |
Cheyyur Infra Limited |
Proportionate |
Associate |
Odisha Infrapower Limited |
Proportionate |
Associate |
Deoghar Infrapower Limited |
Proportionate |
Associate |
Bihar Infrapower Limited |
Proportionate |
Associate |
Bihar Mega Power Limited |
Proportionate |
Associate |
Jharkhand Infrapower Limited |
Proportionate |
Associate | | |
|
Annexure - Rating History for last 3 Years |
|
Current |
2020 (History) |
2019 |
2018 |
2017 |
Start of 2017 |
Instrument |
Type |
Outstanding Amount |
Rating |
Date |
Rating |
Date |
Rating |
Date |
Rating |
Date |
Rating |
Rating |
Bond |
LT |
203561.00 16-07-20 |
CRISIL AAA/Stable |
29-03-20 |
CRISIL AAA/Stable |
08-11-19 |
CRISIL AAA/Stable |
11-12-18 |
CRISIL AAA/Stable |
18-09-17 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
|
|
|
|
19-02-20 |
CRISIL AAA/Stable |
27-03-19 |
CRISIL AAA/Stable |
04-12-18 |
CRISIL AAA/Stable |
30-08-17 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
19-03-19 |
CRISIL AAA/Stable |
31-10-18 |
CRISIL AAA/Stable |
10-07-17 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
22-02-19 |
CRISIL AAA/Stable |
28-03-18 |
CRISIL AAA/Stable |
03-04-17 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
15-02-19 |
CRISIL AAA/Stable |
27-02-18 |
CRISIL AAA/Stable |
08-03-17 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
|
|
|
|
07-03-17 |
CRISIL AAA/Stable |
|
Long-Term Borrowing Programme |
LT |
3800.00 16-07-20 |
CRISIL AAA/Stable |
29-03-20 |
CRISIL AAA/Stable |
08-11-19 |
CRISIL AAA/Stable |
11-12-18 |
CRISIL AAA/Stable |
18-09-17 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
|
|
|
|
19-02-20 |
CRISIL AAA/Stable |
27-03-19 |
CRISIL AAA/Stable |
04-12-18 |
CRISIL AAA/Stable |
30-08-17 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
19-03-19 |
CRISIL AAA/Stable |
31-10-18 |
CRISIL AAA/Stable |
10-07-17 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
22-02-19 |
CRISIL AAA/Stable |
28-03-18 |
CRISIL AAA/Stable |
03-04-17 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
15-02-19 |
CRISIL AAA/Stable |
27-02-18 |
CRISIL AAA/Stable |
08-03-17 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
|
|
|
|
07-03-17 |
CRISIL AAA/Stable |
|
Perpetual Non Convertible Debentures |
LT |
0.00 16-07-20 |
CRISIL AAA/Stable |
|
-- |
|
-- |
|
-- |
|
-- |
-- |
Short Term Borrowing programme |
ST |
69000.00 |
CRISIL A1+ |
29-03-20 |
CRISIL A1+ |
08-11-19 |
CRISIL A1+ |
11-12-18 |
CRISIL A1+ |
18-09-17 |
CRISIL A1+ |
CRISIL A1+ |
|
|
|
|
19-02-20 |
CRISIL A1+ |
27-03-19 |
CRISIL A1+ |
04-12-18 |
CRISIL A1+ |
30-08-17 |
CRISIL A1+ |
|
|
|
|
|
|
|
19-03-19 |
CRISIL A1+ |
31-10-18 |
CRISIL A1+ |
10-07-17 |
CRISIL A1+ |
|
|
|
|
|
|
|
22-02-19 |
CRISIL A1+ |
28-03-18 |
CRISIL A1+ |
03-04-17 |
CRISIL A1+ |
|
|
|
|
|
|
|
15-02-19 |
CRISIL A1+ |
27-02-18 |
CRISIL A1+ |
08-03-17 |
CRISIL A1+ |
|
|
|
|
|
|
|
|
|
|
|
07-03-17 |
CRISIL A1+ |
|
Subordinated Non-Convertible Debentures |
LT |
0.00 16-07-20 |
CRISIL AAA/Stable |
29-03-20 |
CRISIL AAA/Stable |
08-11-19 |
CRISIL AAA/Stable |
11-12-18 |
CRISIL AAA/Stable |
18-09-17 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
|
|
|
|
19-02-20 |
CRISIL AAA/Stable |
27-03-19 |
CRISIL AAA/Stable |
04-12-18 |
CRISIL AAA/Stable |
30-08-17 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
19-03-19 |
CRISIL AAA/Stable |
31-10-18 |
CRISIL AAA/Stable |
10-07-17 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
22-02-19 |
CRISIL AAA/Stable |
28-03-18 |
CRISIL AAA/Stable |
03-04-17 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
15-02-19 |
CRISIL AAA/Stable |
27-02-18 |
CRISIL AAA/Stable |
08-03-17 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
|
|
|
|
07-03-17 |
CRISIL AAA/Stable |
|
Fund-based Bank Facilities |
LT/ST |
10000.00 |
CRISIL AAA/Stable |
29-03-20 |
CRISIL AAA/Stable |
08-11-19 |
CRISIL AAA/Stable |
11-12-18 |
CRISIL AAA/Stable |
18-09-17 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
|
|
|
|
19-02-20 |
CRISIL AAA/Stable |
27-03-19 |
CRISIL AAA/Stable |
04-12-18 |
CRISIL AAA/Stable |
30-08-17 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
19-03-19 |
CRISIL AAA/Stable |
31-10-18 |
CRISIL AAA/Stable |
10-07-17 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
22-02-19 |
CRISIL AAA/Stable |
28-03-18 |
CRISIL AAA/Stable |
03-04-17 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
15-02-19 |
CRISIL AAA/Stable |
27-02-18 |
CRISIL AAA/Stable |
08-03-17 |
CRISIL AAA/Stable |
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07-03-17 |
CRISIL AAA/Stable |
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All amounts are in Rs.Cr. |
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Annexure - Details of various bank facilities |
Current facilities |
Previous facilities |
Facility |
Amount (Rs.Crore) |
Rating |
Facility |
Amount (Rs.Crore) |
Rating |
Cash Credit* |
10000 |
CRISIL AAA/Stable |
Cash Credit* |
10000 |
CRISIL AAA/Stable |
Total |
10000 |
-- |
Total |
10000 |
-- | *Limit for working capital working capital demand loan/overdraft facility/cash credit/line of credit/bank guarantee. Total working capital borrowing not to exceed board-approved limit of Rs 10,000 crore. However, quantum of sanctioned working capital facilities may be different from the Board-approved limit for outstanding working capital borrowing. | |
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For further information contact: |
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Note for Media: This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites, portals etc. | |
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