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Rating Rationale |
March 29, 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 Limited. Furthermore, CRISIL factors in support from the majority owner, GoI given its key role in financing the Indian power sector.
Please refer Annexure - Details of Consolidation, 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's high strategic importance to GoI is reflected in the role it plays in implementing government policies, and its importance in financing India's power sector, particularly government sector power utilities (86% of the consolidated loan book as on December 31, 2019). PFC is the nodal agency for the development of Ultra Mega Power Projects (UMPPs) and the Integrated Power Development Scheme (IPDS), and is also the bid process coordinator for the Independent Transmission Projects (ITP) scheme. The company plays a developmental role in channelling finance to meet the power sector's large funding requirement, particularly of PSUs. Further, REC also is 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. GoI remains the majority shareholder, with a stake of 56% as on December 31, 2019. 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. PFC 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 share of PSUs in the consolidated loan book stood at 86% as on December 31, 2019. Loans outstanding to PSUs on a consolidated basis stood at Rs 5.5 lakh crore as on December 31, 2019 (Rs 5.08 lakh crore as on March 31, 2019) * Adequate capitalisation As on December 31, 2019, tier-I capital adequacy ratio (CAR) was 14.37%, overall CAR 19.32%, (11.73%, 17.09%, respectively as on March 31, 2019). Capitalisation is expected to remain adequate over the medium term, supported by a demonstrated ability to raise capital through public issues. The net worth to net NPA ratio on a consolidated basis was 2.5 times as on March 31, 2019. Accruals to networth is supported by ability to maintain good interest spreads and a low operating expense ratio. The return on assets ratio was 2.2% and return on equity of 21.3% for fiscal 2019. However, profitability will remain susceptible to increase in credit costs because of weakening in asset quality in the private sector exposures. * Adequate resource profile Borrowing costs are competitive and the resource base, though wholesale, is diversified. The debt instruments have wide market acceptability and borrowing is typically at low spreads over government securities. The cost of borrowing is lower than that of peers, and was 7.3% in fiscal 2019. The consolidated resource profile as on March 31, 2019 mainly comprises of bonds (74%) and term loans (22%), and other borrowings (4%). The company also has access to foreign currency borrowing, which comprised 12% of the total consolidated borrowings as as on March 31, 2019 (On a standalone basis, foreign currency borrowings formed 10% of the total borrowings as on March 31, 2019). 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 advances to 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. Loans to discoms accounted for 22% of overall advances, including transition funding. 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 the performance of PSUs. 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 December 31, 2019, NPAs (stage III assets as per IND AS) are 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 reported gross NPAs (stage III assets as per IND-AS) of 7.4% as on December 31, 2019 (8.4% as on March 31, 2019). While government sector NPAs declined over previous years, the share of NPAs from private sector has increased considerably. As on December 31, 2019, 52 % of private sectors loans have been recognized 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. As on December 31, 2019, against the total expected outflow of Rs 21,160 crore maturing till March 31, 2020. PFC had unutilised bank lines of around Rs 5,300 crore as on the same date. PFC continues to tap debt capital markets for fresh issuances. Around Rs 8,854 crore and Rs 27,157 crore were raised as CP and NCDs, respectively, in the period from April 1, 2019 to December 31, 2019. PFC also raised term loans of Rs 11,677 crore and foreign currency borrowings of Rs 16,101 crore over the same period. Further, the liquidity is supported by expected inflows of Rs 20703 crore in the next 3 months. | |
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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.
Rating Sensitivity Factors Downward Factors * Decline in GoI shareholding below 50% and/or diminution of support extended to the institution by GoI * 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. On a consolidated basis, PFC reported a profit after tax (PAT) of Rs 12640 crore and total income (net of interest) of Rs 19536 crore in fiscal 2019 (Rs 8797 crore and 18357 crore, respectively in the previous fiscal). On a standalone basis, PFC reported PAT of Rs 6953 crore and total income (net of interest) of Rs 10741 crore in fiscal 2019 as against Rs 5855 crore and Rs 8718 crore, respectively in the previous fiscal. For the nine month ended December 31, 2019, PFC reported a consolidated PAT of Rs 8784 crore on a total income (net of interest expense) of Rs 15668 crore as against a PAT of Rs 9249 crore on a total income (net of interest expense) of Rs 14288 crore for the corresponding period of the previous fiscal. On a standalone basis, PFC reported a PAT of Rs 4220 crore on a total income (net of interest expense) of Rs 7517 crore as against a PAT of Rs 4835 crore on a total income (net of interest expense) of Rs 7062 crore for the corresponding period of the previous fiscal. | |
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Key Financial Indicators - PFC Consolidated |
As on/for the period ended March 31, |
Unit |
2019 |
2018 |
Total Assets |
Rs. Cr. |
628994 |
522531 |
Total income (net of interest expenses) |
Rs. Cr. |
19536 |
18357 |
Profit after tax |
Rs. Cr. |
12640 |
8797 |
Gross NPA |
% |
8.4 |
8.5 |
Overall capital adequacy ratio |
% |
17.1 |
20.0 | | |
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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. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments. |
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Annexure - Details of Instrument(s) |
ISIN |
Name of Instrument |
Date of Issue |
Coupon Rate (%) |
Maturity Date |
Issue Size (Rs.Cr) |
Rating Assigned with Outlook |
INE134E08KA5 |
Institutional bonds& |
30-Apr-19 |
8.79% |
29-Apr-34 |
2,578.9 |
CRISIL AAA/Stable |
INE134E08JN0 |
Institutional bonds |
20-Mar-18 |
7.53% |
20-Jan-20 |
1,500.00 |
CRISIL AAA/Stable |
INE134E07810 |
Institutional bonds& |
30-Apr-19 |
5.75% |
30-Apr-24 |
48.9 |
CRISIL AAA/Stable |
INE134E08KB3 |
Institutional bonds& |
27-May-19 |
8.20% |
27-May-22 |
1,605.0 |
CRISIL AAA/Stable |
INE134E08KC1 |
Institutional bonds& |
27-May-19 |
8.85% |
25-May-29 |
1,982.1 |
CRISIL AAA/Stable |
INE134E07828 |
Institutional bonds& |
31-May-19 |
5.75% |
31-May-24 |
72.7 |
CRISIL AAA/Stable |
INE134E08KD9 |
Institutional bonds& |
04-Jun-19 |
8.10% |
04-Jun-24 |
691.1 |
CRISIL AAA/Stable |
INE134E07836 |
Institutional bonds& |
30-Jun-19 |
5.75% |
30-Jun-24 |
81.7 |
CRISIL AAA/Stable |
INE134E07844 |
Institutional bonds& |
31-Jul-19 |
5.75% |
31-Jul-24 |
117.3 |
CRISIL AAA/Stable |
INE134E08KE7 |
Institutional bonds& |
08-Aug-19 |
8.15% |
08-Aug-34 |
4,035.0 |
CRISIL AAA/Stable |
INE134E07851 |
Institutional bonds& |
31-Aug-19 |
5.75% |
31-Aug-24 |
105.7 |
CRISIL AAA/Stable |
INE134E08KF4 |
Institutional bonds& |
06-Sep-19 |
8.25% |
06-Sep-34 |
4,016.0 |
CRISIL AAA/Stable |
INE134E07869 |
Institutional bonds& |
30-Sep-19 |
5.75% |
30-Sep-24 |
102.0 |
CRISIL AAA/Stable |
INE134E08KG2 |
Institutional bonds& |
15-Oct-19 |
7.35% |
15-Oct-22 |
3,735.0 |
CRISIL AAA/Stable |
INE134E07877 |
Institutional bonds& |
31-Oct-19 |
5.75% |
31-Oct-24 |
92.1 |
CRISIL AAA/Stable |
INE134E08KH0 |
Institutional bonds& |
19-Nov-19 |
7.42% |
19-Nov-24 |
3,000.0 |
CRISIL AAA/Stable |
INE134E07885 |
Institutional bonds& |
30-Nov-19 |
5.75% |
30-Nov-24 |
90.0 |
CRISIL AAA/Stable |
INE134E08KI8 |
Institutional bonds& |
31-Dec-19 |
7.93% |
31-Dec-29 |
4,710.5 |
CRISIL AAA/Stable |
INE134E07893 |
Institutional bonds& |
31-Dec-19 |
5.75% |
31-Dec-24 |
93.1 |
CRISIL AAA/Stable |
INE134E08KJ6 |
Institutional bonds& |
07-Jan-20 |
7.04% |
14-Apr-23 |
1,400.0 |
CRISIL AAA/Stable |
INE134E08KK4 |
Institutional bonds& |
14-Jan-20 |
7.86% |
12-Apr-30 |
1,100.0 |
CRISIL AAA/Stable |
INE134E07901 |
Capital Gains Bond |
31-Jan-20 |
5.75% |
31-Jan-25 |
94.0 |
CRISIL AAA/Stable |
INE134E08KL2 |
Institutional bonds& |
25-Feb-20 |
7.41% |
25-Feb-30 |
2,500.0 |
CRISIL AAA/Stable |
INE134E08KM0 |
Institutional bonds& |
02-Mar-20 |
7.41% |
15-May-30 |
5,000.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
19-Dec-19 |
8.19% |
19-Dec-24 |
500.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
27-Dec-19 |
8.19% |
19-Dec-24 |
470.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Dec-19 |
8.19% |
19-Dec-24 |
1,170.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
31-Dec-19 |
8.19% |
19-Dec-24 |
262.2 |
CRISIL AAA/Stable |
NA |
Term Loan& |
01-Jan-20 |
8.19% |
19-Dec-24 |
167.8 |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.19% |
19-Dec-24 |
430.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
19-Jun-19 |
7.82% |
15-Apr-20 |
100.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
19-Jun-19 |
7.82% |
15-Apr-21 |
100.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
19-Jun-19 |
7.82% |
15-Apr-22 |
600.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
19-Jun-19 |
7.82% |
15-Apr-23 |
600.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
19-Jun-19 |
7.82% |
15-Apr-24 |
600.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
21-Jun-19 |
7.92% |
21-Jun-24 |
500.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
24-Jun-19 |
7.92% |
24-Jun-24 |
500.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
7.92% |
29-Jun-24 |
1,000.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-22 |
56.3 |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-23 |
56.3 |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-24 |
56.3 |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-25 |
56.3 |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-20 |
100.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-21 |
100.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-22 |
100.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-23 |
100.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
7.87% |
30-Sep-24 |
100.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Sep-23 |
150.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Dec-23 |
150.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Mar-24 |
150.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Jun-24 |
150.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Sep-24 |
150.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Dec-24 |
150.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Mar-25 |
150.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Jun-25 |
150.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Sep-25 |
150.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Dec-25 |
150.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Mar-26 |
150.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
29-Jun-19 |
8.14% |
29-Jun-26 |
150.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Apr-24 |
4.6 |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Jul-24 |
4.6 |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Oct-24 |
4.6 |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Jan-25 |
4.6 |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Apr-25 |
4.6 |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Jul-25 |
4.6 |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Oct-25 |
4.6 |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Jan-26 |
4.6 |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Apr-26 |
4.6 |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Jul-26 |
4.6 |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Oct-26 |
4.6 |
CRISIL AAA/Stable |
NA |
Term Loan& |
02-Jan-20 |
8.14% |
02-Jan-27 |
4.5 |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
8.46% |
31-Jul-21 |
100.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
8.46% |
31-Oct-21 |
100.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
8.46% |
31-Jan-22 |
100.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
8.46% |
30-Apr-22 |
100.0 |
CRISIL AAA/Stable |
NA |
Term Loan& |
30-Sep-19 |
8.46% |
31-Jul-22 |
100.0 |
CRISIL AAA/Stable |
INE134E08JP5 |
Institutional bonds~ |
03-Apr-18 |
7.85% |
03-Apr-28 |
3,855.0 |
CRISIL AAA/Stable |
INE134E07687 |
Institutional bonds~ |
30-Apr-18 |
5.75% |
30-Apr-23 |
6.5 |
CRISIL AAA/Stable |
INE134E07695 |
Institutional bonds~ |
31-May-18 |
5.75% |
31-May-23 |
7.0 |
CRISIL AAA/Stable |
INE134E07703 |
Institutional bonds~ |
30-Jun-18 |
5.75% |
30-Jun-23 |
10.1 |
CRISIL AAA/Stable |
INE134E07711 |
Institutional bonds~ |
31-Jul-18 |
5.75% |
31-Jul-23 |
14.3 |
CRISIL AAA/Stable |
INE134E07729 |
Institutional bonds~ |
31-Aug-18 |
5.75% |
31-Aug-23 |
16.0 |
CRISIL AAA/Stable |
INE134E07737 |
Institutional bonds~ |
30-Sep-18 |
5.75% |
30-Sep-23 |
26.0 |
CRISIL AAA/Stable |
INE134E08JQ3 |
Institutional bonds~ |
10-Oct-18 |
8.95% |
10-Oct-28 |
3,000.0 |
CRISIL AAA/Stable |
INE134E07745 |
Institutional bonds~ |
31-Oct-18 |
5.75% |
31-Oct-23 |
32.9 |
CRISIL AAA/Stable |
INE134E08JR1 |
Institutional bonds~ |
19-Nov-18 |
8.67% |
18-Nov-28 |
1,007.4 |
CRISIL AAA/Stable |
INE134E08JS9 |
Institutional bonds~ |
19-Nov-18 |
8.64% |
19-Nov-33 |
528.4 |
CRISIL AAA/Stable |
INE134E07752 |
Institutional bonds~ |
30-Nov-18 |
5.75% |
30-Nov-23 |
41.1 |
CRISIL AAA/Stable |
INE134E07760 |
Institutional bonds~ |
31-Dec-18 |
5.75% |
31-Dec-23 |
55.1 |
CRISIL AAA/Stable |
INE134E07778 |
Institutional bonds~ |
31-Jan-19 |
5.75% |
31-Jan-24 |
70.6 |
CRISIL AAA/Stable |
INE134E08JT7 |
Institutional bonds~ |
22-Feb-19 |
8.75% |
22-Feb-34 |
2,654.0 |
CRISIL AAA/Stable |
INE134E07786 |
Institutional bonds~ |
28-Feb-19 |
5.75% |
29-Feb-24 |
66.7 |
CRISIL AAA/Stable |
INE134E08JU5 |
Institutional bonds~ |
11-Mar-19 |
8.45% |
11-Aug-22 |
2,155.0 |
CRISIL AAA/Stable |
INE134E08JV3 |
Institutional bonds~ |
14-Mar-19 |
8.20% |
14-Sep-20 |
3,500.0 |
CRISIL AAA/Stable |
INE134E08JW1 |
Institutional bonds~ |
19-Mar-19 |
8.18% |
19-Mar-22 |
3,751.2 |
CRISIL AAA/Stable |
INE134E08JY7 |
Institutional bonds~ |
25-Mar-19 |
9.25% |
25-Sep-24 |
2,000.0 |
CRISIL AAA/Stable |
INE134E08JX9 |
Institutional bonds~ |
25-Mar-19 |
9.10% |
23-Mar-29 |
2,411.5 |
CRISIL AAA/Stable |
INE134E08JZ4 |
Institutional bonds~ |
28-Mar-19 |
8.98% |
28-Mar-29 |
1,000.0 |
CRISIL AAA/Stable |
INE134E07794 |
Institutional bonds~ |
31-Mar-19 |
5.75% |
31-Mar-24 |
145.4 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
08-Jun-18 |
7.95% |
08-Aug-19 |
2,000.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
19-Jun-18 |
7.95% |
19-Jun-20 |
1,800.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
22-Jun-18 |
7.95% |
19-Jun-20 |
200.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
22-Jun-18 |
8.05% |
22-Jul-19 |
217.2 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
25-Jun-18 |
8.05% |
25-Jul-19 |
782.8 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
29-Jun-18 |
8.05% |
29-Jun-20 |
236.6 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
30-Jun-18 |
8.05% |
29-Jun-20 |
1,563.4 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
30-Jun-18 |
8.05% |
30-Jul-19 |
2,000.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
06-Aug-18 |
8.05% |
29-Jun-20 |
179.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
06-Aug-18 |
8.05% |
06-Aug-20 |
821.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
23-Aug-18 |
8.05% |
06-Aug-20 |
179.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
23-Aug-18 |
8.10% |
23-Aug-21 |
1,000.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
24-Aug-18 |
8.10% |
24-May-20 |
2,000.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
05-Sep-18 |
8.10% |
05-Jun-20 |
2,000.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
13-Sep-18 |
8.20% |
13-Sep-20 |
1,500.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
14-Sep-18 |
8.38% |
14-Sep-21 |
800.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
27-Sep-18 |
8.35% |
27-Sep-23 |
5,500.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
05-Oct-18 |
8.35% |
27-Sep-23 |
500.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
05-Oct-18 |
8.45% |
05-Oct-23 |
750.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
24-Dec-18 |
8.65% |
24-Dec-23 |
1,000.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
27-Dec-18 |
8.11% |
27-Dec-28 |
7,500.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
28-Dec-18 |
8.70% |
28-Dec-23 |
500.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
15-Jan-19 |
7.92% |
16-Jan-24 |
500.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
21-Jan-19 |
7.92% |
21-Jan-24 |
1,000.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
30-Jan-19 |
7.92% |
21-Jan-24 |
1,000.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
20-Feb-19 |
7.92% |
20-Feb-24 |
1,000.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
25-Feb-19 |
7.87% |
25-Feb-22 |
375.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
25-Feb-19 |
7.87% |
25-Feb-23 |
375.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
25-Feb-19 |
7.87% |
25-Feb-24 |
375.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
25-Feb-19 |
7.87% |
25-Feb-25 |
375.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
02-Mar-19 |
7.92% |
02-Mar-24 |
500.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
02-Mar-19 |
7.92% |
02-Mar-25 |
500.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
04-Mar-19 |
7.82% |
04-Mar-21 |
700.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Jun-21 |
18.8 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Sep-21 |
18.8 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Dec-21 |
18.8 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Mar-22 |
18.8 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Jun-22 |
56.3 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Sep-22 |
56.3 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Dec-22 |
56.3 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Mar-23 |
56.3 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Jun-23 |
112.5 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Sep-23 |
112.5 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Dec-23 |
112.5 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
11-Mar-19 |
7.98% |
11-Mar-24 |
112.5 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
15-Mar-19 |
7.87% |
15-Mar-21 |
200.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
15-Mar-19 |
7.87% |
15-Mar-22 |
200.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
15-Mar-19 |
7.87% |
15-Mar-23 |
200.0 |
CRISIL AAA/Stable |
NA |
Term Loan~ |
15-Mar-19 |
7.87% |
15-Mar-24 |
200.0 |
CRISIL AAA/Stable |
INE134E08IZ6 |
Institutional bonds* |
05-May-17 |
7.46% |
05-Jun-20 |
1,180.0 |
CRISIL AAA/Stable |
INE134E08JA7 |
Institutional bonds* |
30-May-17 |
7.30% |
30-Jun-20 |
1,560.0 |
CRISIL AAA/Stable |
INE134E08JB5 |
Institutional bonds* |
12-Jun-17 |
7.28% |
10-Jun-22 |
1,950.0 |
CRISIL AAA/Stable |
INE134E08JC3 |
Institutional bonds* |
12-Jun-17 |
7.44% |
11-Jun-27 |
1,540.0 |
CRISIL AAA/Stable |
INE134E07596 |
Institutional bonds* |
31-Jul-17 |
5.25% |
31-Jul-20 |
18.3 |
CRISIL AAA/Stable |
INE134E08JD1 |
Institutional bonds* |
08-Aug-17 |
7.10% |
08-Aug-22 |
3,395.0 |
CRISIL AAA/Stable |
INE134E08JE9 |
Institutional bonds* |
08-Aug-17 |
7.30% |
07-Aug-27 |
1,500.0 |
CRISIL AAA/Stable |
INE134E07604 |
Institutional bonds* |
31-Aug-17 |
5.25% |
31-Aug-20 |
13.9 |
CRISIL AAA/Stable |
INE134E07612 |
Institutional bonds* |
30-Sep-17 |
5.25% |
30-Sep-20 |
20.5 |
CRISIL AAA/Stable |
INE134E07620 |
Institutional bonds* |
31-Oct-17 |
5.25% |
31-Oct-20 |
20.5 |
CRISIL AAA/Stable |
INE134E08JF6 |
Institutional bonds* |
22-Nov-17 |
7.35% |
22-Nov-22 |
800.0 |
CRISIL AAA/Stable |
INE134E08JG4 |
Institutional bonds* |
22-Nov-17 |
7.65% |
22-Nov-27 |
2,001.0 |
CRISIL AAA/Stable |
INE134E07638 |
Institutional bonds* |
30-Nov-17 |
5.25% |
30-Nov-20 |
33.5 |
CRISIL AAA/Stable |
INE134E08JH2 |
Institutional bonds* |
15-Dec-17 |
7.62% |
15-Dec-27 |
5,000.0 |
CRISIL AAA/Stable |
INE134E07646 |
Institutional bonds* |
31-Dec-17 |
5.25% |
31-Dec-20 |
33.8 |
CRISIL AAA/Stable |
INE134E08JI0 |
Institutional bonds* |
30-Jan-18 |
7.74% |
29-Jan-28 |
850.0 |
CRISIL AAA/Stable |
INE134E07653 |
Institutional bonds* |
31-Jan-18 |
5.25% |
31-Jan-21 |
25.9 |
CRISIL AAA/Stable |
INE134E08JJ8 |
Institutional bonds* |
12-Feb-18 |
7.73% |
12-Mar-21 |
505.0 |
CRISIL AAA/Stable |
INE134E08JK6 |
Institutional bonds* |
12-Feb-18 |
7.73% |
05-Apr-21 |
1,325.0 |
CRISIL AAA/Stable |
INE134E07661 |
Institutional bonds* |
28-Feb-18 |
5.25% |
28-Feb-21 |
38.0 |
CRISIL AAA/Stable |
INE134E08JM2 |
Institutional bonds* |
15-Mar-18 |
7.75% |
15-Apr-21 |
600.0 |
CRISIL AAA/Stable |
INE134E08JO8 |
Institutional bonds* |
20-Mar-18 |
7.99% |
20-Dec-22 |
1,295.0 |
CRISIL AAA/Stable |
INE134E07679 |
Institutional bonds* |
31-Mar-18 |
5.25% |
31-Mar-21 |
87.8 |
CRISIL AAA/Stable |
NA |
Term loan* |
19-Mar-18 |
7.85% |
19-Apr-19 |
1,000.0 |
CRISIL AAA/Stable |
NA |
Term loan* |
31-Mar-18 |
7.85% |
19-Apr-19 |
2,000.0 |
CRISIL AAA/Stable |
INE134E08FT5 |
Subordinated debt issue |
14-Jun-13 |
8.19% |
14-Jun-23 |
800.0 |
CRISIL AAA/Stable |
INE134E08FW9 |
Subordinated debt issue |
13-Jan-14 |
9.65% |
13-Jan-24 |
1,000.0 |
CRISIL AAA/Stable |
INE134E08FX7 |
Subordinated debt issue |
21-Feb-14 |
9.70% |
21-Feb-24 |
2,000.0 |
CRISIL AAA/Stable |
INE134E08693 |
Institutional bonds |
30-Dec-02 |
8.10% |
30-Dec-22 |
750.0 |
CRISIL AAA/Stable |
INE134E08925 |
Institutional bonds |
31-May-06 |
8.85% |
31-May-21 |
600.0 |
CRISIL AAA/Stable |
INE134E08BP2 |
Institutional bonds |
07-Aug-09 |
8.60% |
07-Aug-24 |
866.5 |
CRISIL AAA/Stable |
INE134E08CN5 |
Institutional bonds |
15-Dec-09 |
8.50% |
15-Dec-24 |
351.0 |
CRISIL AAA/Stable |
INE134E08CP0 |
Institutional bonds |
15-Jan-10 |
8.80% |
15-Jan-25 |
1,172.6 |
CRISIL AAA/Stable |
INE134E08CS4 |
Institutional bonds |
15-Mar-10 |
8.90% |
15-Mar-25 |
184.0 |
CRISIL AAA/Stable |
INE134E08CV8 |
Institutional bonds |
30-Mar-10 |
8.95% |
30-Mar-25 |
492.0 |
CRISIL AAA/Stable |
INE134E08CU0 |
Institutional bonds |
30-Mar-10 |
8.95% |
30-Mar-20 |
492.0 |
CRISIL AAA/Stable |
INE134E08CY2 |
Institutional bonds |
14-May-10 |
8.70% |
14-May-25 |
1,337.5 |
CRISIL AAA/Stable |
INE134E08CX4 |
Institutional bonds |
14-May-10 |
8.70% |
14-May-20 |
1,337.5 |
CRISIL AAA/Stable |
INE134E08DB8 |
Institutional bonds |
15-Jun-10 |
8.85% |
15-Jun-30 |
633.0 |
CRISIL AAA/Stable |
INE134E08DA0 |
Institutional bonds |
15-Jun-10 |
8.75% |
15-Jun-25 |
1,532.0 |
CRISIL AAA/Stable |
INE134E08CZ9 |
Institutional bonds |
15-Jun-10 |
8.65% |
15-Jun-20 |
500.0 |
CRISIL AAA/Stable |
INE134E08DE2 |
Institutional bonds |
04-Aug-10 |
8.70% |
15-Jul-20 |
1,424.0 |
CRISIL AAA/Stable |
INE134E08DG7 |
Institutional bonds |
15-Nov-10 |
8.78% |
15-Nov-20 |
1,549.0 |
CRISIL AAA/Stable |
INE134E08DJ1 |
Institutional bonds |
15-Dec-10 |
9.05% |
15-Dec-30 |
192.7 |
CRISIL AAA/Stable |
INE134E08DI3 |
Institutional bonds |
15-Dec-10 |
9.05% |
15-Dec-25 |
192.7 |
CRISIL AAA/Stable |
INE134E08DH5 |
Institutional bonds |
15-Dec-10 |
9.05% |
15-Dec-20 |
192.7 |
CRISIL AAA/Stable |
INE134E08DL7 |
Institutional bonds |
14-Jan-11 |
8.99% |
15-Jan-21 |
1,219.0 |
CRISIL AAA/Stable |
INE134E07075 |
Institutional bonds |
31-Mar-11 |
8.30% |
31-03-2021 |
50.0 |
CRISIL AAA/Stable |
INE134E07083 |
Institutional bonds |
31-Mar-11 |
8.30% |
31-03-2021 |
109.1 |
CRISIL AAA/Stable |
INE134E07091 |
Institutional bonds |
31-Mar-11 |
8.50% |
31-03-2026 |
5.3 |
CRISIL AAA/Stable |
INE134E07109 |
Institutional bonds |
31-Mar-11 |
8.50% |
31-03-2026 |
19.3 |
CRISIL AAA/Stable |
INE134E08DM5 |
Institutional bonds |
15-Apr-11 |
9.18% |
15-Apr-21 |
1,000.0 |
CRISIL AAA/Stable |
INE134E08DN3 |
Institutional bonds |
09-Jun-11 |
9.70% |
09-Jun-21 |
1,693.2 |
CRISIL AAA/Stable |
INE134E08DQ6 |
Institutional bonds |
29-Jun-11 |
9.61% |
29-Jun-21 |
2,084.7 |
CRISIL AAA/Stable |
INE134E08DS2 |
Institutional bonds |
01-Aug-11 |
9.46% |
01-Aug-26 |
1,105.0 |
CRISIL AAA/Stable |
INE134E08DR4 |
Institutional bonds |
01-Aug-11 |
9.36% |
01-Aug-21 |
2,589.4 |
CRISIL AAA/Stable |
INE134E08DU8 |
Institutional bonds |
01-Sep-11 |
9.45% |
01-Sep-26 |
2,568.0 |
CRISIL AAA/Stable |
INE134E08DW4 |
Institutional bonds |
23-Sep-11 |
9.44% |
23-Sep-21 |
1,180.0 |
CRISIL AAA/Stable |
INE134E07125 |
Institutional bonds |
15-Oct-11 |
7.75% |
15-Oct-26 |
218.0 |
CRISIL AAA/Stable |
INE134E07117 |
Institutional bonds |
15-Oct-11 |
7.51% |
15-Oct-21 |
205.2 |
CRISIL AAA/Stable |
INE134E07158 |
Institutional bonds |
21-Nov-11 |
8.50% |
21-Nov-21 |
21.8 |
CRISIL AAA/Stable |
INE134E07166 |
Institutional bonds |
21-Nov-11 |
8.50% |
21-Nov-21 |
36.3 |
CRISIL AAA/Stable |
INE134E07174 |
Institutional bonds |
21-Nov-11 |
8.75% |
21-Nov-26 |
2.9 |
CRISIL AAA/Stable |
INE134E07182 |
Institutional bonds |
21-Nov-11 |
8.75% |
21-Nov-26 |
7.8 |
CRISIL AAA/Stable |
INE134E07141 |
Institutional bonds |
25-Nov-11 |
8.16% |
25-Nov-26 |
209.3 |
CRISIL AAA/Stable |
INE134E07133 |
Institutional bonds |
25-Nov-11 |
8.09% |
25-Nov-21 |
334.3 |
CRISIL AAA/Stable |
INE134E07190 |
Tax Free Bonds |
01-Feb-12 |
8.20% |
01-Feb-22 |
2,752.5 |
CRISIL AAA/Stable |
INE134E07208 |
Tax Free Bonds |
01-Feb-12 |
8.30% |
01-Feb-27 |
1,280.6 |
CRISIL AAA/Stable |
INE134E08EH3 |
Institutional bonds |
06-Mar-12 |
9.26% |
15-Apr-23 |
736.0 |
CRISIL AAA/Stable |
INE134E08EG5 |
Institutional bonds |
06-Mar-12 |
9.30% |
15-Apr-20 |
79.5 |
CRISIL AAA/Stable |
INE134E08EO9 |
Institutional bonds |
28-Mar-12 |
9.48% |
15-Apr-22 |
184.7 |
CRISIL AAA/Stable |
INE134E07216 |
Institutional bonds |
30-Mar-12 |
8.43% |
30-Mar-22 |
7.4 |
CRISIL AAA/Stable |
INE134E07224 |
Institutional bonds |
30-Mar-12 |
8.43% |
30-Mar-22 |
15.5 |
CRISIL AAA/Stable |
INE134E07232 |
Institutional bonds |
30-Mar-12 |
8.72% |
30-Mar-27 |
0.9 |
CRISIL AAA/Stable |
INE134E07240 |
Institutional bonds |
30-Mar-12 |
8.72% |
30-Mar-27 |
2.4 |
CRISIL AAA/Stable |
INE134E08EU6 |
Institutional bonds |
29-Jun-12 |
9.39% |
29-Jun-22 |
2,695.2 |
CRISIL AAA/Stable |
INE134E08EX0 |
Institutional bonds |
21-Aug-12 |
9.29% |
21-Aug-22 |
640.0 |
CRISIL AAA/Stable |
INE134E07307 |
Institutional bonds |
22-Nov-12 |
7.38% |
22-Nov-27 |
25.0 |
CRISIL AAA/Stable |
INE134E07299 |
Institutional bonds |
22-Nov-12 |
7.21% |
22-Nov-22 |
255.0 |
CRISIL AAA/Stable |
INE134E07323 |
Institutional bonds |
29-Nov-12 |
7.38% |
29-Nov-27 |
100.0 |
CRISIL AAA/Stable |
INE134E07315 |
Institutional bonds |
29-Nov-12 |
7.22% |
29-Nov-22 |
30.0 |
CRISIL AAA/Stable |
INE134E07331 |
Tax Free Bonds |
04-Jan-13 |
7.19% |
04-Jan-23 |
185.9 |
CRISIL AAA/Stable |
INE134E07331 |
Tax Free Bonds |
04-Jan-13 |
7.69% |
04-Jan-23 |
156.9 |
CRISIL AAA/Stable |
INE134E07349 |
Tax Free Bonds |
04-Jan-13 |
7.36% |
04-Jan-28 |
150.1 |
CRISIL AAA/Stable |
INE134E07349 |
Tax Free Bonds |
04-Jan-13 |
7.86% |
04-Jan-28 |
206.9 |
CRISIL AAA/Stable |
INE134E08FJ6 |
Institutional bonds |
04-Mar-13 |
8.84% |
04-Mar-23 |
1,310.0 |
CRISIL AAA/Stable |
INE134E08FI8 |
Institutional bonds |
04-Mar-13 |
8.86% |
04-Mar-20 |
54.3 |
CRISIL AAA/Stable |
INE134E08FL2 |
Institutional bonds |
11-Mar-13 |
9.00% |
11-Mar-28 |
1,370.0 |
CRISIL AAA/Stable |
INE134E08FO6 |
Institutional bonds |
18-Mar-13 |
8.90% |
18-Mar-28 |
403.0 |
CRISIL AAA/Stable |
INE134E08FN8 |
Institutional bonds |
18-Mar-13 |
8.90% |
18-Mar-23 |
403.0 |
CRISIL AAA/Stable |
INE134E08FP3 |
Institutional bonds |
18-Mar-13 |
8.87% |
18-Mar-23 |
70.0 |
CRISIL AAA/Stable |
INE134E08FQ1 |
Institutional bonds |
25-Mar-13 |
8.94% |
25-Mar-28 |
2,807.0 |
CRISIL AAA/Stable |
INE134E07356 |
Tax Free Bonds |
28-Mar-13 |
6.88% |
28-Mar-23 |
50.1 |
CRISIL AAA/Stable |
INE134E07356 |
Tax Free Bonds |
28-Mar-13 |
7.38% |
28-Mar-23 |
46.0 |
CRISIL AAA/Stable |
INE134E07364 |
Tax Free Bonds |
28-Mar-13 |
7.04% |
28-Mar-28 |
6.1 |
CRISIL AAA/Stable |
INE134E07364 |
Tax Free Bonds |
28-Mar-13 |
7.54% |
28-Mar-28 |
63.1 |
CRISIL AAA/Stable |
INE134E08FT5 |
Institutional bonds |
14-Jun-13 |
8.19% |
14-Jun-23 |
800.0 |
CRISIL AAA/Stable |
INE134E07380 |
Institutional bonds |
30-Aug-13 |
8.46% |
30-Aug-28 |
1,011.1 |
CRISIL AAA/Stable |
INE134E07372 |
Institutional bonds |
30-Aug-13 |
8.01% |
30-Aug-23 |
113.0 |
CRISIL AAA/Stable |
INE134E07414 |
Tax Free Bonds |
16-Nov-13 |
8.18% |
16-Nov-23 |
325.1 |
CRISIL AAA/Stable |
INE134E07422 |
Tax Free Bonds |
16-Nov-13 |
8.43% |
16-Nov-23 |
335.5 |
CRISIL AAA/Stable |
INE134E07430 |
Tax Free Bonds |
16-Nov-13 |
8.54% |
16-Nov-28 |
932.7 |
CRISIL AAA/Stable |
INE134E07448 |
Tax Free Bonds |
16-Nov-13 |
8.79% |
16-Nov-28 |
353.3 |
CRISIL AAA/Stable |
INE134E07455 |
Tax Free Bonds |
16-Nov-13 |
8.67% |
16-Nov-33 |
1,067.4 |
CRISIL AAA/Stable |
INE134E07463 |
Tax Free Bonds |
16-Nov-13 |
8.92% |
16-Nov-33 |
862.0 |
CRISIL AAA/Stable |
INE134E08FW9 |
Institutional bonds |
13-Jan-14 |
9.65% |
13-Jan-24 |
1,000.0 |
CRISIL AAA/Stable |
INE134E07505 |
Institutional bonds |
31-Jan-14 |
9.70% |
31-Jan-21 |
270.0 |
CRISIL AAA/Stable |
INE134E08FX7 |
Institutional bonds |
21-Feb-14 |
9.70% |
21-Feb-24 |
2,000.0 |
CRISIL AAA/Stable |
INE134E08GA3 |
Institutional bonds |
07-Jul-14 |
9.20% |
07-Jul-21 |
700.0 |
CRISIL AAA/Stable |
INE134E08GD7 |
Institutional bonds |
19-Aug-14 |
9.37% |
19-Aug-24 |
855.0 |
CRISIL AAA/Stable |
INE134E08GH8 |
Institutional bonds |
27-Aug-14 |
9.39% |
27-Aug-29 |
460.0 |
CRISIL AAA/Stable |
INE134E08GG0 |
Institutional bonds |
27-Aug-14 |
9.39% |
27-Aug-24 |
460.0 |
CRISIL AAA/Stable |
INE134E08GK2 |
Institutional bonds |
08-Oct-14 |
8.98% |
08-Oct-24 |
961.0 |
CRISIL AAA/Stable |
INE134E08GL0 |
Institutional bonds |
08-Oct-14 |
8.98% |
08-Oct-24 |
950.0 |
CRISIL AAA/Stable |
INE134E08GR7 |
Institutional bonds |
28-Nov-14 |
8.66% |
27-Nov-21 |
200.0 |
CRISIL AAA/Stable |
INE134E08GU1 |
Institutional bonds |
09-Dec-14 |
8.48% |
09-Dec-24 |
1,000.0 |
CRISIL AAA/Stable |
INE134E08GT3 |
Institutional bonds |
09-Dec-14 |
8.55% |
09-Dec-21 |
1,200.0 |
CRISIL AAA/Stable |
INE134E08GV9 |
Institutional bonds |
29-Dec-14 |
8.65% |
28-Dec-24 |
2,826.0 |
CRISIL AAA/Stable |
INE134E08GW7 |
Institutional bonds |
05-Jan-15 |
8.65% |
04-Jan-25 |
5,000.0 |
CRISIL AAA/Stable |
INE134E08GY3 |
Institutional bonds |
10-Mar-15 |
8.20% |
10-Mar-25 |
1,600.0 |
CRISIL AAA/Stable |
INE134E08HD5 |
Institutional bonds |
19-Mar-15 |
8.39% |
19-Apr-25 |
925.0 |
CRISIL AAA/Stable |
INE134E08HC7 |
Institutional bonds |
19-Mar-15 |
8.42% |
18-Apr-20 |
200.0 |
CRISIL AAA/Stable |
INE134E08HG8 |
Institutional bonds |
27-Mar-15 |
8.41% |
27-Mar-25 |
5,000.0 |
CRISIL AAA/Stable |
INE134E08HF0 |
Institutional bonds |
27-Mar-15 |
8.38% |
27-Apr-20 |
1,350.0 |
CRISIL AAA/Stable |
INE134E07521 |
Institutional bonds |
17-Jul-15 |
7.16% |
17-Jul-25 |
300.0 |
CRISIL AAA/Stable |
INE134E08HP9 |
Institutional bonds |
24-Jul-15 |
8.53% |
24-Jul-20 |
2,700.0 |
CRISIL AAA/Stable |
INE134E08HQ7 |
Institutional bonds |
10-Aug-15 |
8.45% |
10-Aug-20 |
1,000.0 |
CRISIL AAA/Stable |
INE134E08HV7 |
Institutional bonds |
04-Sep-15 |
8.36% |
04-Sep-20 |
1,250.0 |
CRISIL AAA/Stable |
INE134E08HX3 |
Institutional bonds |
18-Sep-15 |
8.40% |
18-Sep-25 |
1,000.0 |
CRISIL AAA/Stable |
INE134E08HW5 |
Institutional bonds |
18-Sep-15 |
8.46% |
18-Sep-20 |
1,000.0 |
CRISIL AAA/Stable |
INE134E07539 |
Tax Free Bonds |
17-Oct-15 |
7.11% |
17-Oct-25 |
75.1 |
CRISIL AAA/Stable |
INE134E07547 |
Tax Free Bonds |
17-Oct-15 |
7.36% |
17-Oct-25 |
79.3 |
CRISIL AAA/Stable |
INE134E07554 |
Tax Free Bonds |
17-Oct-15 |
7.27% |
17-Oct-30 |
131.3 |
CRISIL AAA/Stable |
INE134E07562 |
Tax Free Bonds |
17-Oct-15 |
7.52% |
17-Oct-30 |
45.2 |
CRISIL AAA/Stable |
INE134E07570 |
Tax Free Bonds |
17-Oct-15 |
7.35% |
17-Oct-35 |
213.6 |
CRISIL AAA/Stable |
INE134E07588 |
Tax Free Bonds |
17-Oct-15 |
7.60% |
17-Oct-35 |
155.5 |
CRISIL AAA/Stable |
INE134E08ID3 |
Institutional bonds |
27-Apr-16 |
8.05% |
27-Apr-21 |
300.0 |
CRISIL AAA/Stable |
INE134E08IE1 |
Institutional bonds |
02-May-16 |
8.03% |
02-May-26 |
1,000.0 |
CRISIL AAA/Stable |
INE134E08IG6 |
Institutional bonds |
31-May-16 |
8.04% |
30-May-20 |
100.0 |
CRISIL AAA/Stable |
INE134E08II2 |
Institutional bonds |
16-Aug-16 |
7.63% |
14-Aug-26 |
1,675.0 |
CRISIL AAA/Stable |
INE134E08IH4 |
Institutional bonds |
16-Aug-16 |
7.50% |
16-Aug-21 |
2,660.0 |
CRISIL AAA/Stable |
INE134E08IK8 |
Institutional bonds |
16-Sep-16 |
7.56% |
16-Sep-26 |
210.0 |
CRISIL AAA/Stable |
INE134E08IJ0 |
Institutional bonds |
16-Sep-16 |
7.47% |
16-Sep-21 |
2,260.0 |
CRISIL AAA/Stable |
INE134E08IL6 |
Institutional bonds |
26-Sep-16 |
7.55% |
25-Sep-26 |
4,000.0 |
CRISIL AAA/Stable |
INE134E08IM4 |
Institutional bonds |
30-Sep-16 |
7.40% |
30-Sep-21 |
1,830.0 |
CRISIL AAA/Stable |
INE134E08IN2 |
Institutional bonds |
22-Dec-16 |
7.27% |
22-Dec-21 |
1,101.0 |
CRISIL AAA/Stable |
INE134E08IO0 |
Institutional bonds |
05-Jan-17 |
7.23% |
05-Jan-27 |
2,635.0 |
CRISIL AAA/Stable |
INE134E08IQ5 |
Institutional bonds |
17-Jan-17 |
6.83% |
15-Apr-20 |
2,000.0 |
CRISIL AAA/Stable |
INE134E08IS1 |
Institutional bonds |
15-Feb-17 |
7.05% |
15-May-20 |
2,551.0 |
CRISIL AAA/Stable |
INE134E08IT9 |
Institutional bonds |
20-Feb-17 |
7.60% |
20-Feb-27 |
1,465.0 |
CRISIL AAA/Stable |
INE134E08IW3 |
Institutional bonds |
17-Mar-17 |
7.50% |
17-Sep-20 |
2,435.0 |
CRISIL AAA/Stable |
INE134E08IX1 |
Institutional bonds |
22-Mar-17 |
7.75% |
22-Mar-27 |
2,000.0 |
CRISIL AAA/Stable |
INE134E08IY9 |
Institutional bonds |
27-Mar-17 |
7.42% |
26-Jun-20 |
3,605.0 |
CRISIL AAA/Stable |
INE134E07596 |
Capital Gain Bonds |
31-Jul-17 |
5.25% |
31-Jul-20 |
18.3 |
CRISIL AAA/Stable |
INE134E08EL5 |
Institutional bonds |
20-Mar-12 |
9.42% |
20-Mar-20 |
650.8 |
CRISIL AAA/Stable |
NA |
Bonds^^ |
NA |
NA |
NA |
12,515.4 |
CRISIL AAA/Stable |
NA |
Long Term Borrowing Programme (FY18)* |
NA |
NA |
NA |
32,406.8 |
CRISIL AAA/Stable |
Na |
Short Term Borrowing Programme (FY18)* |
NA |
NA |
NA |
20,000.0 |
CRISIL A1+ |
NA |
Long Term Borrowing Programme (FY19)~^ |
NA |
NA |
NA |
12,366.6 |
CRISIL AAA/Stable |
NA |
Short Term Borrowing Programme (FY19)~^ |
NA |
NA |
NA |
17,000.0 |
CRISIL A1+ |
NA |
Long Term Borrowing Programme (FY20)&^ |
NA |
NA |
NA |
40,669.1 |
CRISIL AAA/Stable |
NA |
Short Term Borrowing Programme (FY20)&^ |
NA |
NA |
NA |
12,000.0 |
CRISIL A1+ |
NA |
Long Term Borrowing Programme (FY21)@^ |
NA |
NA |
NA |
70,000.0 |
CRISIL AAA/Stable |
NA |
Short Term Borrowing Programme (FY21)@^ |
NA |
NA |
NA |
20,000.0 |
CRISIL A1+ |
NA |
Subordinated debt issue^^ |
NA |
NA |
NA |
11,200.0 |
CRISIL AAA/Stable |
NA |
Cash Credit# |
NA |
NA |
NA |
10000.0 |
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) |
INE134E08CR6 |
Institutional bonds |
15-Mar-10 |
8.90% |
15-Mar-20 |
184.00 |
INE134E08FI8 |
Institutional bonds |
04-Mar-13 |
8.86% |
04-Mar-20 |
54.30 |
INE134E08GX5 |
Institutional bonds |
26-Feb-15 |
8.36% |
26-Feb-20 |
4,440.00 |
INE134E08FG2 |
Institutional bonds |
20-Feb-13 |
8.82% |
20-Feb-20 |
733.00 | |
|
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 28-03-20 |
CRISIL AAA/Stable |
19-02-20 |
CRISIL AAA/Stable |
08-11-19 |
CRISIL AAA/Stable |
11-12-18 |
CRISIL AAA/Stable |
18-09-17 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
|
|
|
|
|
|
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 28-03-20 |
CRISIL AAA/Stable |
19-02-20 |
CRISIL AAA/Stable |
08-11-19 |
CRISIL AAA/Stable |
11-12-18 |
CRISIL AAA/Stable |
18-09-17 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
|
|
|
|
|
|
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 |
|
Short Term Borrowing programme |
ST |
69000.00 |
CRISIL A1+ |
19-02-20 |
CRISIL A1+ |
08-11-19 |
CRISIL A1+ |
11-12-18 |
CRISIL A1+ |
18-09-17 |
CRISIL A1+ |
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 28-03-20 |
CRISIL AAA/Stable |
19-02-20 |
CRISIL AAA/Stable |
08-11-19 |
CRISIL AAA/Stable |
11-12-18 |
CRISIL AAA/Stable |
18-09-17 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
|
|
|
|
|
|
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 |
19-02-20 |
CRISIL AAA/Stable |
08-11-19 |
CRISIL AAA/Stable |
11-12-18 |
CRISIL AAA/Stable |
18-09-17 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
|
|
|
|
|
|
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 |
| |
All amounts are in Rs.Cr. |
| |
|
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. | |
|
For further information contact: |
| |
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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