Rating Rationale
December 28, 2023 | Mumbai

REC Limited

'CRISIL AAA/Stable' assigned to Long-Term Borrowing Programme

 

Rating Action

Rs.30000 Crore Long-Term Borrowing Programme%

CRISIL AAA/Stable (Assigned)

Rs.105000 Crore Long-Term Borrowing Programme%

CRISIL AAA/Stable (Reaffirmed)

Rs.40000 Crore Short-Term Borrowing Programme%

CRISIL A1+ (Reaffirmed)

Rs.5000 Crore Perpetual Non-Convertible Debentures%

CRISIL AAA/Stable (Reaffirmed)

Rs.113000 Crore Long-Term Borrowing Programme&

CRISIL AAA/Stable (Reaffirmed)

Rs.10000 Crore Short-Term Borrowing Programme&

CRISIL A1+ (Withdrawn)

Rs.100000 Crore Long-Term Borrowing Programme$

CRISIL AAA/Stable (Reaffirmed)

Rs.100000 Crore Long-Term Borrowing Programme^

CRISIL AAA/Stable (Reaffirmed)

Rs.1000 Crore Long-Term Principal Protected Market-Linked Debentures^

CRISIL PPMLD AAA/Stable (Reaffirmed)

Rs.15000 Crore Bond (GoI Serviced)@@

CRISIL AAA/Stable (Reaffirmed)

Rs.3000 Crore Perpetual Non-Convertible Debentures^

CRISIL AAA/Stable (Reaffirmed)

Long-Term Borrowing Programme Aggregating Rs.139277.24 Crore#** (Reduced from Rs.150920.80 Crore)

CRISIL AAA/Stable (Reaffirmed)

% Borrowing programme for fiscal 2024 (refers to financial year, April 1 to March 31). The overall limit for the long term borrowing programme and the short-term borrowing programme is Rs.1,75,000 crore, of which long term market borrowing programme is of Rs. 135,000 crore. Total incremental long-term market borrowing not to exceed Rs.135000.0 crore any point in time during fiscal 2023.

Short-term borrowing including total short-term bank borrowing and borrowing under the rated short-term debt programme not to exceed Rs.40000 crore at any point during fiscal 2024.It also includes Rs.25000 crore of Bank loan facility over and above market borrowing programme and commercial paper limit not exceeding Rs 10000 crore at any point during fiscal 2024

& Borrowing programme for fiscal 2023 (refers to financial year, April 1 to March 31). The overall limit for the long term borrowing programme and the short-term borrowing programme is Rs.1,23,000 crore, of which long term market borrowing programme is of Rs. 98000 crore. Total incremental long-term market borrowing not to exceed Rs.98000.0 crore at any point in time during fiscal 2023.

Long term borrowing of Rs 113000 crore which includes Rs.15000 crore of Bank loan facility over and above market borrowing programme.

$ Borrowing programme for fiscal 2022

^Borrowing programme for fiscal 2021

#Past year's borrowing programme

**Includes Rs.9259.30 crore of extra budgetary resources raised by REC on behalf of Ministry of Power

@@ GOI Fully serviced bonds

Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.

1 crore = 10 million   

Refer to annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings has assigned its 'CRISIL AAA/Stable' rating to Rs 30,000 crore long term borrowing programme of REC Limited (REC). CRISIL Ratings has also reaffirmed its ratings on the other debt instruments and bank facilities of REC at 'CRISIL AAA/CRISIL PPMLD AAA/Stable/CRISIL A1+'.

 

CRISIL Ratings has withdrawn its rating on bonds worth Rs 11,643.56 crore (See ‘Annexure: Details of rating withdrawn’ for details) and short term borrowing programme of fiscal 2023 of Rs 10,000 crore on the company’s request as the outstanding against the same is nil and on receipt of confirmation from the debenture trustee. The withdrawal is in line with the policy of CRISIL Ratings.

 

Asset quality has been improving, led by recoveries in large delinquent private sector exposures. Gross non-performing assets (NPAs) and net NPAs stood at 3.14% and 0.96%, respectively, as on September 30, 2023, against 3.42% and 1.01%, respectively, as on March 31, 2023. The performance of the loan book and further recoveries from resolutions will remain a key monitorable.

 

The ratings continue to reflect the strategic importance of REC to the government, given the key role the company plays in financing the Indian power sector, and majority ownership by the government. The ratings also factor in its strong market position and adequate capitalisation and resource profile. These strengths are partially offset by inherent vulnerability of the asset quality to the weak credit risk profiles of borrowers and significant sectoral and customer concentration in revenue.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of REC and its subsidiaries. Furthermore, CRISIL Ratings factors in support from the ultimate parent, the Government of India, given its key role in financing the Indian power sector and expectation of continued support to REC, albeit routed through PFC.

 

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

  • Strategic importance to the government, given REC’s key role in financing India’s power sector

REC is strategically important to the central government as it plays an important role in the Indian power sector, not only by providing finance but also by implementing the government’s power sector policies. REC, along with PFC is designated as nodal agency for facilitating implementation of RDSS which is reforms-based and results-linked scheme with an outlay of Rs 3.04 lakh crore over a period of 5 years and would be available till fiscal 2026. It is also the nodal agency for channeling finance towards its 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 (translated as the Prime Minister’s Programme to provide easy electricity access to all households), or ‘Saubhagya’ and Late payment surcharge scheme. Furthermore, the company has been nominated as the sole nodal agency to operate the National Electricity Fund Scheme—an interest subsidy scheme introduced by the central government—to promote capital investment in the power distribution sector. The company plays a developmental role in channeling finance to meet the power sector’s large funding requirement, particularly state power utilities, which constitute 90% of its portfolio as on September 30, 2023. In fiscal 2022, GoI announced LPS  to address dues of discoms to generation and transmission companies. REC has extended financial assistance (disbursed Rs 34,402 crore as of October 31, 2023) to various discoms under the rules, to clear their outstanding dues.

 

The government supports the company financially and operationally in various ways, including conferring special status to raise capital gains tax exemption bonds. CRISIL Ratings believes the government of India has strong strategic reasons and a moral obligation to support REC, both on an ongoing basis and in the event of distress, given the latter’s role in implementing the government’s power sector policies.

 

  • Dominant market position in the power financing segment

REC plays an important role in the Indian power sector, not only by providing finance but also by implementing the government’s power sector policies. REC provides project-based long-term loans for generation, transmission and distribution activities and renewable energy. Besides, the company also offers short-term loans for working capital requirement, bridge loans and debt refinancing.  REC’s outstanding loan book had exposure of 90% and 10% to the state sector and private sector, respectively, as on September 30, 2023. The importance of REC in channelling financing to the domestic power sector is underscored by the fact that REC, together with PFC, accounted for a significant portion of the aggregate debt raised by state power utilities. Clearly, REC will remain a key financier to the state power utilities and, therefore, play a crucial role in sustaining their operations. Loans outstanding to the government sector stood at Rs 4.29 lakh crore as on September 30, 2023 (Rs 3.93 lakh crore as on March 31, 2023; Rs 3.51 lakh crore as on March 31, 2022). As on September 30, 2023, overall loan book stood at Rs 4.74 lakh crore (Rs 4.35 lakh crore as on March 31, 2023; Rs 3.85 lakh crore as on March 31, 2022)

 

  • Strong resource profile

REC’s credit risk profile is supported by its sound resource profile, with competitive borrowing costs and a diversified, albeit wholesale, resource base. As on September 30, 2023, overall borrowings stood at Rs 4.13 lakh crore with domestic bonds forming the largest share at 39%, foreign currency borrowings at 28%, funding from banks/financial institutions at 20% and capital gains/tax-free bonds at 10%. REC’s debt instruments have wide market acceptability, and the company typically borrows at low spreads over government securities. Its cost of borrowing is lower than that of most of its peers and stood at 7.2% for first half of fiscal 2024 (6.7% for corresponding period of previous fiscal.).

 

  • Adequate capitalisation

REC's capital profile provides a cushion against asset-side risks arising from high sectoral and customer concentration. The networth was Rs 63,117 crore as on September 30, 2023 (Rs 57,680 crore as on March 31, 2023). The overall capital adequacy ratio (CAR) and Tier 1 CAR improved to 28.53% and 25.62%, respectively, as on September 30, 2023 (25.78% and 22.84%, respectively, as on March 31, 2023). Gearing stood at 6.6 times as on September 30, 2023 (6.5 times as on March 31, 2023). The networth to net NPA ratio was 13.8 times as on September 30, 2023 (13.2 times as on March 31, 2023). Capitalisation is expected to remain adequate over the medium term, supported by a demonstrated ability to raise capital through private placement. Accretion to networth will be supported by the company's ability to maintain good interest spreads and low operating expense ratio. The return on assets (RoA) ratio was 2.76% for first half of fiscal 2024, against 3.05% for corresponding period of previous fiscal. The company’s ability to contain credit costs and hence improve profitability and capitalisation will remain a key monitorable.

 

Weakness:

  • Inherent vulnerability in asset quality and significant sectoral and customer concentration

REC's asset quality remains inherently vulnerable as it caters predominantly to the power sector and faces inherent asset quality challenges because of the weak financial risk profiles of its main customers, the state power utilities, Furthermore, the top 10 borrowers constitute ~40% of the total loan book. Effective execution of various reform measures is extremely critical for state power utilities to produce the desired positive impact, and broad-based political consensus is necessary to implement the much-needed tariff hikes to ensure sustained improvement in their performance. However, REC has been able to manage overall asset quality risks in this segment on account of its criticality to borrowers and through various asset protection mechanisms. Further, REC has recently forayed into logistics & infrastructure sector which is expected to diversify its loan book further.

 

REC also has around 10% exposure to the private sector as on September 30, 2023, which has been vulnerable to asset quality risks because of 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. As on September 30, 2023, the overall gross NPAs and Net NPAs improved to 3.14% and 0.96%, respectively, from 3.42% and 1.01%, respectively, as on March 31, 2023, led by recovery from large private delinquent accounts. As on September 30, 2023, 33% of private sector loans have been recognized as stage III assets on which the company has a provision coverage of 69%.

 

Overall, CRISIL Ratings believes the asset quality will remain vulnerable over the medium term primarily because of the increased challenges likely to be faced with private sector borrowers. The ability to resolve stressed accounts will also be a key monitorable going ahead.

Liquidity: Superior

Asset liability maturity (ALM) profile of REC 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 repayment is well staggered across months, supporting its liquidity profile.

 

As on November 30, 2023, REC has available limits of around Rs. 11,300 crores towards working Capital/ Term Loans apart from High Quality Liquid Assets of around Rs. 2,300 crores. Further, the Company has unavailed loan limits of ~ Rs. 4,525 crore in foreign currency.

 

REC continues to tap debt capital markets for fresh issuances. Around Rs 23,889 crore were raised as domestic bonds in first half of fiscal 2024. REC also raised term loans of Rs 14,800 crore and foreign currency borrowings of Rs 38,096 crore over the same period.

 

ESG Profile

CRISIL Ratings believes that REC Environment, Social, and Governance (ESG) profile supports its already strong credit risk profile.

 

The ESG profile for financial sector entities typically factors in governance as a key differentiator. The sector has reasonable social impact because of its substantial employee and customer base, and it can play a key role in promoting financial inclusion. While the sector does not have a direct adverse environmental impact, the lending decisions may have a bearing on environment.

 

REC has a continuous focus on strengthening various aspects of its ESG profile.

 

REC Finance’s key ESG Highlights:

  • ESG disclosures of the company are evolving and it is in the process of further strengthening the disclosures going forward.
  • REC continues to have sizeable exposure (around 29% of loan book towards generation companies) towards fossil fuel projects, which in turn impacts the environment. However, the company has consciously aimed to increase lending to renewable projects (6% of loan book as of Sep 30, 2023).
  • REC raised USD 750 million Green Bond in April 2023 for a tenor of 5 years which would be applied for financing of eligible green projects as per the Climate Bond Standards and REC’s Green Finance Framework.
  • Company's governance structure is characterized with 44% of the board members being independent directors and the REC has a dedicated investor grievance redressal mechanism.

 

There is growing importance of ESG among investors and lenders. REC commitment to ESG principles will play a key role in enhancing stakeholder confidence, given the sizable share of market borrowings in its overall debt and access to both domestic and foreign capital markets.

Outlook: Stable

CRISIL Ratings believes REC will continue to benefit from government support, given its strategic role in the implementation of the government’s power sector initiatives. Moreover, REC will maintain its healthy position in the infrastructure-financing segment along with comfortable capitalisation and earnings.

 

In addition, the rating on the perpetual bonds remains sensitive to the capital buffer maintained by REC over regulatory capital requirements. Rating transition on these instruments could potentially be sharper than that on other debt instruments and bank facilities.

Rating Sensitivity factors

Downward factors:

  • Decline in REC's strategic importance to the government or reduced direct or indirect support from the government by way of reduction in PFC’s shareholding to below 50%
  • Significant deterioration in asset quality, thereby impacting profitability and capitalisation

About the Company

Incorporated in 1969, REC is a Maharatna public financial institution under the administrative control of the Ministry of Power, Government of India. The company is registered with the Reserve Bank of India as a non-banking infrastructure finance company (NBFC-IFC). Until 2003, its primary objective was to provide financial assistance on concession to state power utilities for rural electrification. Its mandate was broadened in 2003 to include financing of all segments of the power sector. REC finances generation projects, including independent power projects. Since September 2009, the company’s mandate has been further widened to include financing activities allied to the power sector and power-related infrastructure, such as coal and other mining activities, and fuel supply arrangements. The Company’s mandate has been extended further to lend to logistics & infrastructure sector with changes in its Memorandum of Association in November 2022.

 

In March 2019, PFC completed the acquisition of Government of India’s 52.63% stake in REC. The rating reaffirmation is driven by strategic importance of REC to the government and support, if any, provided by the government. Even after selling the government’s stake to PFC, the company continues to play its respective policy role and remains one of the nodal agencies for implementing  power sector policies. Furthermore, it is expected to operate all its functions independently as it did prior to the acquisition. The government will continue to appoint the board and CMD (chairman-cum-managing director) of REC and also have representation on the board even after the stake sale.

 

Furthermore, REC continues to operate as a public financial institution (PFI), NBFC-IFC and a central public sector enterprise (CPSE). Also, the entity continues to accrue all the benefits it was eligible for prior to the stake sale by the government, including raising bonds under Section 54EC. Capital support, if required by REC, will be provided by the government, albeit through PFC.

 

Given that PFC is majority owned by the central government, CRISIL Ratings believes the government will continue to be involved in matters related to the company and that PFC and the government would act in concert to support it, if required. The ratings also reflect REC’s sound resource profile and adequate capitalisation. The rating strengths are partially offset by the company’s exposure to risks related to inherent vulnerability of asset quality, and significant customer and sectoral concentration.

 

For six months period ended September 30, 2023, REC reported profit after tax (PAT) of Rs 6,734 crore and total income (net of interest) of Rs 8,160 crore (Rs 6,369 crore and Rs 8,305 crore, respectively for corresponding period of previous fiscal).

Key Financial Indicators

As on / for the period ended March 31

Unit

2023

2022

Total assets

Rs crore

4,64,877

4,10,413

Total income (net of interest)

Rs crore

15,514

17,178

Profit after tax

Rs crore

11,055

10,046

Gross NPA

%

3.42

4.45

Gearing

Times

6.5

6.4

Overall capital adequacy ratio 

%

25.8

23.6

 

As on / for the period ended September 31

Unit

2023

2022

Total assets

Rs crore

5,12,460

4,24,444

Total income (net of interest)

Rs crore

8,160

8,305

Profit after tax

Rs crore

6,734

6,369

Gross NPA

%

3.14

4.03

Gearing

Times

6.6

6.3

Overall capital adequacy ratio 

%

28.5

25.2

 

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings` 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.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN

Name of the instrument

Date of

allotment

Coupon

rate (%)

Maturity

date

Issue size

(Rs crore)

Complexity

Level

Rating with outlook

INE020B08DR1

Bonds

22-Apr-21

5.74%

20-Jun-24

4,000.00

Simple

CRISIL AAA/Stable

INE020B08DO8

Bonds

12-Mar-21

7.40%

15-Mar-36

3,613.80

Simple

CRISIL AAA/Stable

INE020B07LS4

Bonds

30-Apr-20

5.75%

30-Apr-25

2,500.00

Simple

CRISIL AAA/Stable

INE020B07LT2

Bonds

31-May-20

5.75%

31-May-25

2,500.00

Simple

CRISIL AAA/Stable

INE020B07LU0

Bonds

30-Jun-20

5.75%

30-Jun-25

2,500.00

Simple

CRISIL AAA/Stable

INE020B07LV8

Bonds

31-Jul-20

5.75%

31-Jul-25

440.46

Simple

CRISIL AAA/Stable

INE020B07LW6

Bonds

31-Aug-20

5%

31-Aug-25

2,500.00

Simple

CRISIL AAA/Stable

INE020B07LZ9

Bonds

30-Nov-20

5%

30-Nov-25

2,500.00

Simple

CRISIL AAA/Stable

INE020B07MA0

Bonds

31-Dec-20

5%

31-Dec-25

543.64

Simple

CRISIL AAA/Stable

INE020B07MB8

Bonds

31-Jan-21

5%

31-Jan-26

509.48

Simple

CRISIL AAA/Stable

INE020B07MC6

Bonds

28-Feb-21

5%

28-Feb-26

562.04

Simple

CRISIL AAA/Stable

INE020B07MD4

Bonds

31-Mar-21

5%

31-Mar-26

1,214.28

Simple

CRISIL AAA/Stable

INE020B08DP5

Bonds

19-Mar-21

5.79%

20-Mar-24

1,550.00

Simple

CRISIL AAA/Stable

INE020B08DT7

Bonds

21-Oct-21

6.23%

31-Oct-31

1,200.00

Simple

CRISIL AAA/Stable

INE020B08DQ3

Bonds

26-Mar-21

6.50%

26-Mar-31

500

Simple

CRISIL AAA/Stable

INE020B07ME2

Bonds

30-Apr-21

0.05

30-Apr-26

435.04

Simple

CRISIL AAA/Stable

INE020B07MJ1

Bonds

30-Sep-21

5%

30-Sep-26

717.65

Simple

CRISIL AAA/Stable

INE020B07MH5

Bonds

31-Jul-21

5%

31-Jul-26

603.53

Simple

CRISIL AAA/Stable

INE020B07MF9

Bonds

31-May-21

5%

31-May-26

337.12

Simple

CRISIL AAA/Stable

INE020B07LY2

Bonds

31-Oct-20

5%

31-Oct-25

2500

Simple

CRISIL AAA/Stable

INE020B08BO2

Bonds (GoI Fully Serviced)@@

25-Mar-19

8.30%

25-Mar-29

4,000.00

Simple

CRISIL AAA/Stable

INE020B08CS1

Bonds (GoI Fully Serviced)@@

31-Mar-20

7.20%

31-Mar-30

1,750.00

Simple

CRISIL AAA/Stable

INE020B08CO0

Bonds (GoI Fully Serviced)@@

2-Mar-20

7.14%

2-Mar-30

1,500.00

Simple

CRISIL AAA/Stable

INE020B08BL8

Bonds (GoI Fully Serviced)@@

8-Mar-19

8.60%

8-Mar-29

1,200.00

Simple

CRISIL AAA/Stable

INE020B08DI0

Bonds (GoI Fully Serviced)@@

7-Jan-21

6.45%

7-Jan-31

1,000.00

Simple

CRISIL AAA/Stable

INE020B08DN0

Bonds (GoI Fully Serviced)@@

28-Jan-21

6.63%

28-Jan-31

1,000.00

Simple

CRISIL AAA/Stable

INE020B08CR3

Bonds (GoI Fully Serviced)@@

26-Mar-20

8.25%

26-Mar-30

532.3

Simple

CRISIL AAA/Stable

NA

Bonds (GoI Fully Serviced)@@^^

NA

NA

NA

4,017.70

Simple

CRISIL AAA/Stable

INE020B07LX4

Debentures

30-Sep-20

5.75%

30-Sep-25

2500

Simple

CRISIL AAA/Stable

INE020B08724

Infrastructure Bonds

15-Feb-12

9.15%

15-Feb-27

2.83

Simple

CRISIL AAA/Stable

INE020B08732

Infrastructure Bonds

15-Feb-12

9.15%

15-Feb-27

1.13

Simple

CRISIL AAA/Stable

INE020B08DE9

Infrastructure Bonds

29-Oct-20

6.80%

20-Dec-30

5,000.00

Simple

CRISIL AAA/Stable

INE020B08DM2

Infrastructure Bonds

28-Jan-21

7.02%

31-Jan-36

4,589.90

Simple

CRISIL AAA/Stable

INE020B08CU7

Infrastructure Bonds

11-May-20

7.55%

11-May-30

3,740.00

Simple

CRISIL AAA/Stable

INE020B08DB5

Infrastructure Bonds

28-Aug-20

7.25%

30-Sep-30

3,500.00

Simple

CRISIL AAA/Stable

INE020B08DF6

Infrastructure Bonds

29-Oct-20

5.85%

20-Dec-25

2,777.00

Simple

CRISIL AAA/Stable

INE020B08DG4

Infrastructure Bonds

15-Dec-20

6.90%

31-Jan-31

2,500.00

Simple

CRISIL AAA/Stable

INE020B08DJ8

Infrastructure Bonds

13-Jan-21

4.99%

31-Jan-24

2,135.00

Simple

CRISIL AAA/Stable

INE020B08DH2

Infrastructure Bonds

15-Dec-20

5.81%

31-Dec-25

2,082.00

Simple

CRISIL AAA/Stable

INE020B08DK6

Infrastructure Bonds

13-Jan-21

5.94%

31-Jan-26

2,000.00

Simple

CRISIL AAA/Stable

INE020B08CX1

Infrastructure Bonds

8-Jun-20

7.96%

15-Jun-30

1,999.50

Simple

CRISIL AAA/Stable

INE020B08CW3

Infrastructure Bonds

21-May-20

7.79%

21-May-30

1,569.00

Simple

CRISIL AAA/Stable

INE020B08DA7

Infrastructure Bonds

30-Jul-20

6.90%

31-Mar-31

1,300.00

Simple

CRISIL AAA/Stable

INE020B08CZ6

Infrastructure Bonds

30-Jul-20

5.90%

31-Mar-25

900

Simple

CRISIL AAA/Stable

INE020B08AQ9

Institutional Bonds

12-Dec-17

7.70%

10-Dec-27

3,533.00

Simple

CRISIL AAA/Stable

INE020B08AC9

Institutional Bonds

30-Dec-16

7.54%

30-Dec-26

3,000.00

Simple

CRISIL AAA/Stable

INE020B08AH8

Institutional Bonds

14-Mar-17

7.95%

12-Mar-27

2,745.00

Simple

CRISIL AAA/Stable

INE020B08963

Institutional Bonds

7-Oct-15

8.11%

7-Oct-25

2,585.00

Simple

CRISIL AAA/Stable

INE020B08BH6

Institutional Bonds

7-Dec-18

8.37%

7-Dec-28

2,554.00

Simple

CRISIL AAA/Stable

INE020B08BG8

Institutional Bonds

29-Nov-18

8.56%

29-Nov-28

2,552.40

Simple

CRISIL AAA/Stable

INE020B08BA1

Institutional Bonds

9-Aug-18

8.55%

9-Aug-28

2,500.00

Simple

CRISIL AAA/Stable

INE020B08BB9

Institutional Bonds

27-Aug-18

8.63%

25-Aug-28

2,500.00

Simple

CRISIL AAA/Stable

INE020B08930

Institutional Bonds

10-Apr-15

8.30%

10-Apr-25

2,396.00

Simple

CRISIL AAA/Stable

INE020B08906

Institutional Bonds

6-Feb-15

8.27%

6-Feb-25

2,325.00

Simple

CRISIL AAA/Stable

INE020B08914

Institutional Bonds

23-Feb-15

8.35%

22-Feb-25

2,285.00

Simple

CRISIL AAA/Stable

INE020B08880

Institutional Bonds

22-Dec-14

8.57%

21-Dec-24

2,250.00

Simple

CRISIL AAA/Stable

INE020B08BP9

Institutional Bonds

28-Mar-19

8.97%

28-Mar-29

2,151.20

Simple

CRISIL AAA/Stable

INE020B08AA3

Institutional Bonds

7-Nov-16

7.52%

7-Nov-26

2,100.00

Simple

CRISIL AAA/Stable

INE020B07IZ5

Institutional Bonds

25-Aug-14

9.34%

25-Aug-24

1,955.00

Simple

CRISIL AAA/Stable

INE020B08898

Institutional Bonds

23-Jan-15

8.23%

23-Jan-25

1,925.00

Simple

CRISIL AAA/Stable

INE020B08443

Institutional Bonds

12-Jul-10

8.75%

12-Jul-25

1,800.00

Simple

CRISIL AAA/Stable

INE020B08427

Institutional Bonds

8-Jun-10

8.75%

8-Jun-25

1,250.00

Simple

CRISIL AAA/Stable

INE020B07LF1

Institutional Bonds

31-Mar-19

5.75%

31-Mar-24

359.31

Simple

CRISIL AAA/Stable

INE020B07LE4

Institutional Bonds

28-Feb-19

5.75%

28-Feb-24

262.04

Simple

CRISIL AAA/Stable

INE020B07LD6

Institutional Bonds

31-Jan-19

5.75%

31-Jan-24

243.97

Simple

CRISIL AAA/Stable

INE020B08BE3

Institutional Bonds (GoI Serviced)

15-Nov-18

8.54%

15-Nov-28

3,600.00

Simple

CRISIL AAA/Stable

INE020B08BC7

Institutional Bonds (GoI Serviced)

28-Sep-18

8.70%

28-Sep-28

3,000.00

Simple

CRISIL AAA/Stable

INE020B08BJ2

Institutional Bonds (GoI Serviced)

22-Jan-19

8.80%

22-Jan-29

2,027.00

Simple

CRISIL AAA/Stable

INE020B08AX5

Institutional Bonds (GoI Serviced)

21-Mar-18

8.09%

21-Mar-28

1,837.00

Simple

CRISIL AAA/Stable

INE020B08AY3

Institutional Bonds (GoI Serviced)

26-Mar-18

8.01%

24-Mar-28

1,410.00

Simple

CRISIL AAA/Stable

INE020B08AZ0

Institutional Bonds (GoI Serviced)

27-Mar-18

8.06%

27-Mar-28

753

Simple

CRISIL AAA/Stable

INE020B08BW5

Institutional Bonds

22-Aug-19

8.18%

22-Aug-34

5,063.00

Simple

CRISIL AAA/Stable

INE020B08CJ0

Institutional Bonds

28-Jan-20

7.92%

31-Mar-30

3,054.90

Simple

CRISIL AAA/Stable

INE020B08BX3

Institutional Bonds

16-Sep-19

8.29%

16-Sep-34

3,028.00

Simple

CRISIL AAA/Stable

INE020B08CK8

Institutional Bonds

10-Feb-20

6.88%

20-Mar-25

2,500.00

Simple

CRISIL AAA/Stable

INE020B07LR6

Institutional Bonds

31-Mar-20

5.75%

31-Mar-25

2,500.00

Simple

CRISIL AAA/Stable

INE020B08CP7

Institutional Bonds

6-Mar-20

7.50%

28-Feb-30

2,382.00

Simple

CRISIL AAA/Stable

INE020B08BU9

Institutional Bonds

25-Jun-19

8.30%

25-Jun-29

2,070.90

Simple

CRISIL AAA/Stable

INE020B08BQ7

Institutional Bonds

16-Apr-19

8.85%

16-Apr-29

1,600.70

Simple

CRISIL AAA/Stable

INE020B08CF8

Institutional Bonds

26-Nov-19

7.40%

26-Nov-24

1,500.00

Simple

CRISIL AAA/Stable

INE020B08CI2

Institutional Bonds

8-Jan-20

7.89%

31-Mar-30

1,100.00

Simple

CRISIL AAA/Stable

INE020B08CM4

Institutional Bonds

25-Feb-20

6.99%

30-Sep-24

1,100.00

Simple

CRISIL AAA/Stable

INE020B08BS3

Institutional Bonds

14-May-19

8.80%

14-May-29

1,097.00

Simple

CRISIL AAA/Stable

INE020B08BV7

Institutional Bonds

25-Jun-19

8.1

25-Jun-24

1,018.00

Simple

CRISIL AAA/Stable

INE020B07LJ3

Institutional Bonds

31-Jul-19

5.75%

31-Jul-24

2500

Simple

CRISIL AAA/Stable

INE020B07LN5

Institutional Bonds

30-Nov-19

5.75%

30-Nov-24

2500

Simple

CRISIL AAA/Stable

INE020B07LO3

Institutional Bonds

31-Dec-19

5.75%

31-Dec-24

2500

Simple

CRISIL AAA/Stable

INE020B07LM7

Institutional Bonds

31-Oct-19

5.75%

31-Oct-24

2500

Simple

CRISIL AAA/Stable

INE020B07LQ8

Institutional Bonds

28-Feb-20

5.75%

28-Feb-25

2500

Simple

CRISIL AAA/Stable

INE020B07LK1

Institutional Bonds

31-Aug-19

5.75%

31-Aug-24

2500

Simple

CRISIL AAA/Stable

INE020B07LL9

Institutional Bonds

30-Sep-19

5.75%

30-Sep-24

2500

Simple

CRISIL AAA/Stable

INE020B07LP0

Institutional Bonds

31-Jan-20

5.75%

31-Jan-25

2500

Simple

CRISIL AAA/Stable

INE020B07LH7

Institutional Bonds

31-May-19

5.75%

31-May-24

2500

Simple

CRISIL AAA/Stable

INE020B07LI5

Institutional Bonds

30-Jun-19

5.75%

30-Jun-24

2500

Simple

CRISIL AAA/Stable

INE020B07LG9

Institutional Bonds

30-Apr-19

5.75%

30-Apr-24

146.4

Simple

CRISIL AAA/Stable

INE020B08BY1

Institutional Bonds

26-Sep-19

8.25%

26-Sep-29

290.2

Simple

CRISIL AAA/Stable

INE020B07MG7

Institutional Bonds

30-Jun-21

5%

30-Jun-26

507.9

Simple

CRISIL AAA/Stable

INE020B07MI3

Institutional Bonds

31-Aug-21

5.00%

31-Aug-26

500.76

Simple

CRISIL AAA/Stable

INE020B08DY7

Institutional Bonds

26-Sep-19

8.25%

26-Sep-29

1451

Simple

CRISIL AAA/Stable

INE020B07MK9

Institutional Bonds

31-Oct-21

5.00%

31-Oct-26

218.61

Simple

CRISIL AAA/Stable

INE020B07ML7

Institutional Bonds

30-Nov-21

5.00%

30-Nov-26

199.22

Simple

CRISIL AAA/Stable

INE020B08DU5

Institutional Bonds

18-Nov-21

3MTBILL LINKED

31-Oct-24

2500

Simple

CRISIL AAA/Stable

INE020B08DV3

Institutional Bonds

15-Dec-21

6.92%

20-Mar-32

1380

Simple

CRISIL AAA/Stable

INE020B07MM5

Institutional Bonds

31-Dec-21

5.00%

31-Dec-26

724.9

Simple

CRISIL AAA/Stable

INE020B07MN3

Institutional Bonds

31-Jan-22

5.00%

31-Jan-27

585.52

Simple

CRISIL AAA/Stable

INE020B07MO1

Institutional Bonds

28-Feb-22

5

28-Feb-27

655.28

Simple

CRISIL AAA/Stable

INE020B07MP8

Institutional Bonds

31-Mar-22

5

31-Mar-27

1270.25

Simple

CRISIL AAA/Stable

INE020B07NA8

Institutional Bonds

28-Feb-23

5%

29-Feb-28

930.12

Simple

CRISIL AAA/Stable

INE020B08EG2

Institutional Bonds

15-Mar-23

7.69%

31-Mar-33

1600.1

Simple

CRISIL AAA/Stable

INE020B08EH0

Institutional Bonds

15-Mar-23

7.77%

31-Mar-28

2000

Simple

CRISIL AAA/Stable

INE020B08EI8

Institutional Bonds

12-Apr-23

7.51%

31-Jul-26

2848

Simple

CRISIL AAA/Stable

INE020B07NB6

Institutional Bonds

31-Mar-23

5%

31-Mar-28

210.85

Simple

CRISIL AAA/Stable

INE020B07NC4

Institutional Bonds

30-Apr-23

5.25%

30-Apr-28

1,250

Simple

CRISIL AAA/Stable

INE020B07NK7

Institutional Bonds

31-May-23

5.25%

31-May-28

1,250

Simple

CRISIL AAA/Stable

INE020B07NL5

Institutional Bonds

30-Jun-23

5.25%

30-Jun-28

1,250

Simple

CRISIL AAA/Stable

INE020B07NJ9

Institutional Bonds

31-Jul-23

5.25%

31-Jul-28

1,250

Simple

CRISIL AAA/Stable

INE020B07NG5

Institutional Bonds

31-Aug-23

5.25%

31-Aug-28

1,250

Simple

CRISIL AAA/Stable

INE020B07NI1

Institutional Bonds

30-Sep-23

5.25%

30-Sep-28

1,250

Simple

CRISIL AAA/Stable

INE020B07NH3

Institutional Bonds

31-Oct-23

5.25%

31-Oct-28

1,250

Simple

CRISIL AAA/Stable

INE020B07NF7

Institutional Bonds

30-Nov-23

5.25%

30-Nov-28

1,250

Simple

CRISIL AAA/Stable

INE020B07ND2

Institutional Bonds

31-Dec-23

5.25%

31-Dec-28

1,250

Simple

CRISIL AAA/Stable

INE020B07NE0

Institutional Bonds

31-Jan-24

5.25%

31-Jan-29

1,250

Simple

CRISIL AAA/Stable

INE020B07NN1

Institutional Bonds

29-Feb-24

5.25%

28-Feb-29

1,250

Simple

CRISIL AAA/Stable

INE020B07NM3

Institutional Bonds

31-Mar-24

5.25%

31-Mar-29

1,250

Simple

CRISIL AAA/Stable

NA

Long-term borrowing programme (FY24)^^

NA

NA

NA

130,811.93

Simple

CRISIL AAA/Stable

NA

Short-term borrowing programme (FY24)^^

NA

NA

NA

40,000

Simple

CRISIL A1+

NA

Long-term principal protected market-linked debentures^^

NA

NA

NA

500

Highly Complex

CRISIL PP-MLD AAA/Stable

NA

Perpetual non-convertible debentures^^

NA

NA

NA

4,352

Highly Complex

CRISIL AAA/Stable

INE020B08DL4

Perpetual non-convertible debentures

22-Jan-21

0.0797

Perpetual

558

Highly Complex

CRISIL AAA/Stable

INE020B08EJ6

Perpetual non-convertible debentures

28-Apr-23

7.98%

Perpetual

2,000

Highly Complex

CRISIL AAA/Stable

INE020B08EO6

Perpetual non-convertible debentures

27-Sep-23

8.03%

Perpetual

1,090

Highly Complex

CRISIL AAA/Stable

INE020B07GH7

Tax-free bonds

27-Mar-12

8.12%/ 8.32%

27-Mar-27

1,983

Simple

CRISIL AAA/Stable

INE020B07HP8

Tax-free bonds

24-Sep-13

8.46%

24-Sep-28

1,639

Simple

CRISIL AAA/Stable

INE020B07HN3

Tax-free bonds

29-Aug-13

8.46%

29-Aug-28

1,141

Simple

CRISIL AAA/Stable

INE020B07HS2

Tax-free bonds

24-Sep-13

8.71%

24-Sep-28

211

Simple

CRISIL AAA/Stable

INE020B07GX4

Tax-free bonds

19-Dec-12

7.38%/ 7.88%

19-Dec-27

480

Simple

CRISIL AAA/Stable

INE020B07JO7

Tax-free bonds

23-Jul-15

7.17%

23-Jul-25

300

Simple

CRISIL AAA/Stable

INE020B07IC4

Tax-free bonds

24-Mar-14

8.19%

24-Mar-24

289.25

Simple

CRISIL AAA/Stable

INE020B07IG5

Tax-free bonds

24-Mar-14

8.88%

24-Mar-29

262.59

Simple

CRISIL AAA/Stable

INE020B07JT6

Tax-free bonds

5-Nov-15

7.18%

5-Nov-35

235.11

Simple

CRISIL AAA/Stable

INE020B07ID2

Tax-free bonds

24-Mar-14

8.63%

24-Mar-29

237.88

Simple

CRISIL AAA/Stable

INE020B07GV8

Tax-free bonds

21-Nov-12

7.38%

21-Nov-27

245

Simple

CRISIL AAA/Stable

INE020B07JU4

Tax-free bonds

5-Nov-15

7.43%

5-Nov-35

49.21

Simple

CRISIL AAA/Stable

INE020B07JR0

Tax-free bonds

5-Nov-15

7.09%

5-Nov-30

133.64

Simple

CRISIL AAA/Stable

INE020B07IF7

Tax-free bonds

24-Mar-14

8.44%

24-Mar-24

7.06

Simple

CRISIL AAA/Stable

INE020B07IH3

Tax-free bonds

24-Mar-14

8.86%

24-Mar-34

6.37

Simple

CRISIL AAA/Stable

INE020B07JQ2

Tax-free bonds

5-Nov-15

7.14%

5-Nov-25

0.86

Simple

CRISIL AAA/Stable

INE020B07JP4

Tax-free bonds

5-Nov-15

6.89%

5-Nov-25

51.25

Simple

CRISIL AAA/Stable

INE020B07GZ9

Tax-free bonds

25-Mar-13

7.04%/ 7.54%

25-Mar-28

12.58

Simple

CRISIL AAA/Stable

INE020B07HV6

Tax-free bonds

11-Oct-13

8.54%

11-Oct-28

45

Simple

CRISIL AAA/Stable

INE020B07JS8

Tax-free bonds

5-Nov-15

7.34%

5-Nov-30

0.38

Simple

CRISIL AAA/Stable

INE020B07HT0

Tax-free bonds

24-Sep-13

8.62%

24-Sep-33

4.48

Simple

CRISIL AAA/Stable

INE020B07IE0

Tax-free bonds

24-Mar-14

8.61%

24-Mar-34

24.63

Simple

CRISIL AAA/Stable

INE020B07HQ6

Tax-free bonds

24-Sep-13

8.37%

24-Sep-33

13.66

Simple

CRISIL AAA/Stable

INE020B07MQ6

54EC CGTE Bonds Series XVI

30-Apr-22

5.00%

30-Apr-27

797.29

Simple

CRISIL AAA/Stable

INE020B07MR4

54EC CGTE Bonds Series XVI

31-May-22

5.00%

31-May-27

942.45

Simple

CRISIL AAA/Stable

INE020B07MS2

54EC CGTE Bonds Series XVI

30-Jun-22

5.00%

30-Jun-27

929.85

Simple

CRISIL AAA/Stable

INE020B07MT0

54EC CGTE Bonds Series XVI

31-Jul-22

5.00%

31-Jul-27

1231.08

Simple

CRISIL AAA/Stable

INE020B07MU8

54EC CGTE Bonds Series XVI

31-Aug-22

5.00%

31-Aug-27

699.08

Simple

CRISIL AAA/Stable

INE020B07MV6

54EC CGTE Bonds Series XVI

30-Sep-22

5.00%

30-Sep-27

1023.08

Simple

CRISIL AAA/Stable

INE020B07MW4

54EC CGTE Bonds Series XVI

31-Oct-22

5.00%

31-Oct-27

816.8

Simple

CRISIL AAA/Stable

INE020B07MX2

54EC CGTE Bonds Series XVI

30-Nov-22

5.00%

30-Nov-27

956.15

Simple

CRISIL AAA/Stable

INE020B07MY0

54EC CGTE Bonds Series XVI

31-Dec-22

5.00%

31-Dec-27

1044.88

Simple

CRISIL AAA/Stable

INE020B07MZ7

54EC CGTE Bonds Series XVI

31-Jan-23

5.00%

31-Jan-28

854.22

Simple

CRISIL AAA/Stable

INE020B08DW1

Series 214 A

23-Sep-22

7.32%

28-Feb-26

500

Simple

CRISIL AAA/Stable

INE020B08DX9

Series 214 B

23-Sep-22

7.50%

28-Feb-33

1,947.60

Simple

CRISIL AAA/Stable

INE020B08DX9

Series 214 B (reissue)

21-Oct-22

7.50%

28-Feb-33

3,000.00

Simple

CRISIL AAA/Stable

INE020B08DZ4

Series 215

25-Nov-22

7.65%

30-Nov-37

3,889.00

Simple

CRISIL AAA/Stable

INE020B08EA5

Series 216 A

2-Dec-22

7.55%

31-Mar-28

1,701.50

Simple

CRISIL AAA/Stable

INE020B08EB3

Series 216 B

2-Dec-22

7.67%

30-Nov-37

2,000.00

Simple

CRISIL AAA/Stable

INE020B08EC1

Series 217

16-Dec-22

7.53%

31-Mar-33

500

Simple

CRISIL AAA/Stable

INE020B08ED9

Series 218 A

12-Jan-23

7.56%

30-Jun-26

3,000.00

Simple

CRISIL AAA/Stable

INE020B08EE7

Series 218 B

12-Jan-23

7.69%

31-Jan-33

2,004.40

Simple

CRISIL AAA/Stable

INE020B08EF4

Series 219

2-Feb-23

7.60%

28-Feb-26

3,148.70

Simple

CRISIL AAA/Stable

INE020B08CI2

188-B (Reissue)

18-May-23

7.89%

31-Mar-30

2,000.00

Simple

CRISIL AAA/Stable

INE020B08DV3

213 (Reissue)

18-May-23

6.92%

20-Mar-32

2,000.00

Simple

CRISIL AAA/Stable

INE020B08EM0

225

17-Aug-23

7.64%

30-Jun-26

2,210.00

Simple

CRISIL AAA/Stable

INE020B08EP3

227-A

9-Nov-23

7.77%

30-Sep-26

2,670.00

Simple

CRISIL AAA/Stable

INE020B08EQ1

227-B

9-Nov-23

7.71%

31-Oct-33

2,818.70

Simple

CRISIL AAA/Stable

NA

Short-term loans (HDFC Bank)

NA

NA

NA

3500

Simple

CRISIL A1+

NA

Short-term loans (KEB Hana Bank)

NA

NA

NA

100.00

Simple

CRISIL A1+

NA

Working Capital Demand Loan (HDFC Bank)

NA

NA

NA

200

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (ICICI Bank)

NA

NA

NA

2,500.00

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (IDBI Bank)

NA

NA

NA

350

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (IDFC Bank)

NA

NA

NA

300

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (Indian Bank)

NA

NA

NA

1,000.00

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (Indusind Bank)

NA

NA

NA

300

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (Karnataka Bank)

NA

NA

NA

250

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (Mizuho Bank)

NA

NA

NA

850

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (Punjab National Bank)

NA

NA

NA

2,050.00

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (RBL Bank)

NA

NA

NA

500

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (South Indian Bank)

NA

NA

NA

150

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (State Bank of India)

NA

NA

NA

800

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (Union Bank of India)

NA

NA

NA

1750

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (Yes Bank)

NA

NA

NA

1,000.00

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (Indian Overseas Bank)

NA

NA

NA

1,000.00

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (Bank of India)

NA

NA

NA

750.00

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (UCO Bank)

NA

NA

NA

500.00

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan (Standard Chartered Bank)

NA

NA

NA

50.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (Bank Of Baroda )

28-Sep-22

NA

29-Sep-29

1,540.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (Bank Of Baroda )

14-Oct-22

NA

29-Sep-29

1,100.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (Bank Of Baroda )

15-Nov-22

NA

29-Sep-29

360

Simple

CRISIL AAA/Stable

NA

Long-term loans (Bank Of Baroda )

16-Nov-22

NA

29-Sep-29

500

Simple

CRISIL AAA/Stable

NA

Long-term loans (Bank Of Baroda )

18-Nov-22

NA

29-Sep-29

600

Simple

CRISIL AAA/Stable

NA

Long-term loans (Bank Of Baroda )

5-Jan-23

NA

29-Sep-29

400

Simple

CRISIL AAA/Stable

NA

Long-term loans (Bank Of Baroda )

21-Nov-22

NA

29-Sep-29

500

Simple

CRISIL AAA/Stable

NA

Long-term loans (Bank of India )

27-Sep-21

NA

27-Sep-28

200

Simple

CRISIL AAA/Stable

NA

Long-term loans (Bank of India )

5-Oct-21

NA

27-Sep-28

550

Simple

CRISIL AAA/Stable

NA

Long-term loans (Central Bank  )

31-Mar-22

NA

29-Feb-32

500

Simple

CRISIL AAA/Stable

NA

Long-term loans (Central Bank )

26-Sep-22

NA

26-Mar-24

1,500.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (Central Bank )

19-Nov-22

NA

17-Oct-25

400

Simple

CRISIL AAA/Stable

NA

Long-term loans (Deutsche Bank )

21-May-21

NA

21-May-24

500

Simple

CRISIL AAA/Stable

NA

Long-term loans (Deutsche Bank )

15-Jun-22

NA

15-Jun-27

500

Simple

CRISIL AAA/Stable

NA

Long-term loans (HDFC Bank )

15-Jan-19

NA

15-Jan-24

500

Simple

CRISIL AAA/Stable

NA

Long-term loans (HDFC Bank )

17-Nov-21

NA

17-Nov-26

850.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (HDFC Bank )

31-Mar-22

NA

31-Mar-27

2,000.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (HDFC Bank )

7-Sep-22

NA

7-Sep-27

2,000.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (HDFC Bank )

29-Dec-22

NA

29-Dec-27

2,500.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (HDFC Bank )

27-Feb-23

NA

27-Feb-28

1,285.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (HDFC Bank )

4-Mar-23

NA

27-Feb-28

1,215.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (HDFC Bank )

28-Jun-23

NA

27-Jun-28

1,000.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (HDFC Bank )

30-Jun-23

NA

29-Jun-28

1,500.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (HDFC Bank )

30-Sep-23

NA

30-Sep-28

2,500.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (HDFC Bank )

2-Nov-23

NA

2-Nov-28

1,500.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (HSBC )

19-May-20

NA

19-May-25

565.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (HSBC )

18-Dec-20

NA

18-Dec-25

187.50

Simple

CRISIL AAA/Stable

NA

Long-term loans (HSBC )

25-Mar-21

NA

25-Mar-26

900.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (HSBC )

5-Jul-21

NA

6-Jul-26

500

Simple

CRISIL AAA/Stable

NA

Long-term loans (HSBC )

9-Jul-21

NA

9-Jul-26

500

Simple

CRISIL AAA/Stable

NA

Long-term loans (HSBC )

25-Mar-22

NA

25-Mar-30

85

Simple

CRISIL AAA/Stable

NA

Long-term loans (HSBC )

28-Mar-22

NA

28-Mar-30

665

Simple

CRISIL AAA/Stable

NA

Long-term loans (ICICI Bank )

24-Jan-23

NA

23-Jan-30

4000

Simple

CRISIL AAA/Stable

NA

Long-term loans (ICICI Bank )

31-May-23

NA

15-May-28

2000

Simple

CRISIL AAA/Stable

NA

Long-term loans (IIFCL )

26-Feb-21

NA

23-Feb-24

1500

Simple

CRISIL AAA/Stable

NA

Long-term loans (IIFCL )

15-Mar-21

NA

14-Mar-24

500

Simple

CRISIL AAA/Stable

NA

Long-term loans (IIFCL )

26-Mar-21

NA

25-Mar-26

1000

Simple

CRISIL AAA/Stable

NA

Long-term loans (IIFCL )

30-Mar-21

NA

27-Mar-26

1000

Simple

CRISIL AAA/Stable

NA

Long-term loans (IIFCL )

10-Aug-21

NA

9-Aug-26

1000

Simple

CRISIL AAA/Stable

NA

Long-term loans (IIFCL )

29-Jul-22

NA

29-Jul-27

500

Simple

CRISIL AAA/Stable

NA

Long-term loans (IIFCL )

30-Jun-23

NA

30-Jun-28

800

Simple

CRISIL AAA/Stable

NA

Long-term loans (Indian Bank )

5-Aug-22

NA

4-Aug-29

345

Simple

CRISIL AAA/Stable

NA

Long-term loans (Indian Bank )

6-Aug-22

NA

4-Aug-29

320

Simple

CRISIL AAA/Stable

NA

Long-term loans (Indian Bank )

8-Aug-22

NA

4-Aug-29

175

Simple

CRISIL AAA/Stable

NA

Long-term loans (Indian Bank )

10-Aug-22

NA

4-Aug-29

420

Simple

CRISIL AAA/Stable

NA

Long-term loans (Indian Bank )

22-Sep-22

NA

4-Aug-29

240

Simple

CRISIL AAA/Stable

NA

Long-term loans (Jammu & Kashmir Bank )

29-Oct-21

NA

28-Oct-26

300

Simple

CRISIL AAA/Stable

NA

Long-term loans (Karnataka Bank )

15-Jun-22

NA

15-Jun-25

500

Simple

CRISIL AAA/Stable

NA

Long-term loans (Karur Vysya Bank )

29-Oct-21

NA

29-Oct-26

250

Simple

CRISIL AAA/Stable

NA

Long-term loans (NSSF )

13-Dec-18

NA

13-Dec-28

5,000.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (NSSF )

4-Oct-19

NA

4-Oct-29

5,000.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (Punjab & Sind Bank )

9-Dec-22

NA

9-Dec-25

320

Simple

CRISIL AAA/Stable

NA

Long-term loans (Punjab & Sind Bank )

12-Dec-22

NA

9-Dec-25

380

Simple

CRISIL AAA/Stable

NA

Long-term loans (Punjab National Bank )

27-Aug-20

NA

27-Aug-25

50

Simple

CRISIL AAA/Stable

NA

Long-term loans (Punjab National Bank )

24-Sep-20

NA

27-Aug-25

500

Simple

CRISIL AAA/Stable

NA

Long-term loans (Punjab National Bank )

1-Dec-20

NA

27-Aug-25

500

Simple

CRISIL AAA/Stable

NA

Long-term loans (Punjab National Bank )

18-Dec-20

NA

27-Aug-25

950

Simple

CRISIL AAA/Stable

NA

Long-term loans (Punjab National Bank )

11-Nov-21

NA

11-Nov-26

2,000.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (Punjab National Bank )

30-Mar-22

NA

29-Dec-31

500

Simple

CRISIL AAA/Stable

NA

Long-term loans (Punjab National Bank )

31-Mar-22

NA

29-Dec-31

500

Simple

CRISIL AAA/Stable

NA

Long-term loans (Punjab National Bank )

3-Nov-23

NA

3-Nov-28

1,200.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (South Indian Bank )

9-Nov-21

NA

8-Nov-26

60

Simple

CRISIL AAA/Stable

NA

Long-term loans (South Indian Bank )

11-Nov-21

NA

8-Nov-26

240

Simple

CRISIL AAA/Stable

NA

Long-term loans (South Indian Bank )

5-Aug-22

NA

5-Aug-27

200

Simple

CRISIL AAA/Stable

NA

Long-term loans (State Bank of India )

5-Mar-19

NA

5-Mar-24

920

Simple

CRISIL AAA/Stable

NA

Long-term loans (State Bank of India )

15-Jul-20

NA

15-Jul-25

714

Simple

CRISIL AAA/Stable

NA

Long-term loans (State Bank of India )

29-Jul-20

NA

15-Jul-25

1,428.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (State Bank of India )

14-Aug-20

NA

15-Jul-25

1,428.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (State Bank of India )

29-Oct-21

NA

29-Oct-31

2,000.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (State Bank of India )

11-Nov-21

NA

29-Oct-31

1,625.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (State Bank of India )

12-Nov-21

NA

29-Oct-31

200

Simple

CRISIL AAA/Stable

NA

Long-term loans (State Bank of India )

15-Nov-21

NA

29-Oct-31

175

Simple

CRISIL AAA/Stable

NA

Long-term loans (State Bank of India)

12-Dec-22

NA

12-Dec-27

1,712.00

Simple

CRISIL AAA/Stable

NA

Credit Equivalent Exposure (State Bank of India)

NA

NA

NA

800.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (Union Bank of India )

31-Mar-22

NA

31-Mar-31

2,000.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (Union Bank of India )

5-Jan-23

NA

5-Jan-26

1,000.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (Union Bank of India )

30-Sep-23

NA

30-Sep-28

500.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (Union Bank of India )

6-Nov-23

NA

6-Nov-28

500.00

Simple

CRISIL AAA/Stable

NA

Long-term loans (NABFID)

12-Apr-23

NA

31-Mar-33

3,000.00

Simple

CRISIL AAA/Stable

NA

Credit Equivalent Exposure (State Bank of India)

NA

NA

NA

800

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Bank of New York Mellon)

7-Jul-17

NA

7-Jul-27

3,725.40

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Bank of New York Mellon)

22-Mar-18

NA

22-Mar-28

2,483.60

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Bank of New York Mellon)

25-Jul-19

NA

25-Jul-24

5,381.10

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Bank of New York Mellon)

12-Dec-19

NA

12-Dec-24

4,139.30

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Bank of New York Mellon)

1-Mar-21

NA

1-Sep-26

4,139.30

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Bank of New York Mellon)

13-Jul-21

NA

13-Jan-27

3,311.40

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (THE BANK OF YOKOHAMA)

29-Mar-19

NA

29-Mar-24

165.60

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (THE BANK OF YOKOHAMA)

29-Dec-21

NA

29-Dec-26

82.80

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Gunma Bank Ltd)

25-Sep-20

NA

25-Sep-25

62.50

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Gunma Bank Ltd)

25-Aug-21

NA

25-Aug-26

41.40

Simple

CRISIL AAA/Stable

NA

Foreign Currency Term Loan (The Gunma Bank Ltd)

3-Mar-22

NA

3-Mar-27

62.50

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (AfrAsia Bank Limited)

25-Aug-21

NA

25-Aug-26

82.79

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Aozora Asia Pacific Finance Limited)

25-Sep-20

NA

25-Sep-25

93.68

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Aozora Asia Pacific Finance Limited)

3-Mar-22

NA

3-Mar-27

249.80

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Axis Bank)

29-Dec-21

NA

29-Dec-26

41.4

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Axis Bank)

3-Aug-23

NA

3-Aug-28

823.12

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Bank of Baroda)

3-Aug-23

NA

3-Aug-28

2057.81

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Bank of Baroda)

29-Dec-21

NA

29-Dec-26

2,318.00

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Bank of China)

29-Dec-21

NA

29-Dec-26

165.62

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Bank of China)

29-Dec-21

NA

29-Dec-26

331.1

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Bank of India)

31-Aug-23

NA

31-Aug-28

826.64

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Bank of India)

31-Aug-23

NA

31-Aug-28

826.64

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Bank of India)

27-Mar-19

NA

27-Mar-24

2,069.66

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Bank of India)

3-Mar-22

NA

3-Mar-27

360.38

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Bank of India)

29-Dec-21

NA

29-Dec-26

413.9

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Bank of Kaohsiung)

25-Aug-21

NA

25-Aug-26

82.79

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Bank of Taiwan)

25-Aug-21

NA

25-Aug-26

194.55

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Bank of Taiwan)

29-Dec-21

NA

29-Dec-26

248.36

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Canara Bank)

16-Mar-21

NA

16-Mar-26

827.86

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Canara Bank)

25-Aug-21

NA

25-Aug-26

827.86

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Canara Bank)

29-Dec-21

NA

29-Dec-26

1,241.80

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Chang Hwa Commercial Bank Ltd.)

16-Mar-21

NA

16-Mar-26

248.37

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Chang Hwa Commercial Bank Ltd.)

25-Aug-21

NA

25-Aug-26

115.87

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Chang Hwa Commercial Bank Ltd.)

29-Dec-21

NA

29-Dec-26

82.81

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (CTBC Bank Co., Ltd.)

25-Aug-21

NA

25-Aug-26

115.9

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (DBS)

17-Jan-23

NA

17-Jan-24

612.5

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (DBS Bank)

27-Oct-22

NA

27-Oct-27

1,247.50

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (DBS Bank )

29-Mar-19

NA

29-Mar-24

207

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (DBS Bank )

30-Mar-20

NA

30-Mar-25

444.3

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (DBS Bank )

25-Aug-21

NA

25-Aug-26

41.4

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (DBS Bank )

29-Dec-21

NA

29-Dec-26

687.09

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (DBS Bank)

21-Sep-23

NA

21-Sep-28

743.75

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (First Commercial Bank Ltd )

29-Mar-19

NA

29-Mar-24

124.21

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (First Commercial Bank Ltd)

25-Aug-21

NA

25-Aug-26

97.26

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (First Commercial Bank Ltd)

25-Aug-21

NA

25-Aug-26

97.26

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (HSBC)

27-Mar-23

NA

27-Mar-28

625.29

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (HSBC)

31-Oct-22

NA

31-Oct-27

638.59

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (HSBC Bank)

31-Aug-23

NA

31-Aug-28

826.64

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Hua Nan Commercial Bank, Ltd.)

29-Mar-19

NA

29-Mar-24

82.8

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Hua Nan Commercial Bank, Ltd.)

16-Mar-21

NA

16-Mar-26

124.2

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Hua Nan Commercial Bank, Ltd.)

25-Aug-21

NA

25-Aug-26

194.49

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Hua Nan Commercial Bank, Ltd.)

7-Oct-21

NA

7-Oct-26

82.8

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Hua Nan Commercial Bank, Ltd.)

29-Dec-21

NA

29-Dec-26

82.8

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (IIFCL UK)

16-Jun-20

NA

6-Oct-25

1,407.37

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Indian Bank)

16-Mar-21

NA

16-Mar-26

248.33

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Indian Bank)

25-Aug-21

NA

25-Aug-26

165.6

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Indian Overseas Bank)

29-Dec-21

NA

29-Dec-26

538.11

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Korea Development Bank)

25-Aug-21

NA

25-Aug-26

202.8

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan(Mega International Commercial Bank Co., Ltd.)

29-Mar-19

NA

29-Mar-24

165.58

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan(Mega International Commercial Bank Co., Ltd.)

25-Aug-21

NA

25-Aug-26

136.58

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan(Mega International Commercial Bank Co., Ltd.)

29-Dec-21

NA

29-Dec-26

165.58

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Mizuho Bank)

3-Mar-22

NA

3-Mar-27

540.53

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Mizuho Bank)

20-Apr-23

NA

20-Apr-28

798.61

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Mizuho Bank)

26-Jun-23

NA

26-Jun-28

600.28

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (MUFG Bank)

20-Apr-23

NA

20-Apr-28

758.68

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (MUFG Bank)

21-Sep-23

NA

21-Sep-28

1652.78

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (MUFG Bank)

31-Oct-22

NA

31-Oct-27

1,036.40

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (MUFG Bank)

25-Sep-20

NA

25-Sep-25

325.9

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (MUFG Bank)

29-Dec-21

NA

29-Dec-26

1,523.30

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (NDB)

2-Jun-20

NA

2-Jun-30

2,483.59

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (SBI Mauritius Bank Limited)

16-Mar-21

NA

16-Mar-26

82.79

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Shinsei Bank Limited)

29-Mar-19

NA

29-Mar-24

144.88

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (SMBC)

7-Oct-21

NA

7-Oct-26

538.1

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (SMBC)

3-Mar-22

NA

3-Mar-27

1,129.20

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (SMBC)

29-Dec-21

NA

29-Dec-26

190.4

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (State Bank of India)

1-Jul-19

NA

1-Jul-24

827.9

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (State Bank of India)

30-Mar-20

NA

30-Mar-25

620.9

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (State Bank of India)

16-Mar-21

NA

16-Mar-26

1,862.70

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (State Bank of India)

25-Aug-21

NA

25-Aug-26

1,655.70

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (State Bank of India)

13-Jun-22

NA

13-Jun-27

778

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (State Bank of India)

28-Jul-22

NA

28-Jul-27

1,594.90

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (State Bank of India)

13-Sep-22

NA

13-Sep-27

1,195.00

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (State Bank of India)

31-Oct-22

NA

31-Oct-27

418.7

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (State Bank of India)

27-Mar-23

NA

27-Mar-28

2,501.20

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Sunny Bank Ltd.)

25-Aug-21

NA

25-Aug-26

82.78

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Sunny Bank Ltd.)

29-Dec-21

NA

29-Dec-26

41.4

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Taipei Fubon Commercial Bank Co)

29-Mar-19

NA

29-Mar-24

165.57

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Taiwan Business Bank)

25-Aug-21

NA

25-Aug-26

136.58

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Taiwan Business Bank)

29-Dec-21

NA

29-Dec-26

165.59

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Taiwan Cooperative Bank)

25-Aug-21

NA

25-Aug-26

194.52

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Taiwan Cooperative Bank)

29-Dec-21

NA

29-Dec-26

165.60

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Hokkoku Bank Ltd)

29-Mar-19

NA

29-Mar-24

41.39

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Hyakugo Bank Ltd.)

25-Sep-20

NA

25-Sep-25

31.23

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Korea Development Bank)

29-Mar-19

NA

29-Mar-24

144.90

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Nanto Bank Ltd.)

25-Sep-20

NA

25-Sep-25

31.23

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Nishi-Nippon City Bank, Ltd)

25-Aug-21

NA

25-Aug-26

136.60

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Shanghai Commercial & Saving Bank Ltd)

25-Aug-21

NA

25-Aug-26

115.90

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Shiga Bank Ltd)

25-Sep-20

NA

25-Sep-25

62.46

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Shiga Bank Ltd)

25-Aug-21

NA

25-Aug-26

82.78

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Tokyo Star Bank Limited)

25-Sep-20

NA

25-Sep-25

49.96

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (The Woori Bank Ltd )

25-Aug-21

NA

25-Aug-26

165.57

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (UCO Bank)

16-Mar-21

NA

16-Mar-26

124.18

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (UCO Bank)

26-Sep-23

NA

26-Sep-28

831.11

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (Union Bank of India)

29-Dec-21

NA

29-Dec-26

1241.79

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (State Bank of India)

3-Apr-23

NA

3-Apr-24

1234.65

Simple

CRISIL A1+

NA

Foreign Currency Loan (State Bank of India)

20-Apr-23

NA

19-Apr-24

1232.10

Simple

CRISIL A1+

NA

Foreign Currency Loan (State Bank of India)

24-May-23

NA

24-May-24

1033.01

Simple

CRISIL A1+

NA

Foreign Currency Loan (State Bank of India)

24-May-23

NA

24-May-24

621.79

Simple

CRISIL A1+

NA

Foreign Currency Loan (State Bank of India)

7-Jun-23

NA

7-Jun-24

619.05

Simple

CRISIL A1+

NA

Foreign Currency Loan (State Bank of India)

3-Aug-23

NA

3-Aug-28

1275.84

Simple

CRISIL A1+

NA

Foreign Currency Loan (State Bank of India)

31-Aug-23

NA

31-Aug-28

2851.92

Simple

CRISIL A1+

NA

Foreign Currency Loan (ICICI Bank)

21-Apr-23

NA

19-Apr-24

1232.10

Simple

CRISIL A1+

NA

Foreign Currency Loan (ICICI Bank)

26-May-23

NA

10-May-24

1233.63

Simple

CRISIL A1+

NA

Foreign Currency Loan (ICICI Bank)

2-Jun-23

NA

14-May-24

1645.31

Simple

CRISIL A1+

NA

Foreign Currency Loan (ICICI Bank)

21-Jun-23

NA

16-May-24

1234.95

Simple

CRISIL A1+

NA

Foreign Currency Loan (ICICI Bank)

11-Jul-23

NA

11-Jul-24

1033.94

Simple

CRISIL A1+

NA

Foreign Currency Loan (ICICI Bank)

9-Aug-23

NA

9-Aug-24

1241.10

Simple

CRISIL A1+

NA

Foreign Currency Loan (ICICI Bank)

22-Sep-23

NA

22-Sep-24

832.10

Simple

CRISIL A1+

NA

Foreign Currency Loan (ICICI Bank )

30-Dec-22

NA

29-Dec-23

1,658.00

Simple

CRISIL A1+

NA

Foreign Currency Loan (ICICI Bank )

15-Feb-23

NA

15-Feb-24

1,240.20

Simple

CRISIL A1+

NA

Foreign Currency Loan (SMBC Bank)

20-Apr-23

NA

20-Apr-28

798.61

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (SMBC Bank)

21-Sep-23

NA

21-Sep-28

1446.18

Simple

CRISIL AAA/Stable

NA

Foreign Currency Loan (EXIM Bank)

14-Sep-23

NA

14-Sep-28

829.65

Simple

CRISIL AAA/Stable

Notes: Institutional bonds, 54EC Capital Gain Tax Exemption Bonds, Tax-free bonds, zero coupon bonds, infrastructure bonds and term loans from banks/financial institution are part of long-term borrowing programme,

^^Not yet issued

@@ GOI fully serviced bonds

 

Annexure: Details of rating withdrawn

ISIN

Name of instrument

Date of allotment

Coupon rate (%)

Maturity date

Issue size (Rs. Crore)

Complexity

Level

Rating with outlook 

INE020B08DC3

Infrastructure Bonds

28-Aug-2020

5.69%

30-Sep-2023

2474

Simple

Withdrawn

INE020B08849

Institutional Bonds

31-May-2013

8.06%

31-May-2023

2500

Simple

Withdrawn

INE020B07KX6

Institutional Bonds

31-Jul-2018

5.75%

31-Jul-2023

683.92

Simple

Withdrawn

INE020B07LC8

Institutional Bonds

31-Dec-2018

5.75%

31-Dec-2023

565.71

Simple

Withdrawn

INE020B07LA2

Institutional Bonds

31-Oct-2018

575.00%

31-Oct-2023

507.79

Simple

Withdrawn

INE020B07KW8

Institutional Bonds

30-Jun-2018

5.75%

30-Jun-2023

504.74

Simple

Withdrawn

INE020B07KY4

Institutional Bonds

31-Aug-2018

5.75%

31-Aug-2023

499.33

Simple

Withdrawn

INE020B07KZ1

Institutional Bonds

30-Sep-2018

5.75%

30-Sep-2023

493.84

Simple

Withdrawn

INE020B07LB0

Institutional Bonds

30-Nov-2018

5.75%

30-Nov-2023

480.95

Simple

Withdrawn

INE020B07KV0

Institutional Bonds

31-May-2018

5.75%

31-May-2023

438.29

Simple

Withdrawn

INE020B08CN2

Institutional Bonds

25-Feb-2020

6.80%

30-Jun-2023

1100

Simple

Withdrawn

INE020B08CC5

Institutional Bonds

26-Sep-2019

7.55%

26-Sep-2023

300

Simple

Withdrawn

INE020B08CY9

Long-term principal protected market-linked debentures

8-Jul-2020

Linked to 10 year G-Sec

30-Jun-2023

500

Highly Complex

Withdrawn

INE020B07HR4

Tax-free bonds

24-Sep-2013

8.26%

24-Sep-2023

35.45

Simple

Withdrawn

INE020B07HO1

Tax-free bonds

24-Sep-2013

8.01%

24-Sep-2023

245.54

Simple

Withdrawn

INE020B07HM5

Tax-free bonds

29-Aug-2013

8.01%

29-Aug-2023

209

Simple

Withdrawn

INE020B07HU8

Tax-free bonds

11-Oct-2013

8.18%

11-Oct-2023

105

Simple

Withdrawn

-

Short term borrowing programme

01-Apr-2022

-

31-Mar-2023

10,000

Simple

Withdrawn

 

Annexure – List of entities consolidated

Names of Entities Consolidated Extent of Consolidation Rationale for Consolidation
REC Power Development and Consultancy Ltd* Full Subsidiary

*Formerly known as REC Power Distribution Company Ltd

Annexure - Rating History for last 3 Years
  Current 2023 (History) 2022  2021  2020  Start of 2020
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Bond LT 15000.0 CRISIL AAA/Stable 16-05-23 CRISIL AAA/Stable 07-06-22 CRISIL AAA/Stable 31-03-21 CRISIL AAA/Stable 08-10-20 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 31-03-23 CRISIL AAA/Stable 31-03-22 CRISIL AAA/Stable   -- 10-08-20 CRISIL AAA/Stable --
      -- 02-03-23 CRISIL AAA/Stable 24-03-22 CRISIL AAA/Stable   -- 26-05-20 CRISIL AAA/Stable --
      -- 07-02-23 CRISIL AAA/Stable   --   -- 30-03-20 CRISIL AAA/Stable --
Long-Term Borrowing Programme LT 587277.24 CRISIL AAA/Stable 16-05-23 CRISIL AAA/Stable 07-06-22 CRISIL AAA/Stable 31-03-21 CRISIL AAA/Stable 08-10-20 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 31-03-23 CRISIL AAA/Stable 31-03-22 CRISIL AAA/Stable   -- 10-08-20 CRISIL AAA/Stable --
      -- 02-03-23 CRISIL AAA/Stable 24-03-22 CRISIL AAA/Stable   -- 26-05-20 CRISIL AAA/Stable --
      -- 07-02-23 CRISIL AAA/Stable   --   -- 30-03-20 CRISIL AAA/Stable --
Perpetual Non Convertible Debentures LT 8000.0 CRISIL AAA/Stable 16-05-23 CRISIL AAA/Stable 07-06-22 CRISIL AAA/Stable 31-03-21 CRISIL AAA/Stable 08-10-20 CRISIL AAA/Stable --
      -- 31-03-23 CRISIL AAA/Stable 31-03-22 CRISIL AAA/Stable   --   -- --
      -- 02-03-23 CRISIL AAA/Stable 24-03-22 CRISIL AAA/Stable   --   -- --
      -- 07-02-23 CRISIL AAA/Stable   --   --   -- --
Short Term Borrowing programme ST 40000.0 CRISIL A1+ 16-05-23 CRISIL A1+ 07-06-22 CRISIL A1+ 31-03-21 CRISIL A1+ 08-10-20 CRISIL A1+ CRISIL A1+
      -- 31-03-23 CRISIL A1+ 31-03-22 CRISIL A1+   -- 10-08-20 CRISIL A1+ --
      -- 02-03-23 CRISIL A1+ 24-03-22 CRISIL A1+   -- 26-05-20 CRISIL A1+ --
      -- 07-02-23 CRISIL A1+   --   -- 30-03-20 CRISIL A1+ --
Short Term Debt ST   --   --   --   -- 30-03-20 Withdrawn CRISIL A1+
Long Term Principal Protected Market Linked Debentures LT 1000.0 CRISIL PPMLD AAA/Stable 16-05-23 CRISIL PPMLD AAA/Stable 07-06-22 CRISIL PPMLD AAA r /Stable 31-03-21 CRISIL PPMLD AAA r /Stable 08-10-20 CRISIL PPMLD AAA r /Stable --
      -- 31-03-23 CRISIL PPMLD AAA/Stable 31-03-22 CRISIL PPMLD AAA r /Stable   -- 10-08-20 CRISIL PPMLD AAA r /Stable --
      -- 02-03-23 CRISIL PPMLD AAA/Stable 24-03-22 CRISIL PPMLD AAA r /Stable   -- 26-05-20 CRISIL PPMLD AAA r /Stable --
      -- 07-02-23 CRISIL PPMLD AAA/Stable   --   --   -- --
All amounts are in Rs.Cr.

Annexure – Details of Bank Lenders/Facilities

Facility

Amount (Rs crore)

Name of lender

Rating

Short Term Loan

3,500

HDFC Bank Limited

CRISIL A1+

Short Term Loan

100

KEB Hana Bank

CRISIL A1+

Working Capital Demand Loan

200

HDFC Bank Limited

CRISIL AAA/Stable

Working Capital Demand Loan

2,500.00

ICICI Bank Limited

CRISIL AAA/Stable

Working Capital Demand Loan

350

IDBI Bank Limited

CRISIL AAA/Stable

Working Capital Demand Loan

300

IDFC First Limited

CRISIL AAA/Stable

Working Capital Demand Loan

1,000.00

Indian Bank

CRISIL AAA/Stable

Working Capital Demand Loan

300

IndusInd Bank

CRISIL AAA/Stable

Working Capital Demand Loan

250

The Karnataka Bank Limited

CRISIL AAA/Stable

Working Capital Demand Loan

850

Mizuho  Bank

CRISIL AAA/Stable

Working Capital Demand Loan

2,050.00

Punjab National Bank

CRISIL AAA/Stable

Working Capital Demand Loan

500

RBL Bank Limited

CRISIL AAA/Stable

Working Capital Demand Loan

150

South Indian Bank

CRISIL AAA/Stable

Working Capital Demand Loan

800

State Bank of India

CRISIL AAA/Stable

Working Capital Demand Loan

1750

Union Bank Of India

CRISIL AAA/Stable

Working Capital Demand Loan

1,000.00

YES Bank Limited

CRISIL AAA/Stable

Working Capital Demand Loan

1,000.00

Indian Overseas Bank

CRISIL AAA/Stable

Working Capital Demand Loan

750.00

Bank of India

CRISIL AAA/Stable

Working Capital Demand Loan

500.00

UCO Bank

CRISIL AAA/Stable

Working Capital Demand Loan

50.00

Standard Chartered Bank Limited

CRISIL AAA/Stable

Foreign Currency Term Loan

4102.49

Sumitomo Mitsui Banking Corporation

CRISIL AAA/Stable

Foreign Currency Term Loan

82.79

AfrAsia Bank Limited

CRISIL AAA/Stable

Foreign Currency Term Loan

343.48

Aozora Asia Pacific Finance Limited

CRISIL AAA/Stable

Foreign Currency Term Loan

864.52

Axis Bank Limited

CRISIL AAA/Stable

Foreign Currency Term Loan

4375.81

Bank of Baroda

CRISIL AAA/Stable

Foreign Currency Term Loan

496.72

Bank of China

CRISIL AAA/Stable

Foreign Currency Term Loan

4497.23

Bank of India

CRISIL AAA/Stable

Foreign Currency Term Loan

82.79

Bank of Kaohsiung

CRISIL AAA/Stable

Foreign Currency Term Loan

442.91

Bank of Taiwan

CRISIL AAA/Stable

Foreign Currency Term Loan

2897.52

Canara Bank Of India

CRISIL AAA/Stable

Foreign Currency Term Loan

447.05

Chang Hwa Commercial Bank Ltd.

CRISIL AAA/Stable

Foreign Currency Term Loan

115.9

CTBC Bank Co., Ltd.

CRISIL AAA/Stable

Foreign Currency Term Loan

3983.54

DBS Bank Limited

CRISIL AAA/Stable

Foreign Currency Term Loan

318.73

First Commercial Bank Ltd

CRISIL AAA/Stable

Foreign Currency Term Loan

2090.52

The Hongkong and Shanghai Banking Corporation Limited

CRISIL AAA/Stable

Foreign Currency Term Loan

567.09

Hua Nan Commercial Bank, Ltd.

CRISIL AAA/Stable

Foreign Currency Term Loan

11351.32

ICICI Bank Limited

CRISIL A1+

Foreign Currency Term Loan

1407.37

India Infrastructure Finance Company Ltdd

CRISIL AAA/Stable

Foreign Currency Term Loan

413.93

Indian Bank Limited

CRISIL AAA/Stable

Foreign Currency Term Loan

538.11

Indian Overseas Bank

CRISIL AAA/Stable

Foreign Currency Term Loan

347.71

Korean Development Bank

CRISIL AAA/Stable

Foreign Currency Term Loan

467.74

Mega International Commercial Bank Co., Ltd.

CRISIL AAA/Stable

Foreign Currency Term Loan

1939.42

Mizuho Bank

CRISIL AAA/Stable

Foreign Currency Term Loan

5297.06

MUFG Bank

CRISIL AAA/Stable

Foreign Currency Term Loan

2483.59

New Development Bank

CRISIL AAA/Stable

Foreign Currency Term Loan

82.79

SBI Mauritius Bank Limited

CRISIL AAA/Stable

Foreign Currency Term Loan

144.88

Shinsei Bank Limited

CRISIL AAA/Stable

Foreign Currency Term Loan

11455

State Bank of India

CRISIL AAA/Stable

Foreign Currency Term Loan

8868.36

State Bank of India

CRISIL A1+

Foreign Currency Term Loan

124.18

Sunny Bank Ltd.

CRISIL AAA/Stable

Foreign Currency Term Loan

165.57

Taipei Fubon Commercial Bank Co

CRISIL AAA/Stable

Foreign Currency Term Loan

302.17

Taiwan Business Bank

CRISIL AAA/Stable

Foreign Currency Term Loan

360.12

Taiwan Cooperative Bank

CRISIL AAA/Stable

Foreign Currency Term Loan

23180.1

The Bank of New York Mellon

CRISIL AAA/Stable

Foreign Currency Term Loan

248.4

THE BANK OF YOKOHAMA

CRISIL AAA/Stable

Foreign Currency Term Loan

166.4

The Gunma Bank Ltd

CRISIL AAA/Stable

Foreign Currency Term Loan

41.39

The Hokkoku Bank Ltd

CRISIL AAA/Stable

Foreign Currency Term Loan

31.23

The Hyakugo Bank Ltd.

CRISIL AAA/Stable

Foreign Currency Term Loan

31.23

The Nanto Bank Ltd.

CRISIL AAA/Stable

Foreign Currency Term Loan

136.6

The Nishi-Nippon City Bank, Ltd

CRISIL AAA/Stable

Foreign Currency Term Loan

115.9

The Shanghai Commercial & Saving Bank Ltd

CRISIL AAA/Stable

Foreign Currency Term Loan

145.24

The Shiga Bank Ltd

CRISIL AAA/Stable

Foreign Currency Term Loan

49.96

The Tokyo Star Bank Limited

CRISIL AAA/Stable

Foreign Currency Term Loan

165.57

The Woori Bank

CRISIL AAA/Stable

Foreign Currency Term Loan

955.29

UCO Bank Limited

CRISIL AAA/Stable

Foreign Currency Term Loan

1241.79

Union Bank of India

CRISIL AAA/Stable

Foreign Currency Term Loan

829.65

Export Import Bank of India

CRISIL AAA/Stable

Long Term Loan

5000

Bank Of Baroda

CRISIL AAA/Stable

Long Term Loan

2403.29

Bank of India

CRISIL AAA/Stable

Long Term Loan

2400

Central Bank of India

CRISIL AAA/Stable

Long Term Loan

1000

Deutsche Bank

CRISIL AAA/Stable

Long Term Loan

16850

HDFC Bank Limited

CRISIL AAA/Stable

Long Term Loan

3402.5

The Hongkong and Shanghai Banking Corporation Limited

CRISIL AAA/Stable

Long Term Loan

6000

ICICI Bank Limited

CRISIL AAA/Stable

Long Term Loan

6300

India Infrastructure Finance Company Ltd

CRISIL AAA/Stable

Long Term Loan

1500

Indian Bank Limited

CRISIL AAA/Stable

Long Term Loan

300

Jammu & Kashmir Bank

CRISIL AAA/Stable

Long Term Loan

500

The Karnataka Bank Limited

CRISIL AAA/Stable

Long Term Loan

250

Karur Vysya Bank Limited

CRISIL AAA/Stable

Long Term Loan

10000

National Small Saving Fund

CRISIL AAA/Stable

Long Term Loan

700

Punjab & Sind Bank

CRISIL AAA/Stable

Long Term Loan

6200

Punjab National Bank

CRISIL AAA/Stable

Long Term Loan

500

South Indian Bank

CRISIL AAA/Stable

Long Term Loan

10202

State Bank of India

CRISIL AAA/Stable

Credit Equivalent

800

State Bank of India

CRISIL AAA/Stable

Long Term Loan

4000

Union Bank of India

CRISIL AAA/Stable

Long Term Loan

3000

The National Bank for Financing Infrastructure and Development

CRISIL AAA/Stable

 

Criteria Details
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Banks and Financial Institutions
CRISILs Criteria for rating short term debt
Criteria for Notching up Stand Alone Ratings of Entities Based on Government Support
CRISILs Criteria for Consolidation

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