Detailed Rationale

CRISIL Ratings has assigned its 'CRISIL AAA/Stable' rating to Rs.2,000 crore non-convertible debentures of Tata Capital Financial Services Limited (TCFSL). CRISIL Ratings has also reaffirmed its ratings on the company's other debt instruments at 'CRISIL AAA/CRISIL PPMLD AAA/CRISIL AA+/Stable/CRISIL A1+’.

 

For arriving at its ratings, CRISIL Ratings has combined the business and financial risk profiles of Tata Capital Limited and its subsidiaries TCFSL, Tata Capital Housing Finance Limited (TCHFL), Tata Cleantech Capital Limited (TCCL), Tata Securities Ltd and Tata Capital Pte Ltd, Singapore), all together referred to as Tata Capital Limited (TCL) group.

 

CRISIL Ratings notes that on March 28, 2023, the board of TCCL approved a scheme of arrangement involving merger of TCFSL and TCCL with the parent company TCL. TCL would then be registered as NBFC-ICC (Investment and Credit Company) instead of NBFC-CIC (Core Investment Company). TCHFL shall continue to operate as an HFC and will be a subsidiary of the merged entity. The merger is subject to requisite regulatory approvals.

 

CRISIL Ratings understands that the merger is a part of the group’s broader plans to meet the revised regulatory framework for its subsidiary, TCFSL identified as an Upper Layer NBFC, pursuant to RBI’s scale-based regulations. The merger would further enable simplified organizational structure and improve operational and management efficiencies. Since CRISIL Ratings follows a consolidated analytical approach at TCL group level for evaluating credit profiles of TCL, TCFSL, TCHFL and TCCL, the proposed merger is unlikely to impact the ratings of the group. CRISIL Ratings shall monitor further developments on the above transaction and its impact on the group’s overall business profile.

 

Ratings for TCL group is driven by increased strategic importance of the financial services business to Tata Sons Private Limited (Tata Sons; rated 'CRISIL AAA/Stable/CRISIL A1+'). This is in line with the Tata group's focus on domestic consumption as a key theme in their growth philosophy. The TCL group, as the principal vehicle for non-captive lending, plays a key role through which this strategy will be implemented.

 

The rating also factors in the strong support by the parent Tata Sons demonstrated by articulation of its intention to (i) to maintain majority shareholding in the TCL group, (ii) to assist TCL group in organizing for any shortfall in maintaining capital adequacy as per applicable regulations and (iii) to conduct the business of TCL group in a manner that would enable TCL group to perform its obligations to all lenders and debt holders in full and timely manner.

 

The prefix 'PP-MLD' indicates that the principal amount of the debentures is protected, while returns remain market-linked. Also, payments to investors are not fixed and are linked to external variables such as government yield, commodity prices, equity indices, foreign exchange rates, or equity valuation of the company.

Analytical Approach

For arriving at its ratings, CRISIL Ratings has combined the business and financial risk profiles of TCL and its subsidiaries TCFSL, TCHFL, TCCL, Tata Securities Ltd and Tata Capital Pte Ltd, Singapore). This is because they have significant operational and management linkages and operate under the common Tata Capital brand. The ratings also factor in strong support from TCL’s parent, Tata Sons given the strategic importance of TCL and its subsidiaries as the principal vehicle of non-captive lending in the group and the Tata Sons’ strong articulation of support.

 

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, and expectation of strong support from the ultimate parent, Tata Sons

The ratings on debt instruments of TCL group continue to be based on the expectation of strong support that the group is expected to receive from the ultimate parent, Tata Sons. This is due to Tata Sons’ majority ownership in the TCL group, coupled with the increasing importance of the financial services business to the Tata group.

 

Tata Sons directly owns 94.55% of TCL's equity shares and most of the remaining stake is held by the other Tata group companies and trusts. TCL in turn holds 100% stake in its two main subsidiaries- TCFSL and TCHFL. Tata Sons also has personnel from its senior management on TCL's board. Tata Sons has infused of Rs 6,300 crore in Tata Capital since inception of which Rs 1,000 crore was infused in fiscal 2020 and Rs 2,500 crore was in fiscal 2019 indicating the intent of the group to step up its focus on the lending business.

 

TCL group, as the Tata group’s non-captive lending vehicle, is the primary financial services arm, and remains critical to the group, given the growth opportunities in this sector over the medium to long term. TCL group is also strategically important to the Tata group because it caters to the funding requirements of various entities associated with the group, such as its suppliers, vendors, and dealers. The shared brand and infrastructural synergies with various Tata group companies strengthen the integration of the TCL group with the overall Tata group. Business synergies are set to increase further as TCL taps into the Tata group ecosystem as part of its growth strategy. CRISIL Ratings believes that Tata Sons will continue to have majority ownership in, and management control of TCL and its subsidiaries, over the medium term.

 

* Comfortable capitalization to support medium term growth plans, supported by regular infusion from parent

TCL group has comfortable capitalization, with consolidated net worth (including Compulsorily Convertible Preference Shares and minority interest) of Rs 13,946 crore as on March 31, 2022 as compared to consolidated networth of Rs 11,966 crore as on March 31, 2021. The group companies TCFSL, TCHFL and TCCL remain adequately capitalised and the TCL Group has been supported by regular infusion from its parent to support growth. The combined networth stood at Rs 14,194 crore as on September 30, 2022. Thereafter, TCL has raised equity of Rs 593.8 crore during March 2023 through rights issue.

 

As on September 30, 2022, the net worth of TCFSL was Rs 8,450 crore and gearing was 6.2 times (Rs 7,763 crore and 6.3 times as on March 31, 2022). Thereafter, TCL infused funds of Rs 1150 crore in form of equity shares into TCFSL during second half of fiscal 2023. The capital adequacy of TCFSL was comfortable with tier-1 capital level of 12.1% and total capital ratio of 17.1% as on September 30, 2022.

 

For TCHFL, as on September 30, 2022, the net worth was Rs 3,938 crore and gearing was 7.6 times (Rs 3,567 crore and gearing was 7.6 times as on March 31, 2022). Thereafter, TCL infused funds of Rs 500 crore in form of equity shares into TCHFL in March 2023. The capital adequacy of TCHFL was comfortable with tier-1 capital level of 14.8% and total capital ratio of 18.6% as on September 30, 2022.

 

For TCCL, the networth was Rs 1,805 crore and the gearing was 4.6 times as on September 30, 2022 (Rs 1,677 crore and the gearing was 4.0 times as on March 31, 2022). The tier-1 capital and total capital ratio of TCCL was 16.8% and 22.1% as on September 30, 2022.

 

TCL’s consolidated gearing stood at 6.1 times as on March 31, 2022 as compared to consolidated gearing at 5.7 times as on March 31, 2021. CRISIL Ratings believes that TCL group is adequately capitalized to absorb asset-side risks. CRISIL Ratings also believes that despite its significant growth plans, TCL group's capitalization is expected to remain comfortable, given Tata Sons' commitment to support growth in the financial services business.

 

* Diversified resource profile

TCL group also has access to funding from a diverse base of lenders; the funding profile is balanced with a mix of non-convertible debentures, bank borrowings, and short-term debt. As on September 30, 2022, overall market borrowings stood at about 52% of total borrowings. TCL and its subsidiaries have the ability to mobilize debt at competitive costs, given their association with the Tata group. The overall quantum of resources raised in fiscal 2022 and first half of fiscal 2023 were Rs 107,781 crore (includes CP raised for IPO financing) and Rs 31,085 crore respectively.

 

Weaknesses

* Average asset quality, albeit on improving trend

On a consolidated basis, TCL group's gross non-performing assets (NPAs) and net NPAs improved to 1.9% and 0.6% respectively as on September 30, 2022 (1.9% and 0.6% respectively as on March 31, 2022) from 2.5% and 0.9 respectively as on March 31, 2021. The provision coverage ratio stood at 67% as on September 30, 2022 (71% as on March 31, 2022).

 

In case of TCFSL, the gross stage-3 improved to 2.1% as on September 30, 2022 (2.2% as on March 31, 2022) from 3.0% as on March 31, 2021. The company's provision coverage ratio for stage-3 assets was 78% as on September 30, 2022 thereby translating into net NPA to 0.5%. Additionally, restructuring in TCFSL was 2% (Rs 1,232 crore) of the portfolio as on September 30, 2022.

 

TCHFL's reported stage-3 improved to 1.6% as on September 30, 2022 (1.6% as on March 31, 2022) from 2.1% as on March 31, 2021. The provision coverage ratio stood at 50% as on September 30, 2022 leading to net NPA of 0.8%. Additionally, restructuring in TCHFL was 4% (Rs 1,369 crore) of the portfolio as on September 30, 2022.

 

TCCL had stage-3 assets ratio of 1.5% and net NPA ratio of 1.1% as on September 30, 2022 as compared to 0.9% and 0.5% respectively as on March 31, 2022 (1.0% and 0.6% respectively as on March 31, 2021). The provisioning coverage ratio of TCCL was 26% as on September 30, 2022.

 

All the Tata Capital group companies have put necessary systems in place for recognition of asset quality metrics as per the new norms of November 2021. However, the impact on the asset quality, especially in riskier segments such as unsecured lending and the wholesale lending remains a key monitorable.

 

* Moderate earnings profile

TCL group’s profitability has depicted improvement over last few years. TCL’s consolidated PAT grew by 45% to Rs 1,801 crore in fiscal 2022 from Rs 1,245 crore reported for fiscal 2021, driven by lower credit costs as well as lower cost of funding. Total provisioning expense for fiscal 2022 amounted to Rs 1,081 crore as compared to Rs 1,398 crore in fiscal 2021, with a healthy provision coverage ratio of 71% (65% as on March 31, 2021). TCL reported a consolidated PAT of Rs 1,205 crore and ROTA of 2.5% (annualised) for the first half of fiscal 2023.

 

TCFSL reported an increase in PAT to Rs 817 crore on a total income (net of interest expense) of Rs 3,454 crore in fiscal 2022 from PAT of Rs 677 crore on a total income (net of interest expense) of Rs 3,096 crore in fiscal 2021. The return on assets stood stable at 1.5% in fiscal 2022 as compared to 1.4% in fiscal 2021. The provisioning expense for fiscal 2022 amounted to Rs 890 crore as compared to Rs 1,013 crore for fiscal 2021. For the first half of fiscal 2023, TCFSL reported PAT and ROTA of Rs 713 crore and 2.3% (annualised) respectively.

 

TCHFL reported an increase in PAT to Rs 569 crore on a total income (net of interest expense) of Rs 1,325 crore in fiscal 2022 from PAT of Rs 355 crore on a total income (net of interest expense) of Rs 1,130 crore in fiscal 2021. The return on assets improved to 1.9% in fiscal 2022 from 1.2% in fiscal 2021. The provisioning expense for fiscal 2022 amounted to Rs 163 crore as compared to Rs 357 crore for fiscal 2021. For the first half of fiscal 2023, TCFSL reported PAT and ROTA of Rs 388 crore and 2.3% (annualised) respectively.

 

TCCL reported an increase in PAT to Rs 204 crore on a total income (net of interest expense) of Rs 352 crore in fiscal 2022 from PAT of Rs 168 crore on a total income (net of interest expense) of Rs 290 crore in fiscal 2021. The return on assets stood healthy at 2.7% in fiscal 2022 (2.6% in fiscal 2021). For the first half of fiscal 2023, TCCL reported PAT and ROTA of Rs 130 crore and 2.8% (annualised) respectively.

 

CRISIL Ratings estimates that given a healthy provision coverage ratio, the incremental stress in the current loan portfolio from Covid-19 would be limited. However, the performance of the restructured portfolio of the group and its impact on profitability and credit cost remains monitorable.

Liquidity: Superior

TCFSL’s Asset Liability Management (ALM) as on December 31, 2022 shows no cumulative negative mismatches upto 1 year maturity bucket (the inflows include existing committed bank lines). Also, TCL’s consolidated ALM statement as on March 31, 2022 shows no cumulative negative mismatches upto 1 year maturity bucket (the inflows include existing committed bank lines).

 

In terms of liquidity, as on March 31, 2023, TCL Group had total liquid balances of Rs 20,376 crore (cash equivalents and liquid investments of Rs 11,491 crore and unutilised working capital bank lines of Rs 8,885 crore). Additionally, it also had available undrawn term loans of ~Rs 2,695 crore as on March 31, 2023.

 

The external debt repayment cover of TCL Group for two months was 1.7 times and TCL Group had external debt repayments of Rs 11,834 crore over the next two months ending May 31, 2023.

Outlook: Stable

CRISIL Ratings believes that TCL group will remain highly strategically important to Tata Sons, and continue to benefit from the strong parent support over the medium term. The outlook may be revised to ‘Negative’ in case of a decline in Tata Sons’ credit quality or in CRISIL Ratings’ view, a diminution in expected support to TCL group. The outlook may also be revised to ‘Negative’ in case of significant pressure on the TCL group’s asset quality, impacting the group’s earnings.

Rating Sensitivity Factors

Downward factors

* Downward revision in the credit rating of Tata Sons Private Limited (Tata Sons)

* Any change in the support philosophy of Tata Sons resulting in reduced support to Tata Capital Group

* Sharp deterioration in consolidated asset quality with consolidated gross NPA remaining above 6% and in-turn impacting capital and earnings.

About the Company

TCFSL is a wholly subsidiary of TCL, registered with the Reserve Bank of India as a Systemically Important Non-Deposit Accepting Non-Banking Financial Company (NBFC) and offers fund and fee-based financial services to its customers. A trusted and customer- centric, one-stop financial services provider, TCFSL caters to the diverse needs of retail, corporate and institutional customers, across various areas of business namely the Commercial Finance, Wealth Management, Consumer Loans. It has a diversified product portfolio, with almost equal presence across both retail and wholesale finance segments. As on March 31, 2022, TCFSL had net worth of Rs 7,763 crore.

 

TCL is the holding company for the financial services businesses of the Tata Capital group and is registered with the Reserve Bank of India as a systemically important, non-deposit-taking, Core Investment Company. Tata Capital has a diversified product portfolio with a presence in both the wholesale and retail finance segments. It had sizeable AUM of Rs 94,349 crore as on March 31, 2022 (Rs 77,219 crore as on March 31, 2021). The fund-based products and services are primarily offered by TCFSL (both wholesale and retail finance segments), TCHFL (mortgage finance), and TCCL (infrastructure finance). The fee-based services distribution of mutual funds and insurance products, stock broking, and investment banking are offered through the wholly owned subsidiary, Tata Securities Ltd.

Any other information: Not applicable

Annexure - Details of Instrument(s)

ISIN	Name of the instrument	Date of	Coupon	Maturity Date	Complexity Level	Size of the issue (in.Cr)	Rating assigned
NA	Commercial Paper	NA	NA	7-365 days	Simple	15,000.00	CRISIL A1+
INE306N07NB4	Long Term Principal Protected Market Linked Debentures	19-Sep-22	GSEC Linked	19-Aug-25	Highly Complex	43.00	CRISIL PPMLD AAA/Stable
NA	Long Term Principal Protected Market Linked Debentures@	NA	NA	NA	Highly Complex	1,444.90	CRISIL PPMLD AAA/Stable
INE306N07MN1	Non convertible debentures	29-Sep-21	7.10%	29-Sep-31	Simple	449.00	CRISIL AAA/Stable
INE306N07KK1	Non convertible debentures	19-Dec-18	9.25%	19-Dec-23	Simple	194.00	CRISIL AAA/Stable
INE306N07KK1	Non convertible debentures	3-Jan-19	9.25%	19-Dec-23	Simple	97.50	CRISIL AAA/Stable
INE306N07KL9	Non convertible debentures	19-Dec-18	9.25%	19-Dec-28	Simple	112.00	CRISIL AAA/Stable
INE306N07KL9	Non convertible debentures	3-Jan-19	9.25%	19-Dec-28	Simple	23.00	CRISIL AAA/Stable
INE306N07DT7	Non convertible debentures	20-Nov-14	9.36%	20-Nov-24	Simple	95.00	CRISIL AAA/Stable
INE306N07EC1	Non convertible debentures	8-Dec-14	9.22%	6-Dec-24	Simple	75.00	CRISIL AAA/Stable
INE306N07LB8	Non convertible debentures	27-May-19	8.82%	27-May-24	Simple	218.00	CRISIL AAA/Stable
INE306N07LC6	Non convertible debentures	4-Jun-19	8.67%	15-Jan-25	Simple	30.00	CRISIL AAA/Stable
INE306N07LE2	Non convertible debentures	20-Jun-19	8.65%	20-Jun-24	Simple	88.50	CRISIL AAA/Stable
INE306N07LF9	Non convertible debentures	20-Jun-19	8.70%	20-Jun-29	Simple	273.00	CRISIL AAA/Stable
INE306N07LO1	Non convertible debentures	6-Nov-19	8.50%	6-Nov-29	Simple	100.00	CRISIL AAA/Stable
INE306N07LV6	Non convertible debentures	29-Apr-20	7.65%	29-Apr-25	Simple	40.00	CRISIL AAA/Stable
INE306N07NA6	Non convertible debentures	07-Sep-22	7.68%	07-Sep-27	Simple	206	CRISIL AAA/Stable
INE306N07ND0	Non convertible debentures	19-Oct-22	8%	19-Oct-27	Simple	500	CRISIL AAA/Stable
INE306N07NF5	Non convertible debentures	18-Nov-22	7.89%	18-Nov-25	Simple	950	CRISIL AAA/Stable
INE306N07NH1	Non convertible debentures	17-Jan-23	7.8973%	17-Apr-26	Simple	500	CRISIL AAA/Stable
INE306N07NI9	Non convertible debentures	08-Feb-23	7.95%	08-Feb-28	Simple	262	CRISIL AAA/Stable
INE306N07NJ7	Non convertible debentures	21-Feb-23	8.05%	21-Feb-33	Simple	81	CRISIL AAA/Stable
INE306N07NK5	Non convertible debentures	21-Feb-23	8.1165%	21-May-26	Simple	130	CRISIL AAA/Stable
INE306N08490	Non convertible debentures	19-Mar-19	8.93%	17-Mar-34	Simple	590	CRISIL AAA/Stable
INE306N08508	Non convertible debentures	23-Mar-20	7.85%	23-Mar-35	Simple	500	CRISIL AAA/Stable
NA	Non convertible debentures@	NA	NA	NA	Simple	979.3	CRISIL AAA/Stable
NA	Non convertible debentures@	NA	NA	NA	Simple	236	CRISIL AAA/Stable
NA	Non convertible debentures@	NA	NA	NA	Simple	2000	CRISIL AAA/Stable
INE306N08474	Non convertible debentures	19-Mar-19	8.93%	17-Mar-34	Simple	590.00	CRISIL AAA/Stable
INE306N08482	Non convertible debentures	23-Mar-20	7.85%	23-Mar-35	Simple	500.00	CRISIL AAA/Stable
INE306N07MQ4	Non convertible debentures	29-Apr-22	7.65%	29-Apr-32	Simple	181.00	CRISIL AAA/Stable
INE306N07MS0	Non convertible debentures	1-Jun-22	@8% PER ANNUM	1-Jun-32	Simple	250.00	CRISIL AAA/Stable
NA	Perpetual Bonds@	NA	NA	NA	Highly Complex	400.55	CRISIL AA+/Stable
INE306N08235	Perpetual debt	21-Jun-17	9.05%	Perpetual	Highly Complex	50.00	CRISIL AA+/Stable
INE306N08250	Perpetual debt	14-Jul-17	8.77%	Perpetual	Highly Complex	50.00	CRISIL AA+/Stable
INE306N08268	Perpetual debt	11-Sep-17	8.61%	Perpetual	Highly Complex	93.00	CRISIL AA+/Stable
INE306N08276	Perpetual debt	26-Mar-18	8.90%	Perpetual	Highly Complex	125.00	CRISIL AA+/Stable
INE306N08391	Perpetual debt	30-Sep-20	8.10%	Perpetual	Highly Complex	100.00	CRISIL AA+/Stable
INE306N08409	Perpetual debt	19-Oct-20	8.10%	Perpetual	Highly Complex	75.00	CRISIL AA+/Stable
INE306N08466	Perpetual debt	28-Feb-22	7.89%	Perpetual	Highly Complex	100.00	CRISIL AA+/Stable
NA	Retail Bond*@	NA	NA	NA	Simple	1,969.74	CRISIL AAA/Stable
INE306N07KE4	Retail Bonds*	27-Sep-18	8.80%	27-Sep-23	Simple	76.88	CRISIL AAA/Stable
INE306N07KF1	Retail Bonds*	27-Sep-18	8.90%	27-Sep-23	Simple	1,457.07	CRISIL AAA/Stable
INE306N08284	Retail Bonds*	27-Sep-18	9.00%	27-Sep-28	Simple	29.55	CRISIL AAA/Stable
INE306N08292	Retail Bonds*	27-Sep-18	9.10%	27-Sep-28	Simple	341.85	CRISIL AAA/Stable
INE306N07LJ1	Retail Bonds*	26-Aug-19	8.40%	26-Aug-24	Simple	97.71	CRISIL AAA/Stable
INE306N07LK9	Retail Bonds*	26-Aug-19	8.50%	26-Aug-24	Simple	340.92	CRISIL AAA/Stable
INE306N07LL7	Retail Bonds*	26-Aug-19	8.55%	26-Aug-27	Simple	92.48	CRISIL AAA/Stable
INE306N07LM5	Retail Bonds*	26-Aug-19	8.65%	26-Aug-27	Simple	600.39	CRISIL AAA/Stable
INE306N08334	Retail Bonds*	26-Aug-19	8.75%	26-Aug-29	Complex	4.65	CRISIL AAA/Stable
INE306N08342	Retail Bonds*	26-Aug-19	8.85%	26-Aug-29	Complex	172.70	CRISIL AAA/Stable
INE306N08441	Subordinated debt	24-Nov-21	0.0744	24-Nov-31	Complex	500.00	CRISIL AAA/Stable
INE306N08326	Subordinated debt	16-Apr-19	8.95%	16-Apr-29	Complex	214.50	CRISIL AAA/Stable
INE306N08029	Subordinated debt	26-Sep-14	10.15%	26-Sep-24	Complex	100.00	CRISIL AAA/Stable
INE306N08037	Subordinated debt	7-Jan-15	9.35%	7-Jan-25	Complex	35.00	CRISIL AAA/Stable
INE306N08045	Subordinated debt	30-Jan-15	9.32%	30-Jan-25	Complex	75.00	CRISIL AAA/Stable
INE306N08052	Subordinated debt	31-Mar-15	9.37%	31-Mar-25	Complex	200.00	CRISIL AAA/Stable
INE306N08078	Subordinated debt	22-Jul-15	9.25%	22-Jul-25	Complex	90.00	CRISIL AAA/Stable
INE306N08151	Subordinated debt	30-Mar-16	9.17%	30-Mar-26	Complex	200.00	CRISIL AAA/Stable
INE306N08193	Subordinated debt	11-Aug-16	8.92%	11-Aug-26	Complex	200.00	CRISIL AAA/Stable
INE306N08201	Subordinated debt	26-Oct-16	8.45%	26-Oct-26	Complex	15.00	CRISIL AAA/Stable
INE306N08300	Subordinated debt	28-Dec-18	9.32%	28-Dec-28	Complex	200.00	CRISIL AAA/Stable
INE306N08359	Subordinated debt	13-Nov-19	8.65%	13-Nov-29	Complex	170.00	CRISIL AAA/Stable
INE306N08383	Subordinated debt	17-Sep-20	7.60%	17-Sep-30	Complex	300.00	CRISIL AAA/Stable
NA	Subordinated debt@	NA	NA	NA	Complex	550.50	CRISIL AAA/Stable
INE306N08433	Subordinated debt	28-Jun-21	7.30%	27-Jun-31	Complex	150.00	CRISIL AAA/Stable
INE306N07KK1	Non convertible debentures	15-Feb-19	9.25%	19-Dec-23	Simple	30.00	CRISIL AAA/Stable
INE306N07KL9	Non convertible debentures	15-Feb-19	9.25%	19-Dec-28	Simple	55.00	CRISIL AAA/Stable
INE306N07LE2	Non convertible debentures	10-Jul-19	8.65%	20-Jun-24	Simple	100.00	CRISIL AAA/Stable
INE306N07LF9	Non convertible debentures	19-Jul-19	8.70%	20-Jun-29	Simple	100.00	CRISIL AAA/Stable
INE306N07LC6	Non convertible debentures	26-Feb-20	8.67%	15-Jan-25	Simple	35.00	CRISIL AAA/Stable
INE306N07MV4	Non convertible debentures	30-Jun-22	7.75%	25-Jul-25	Simple	800.00	CRISIL AAA/Stable
INE306N07MW2	Non convertible debentures	26-Jul-22	Zero Interest	10-Sep-25	Simple	261.00	CRISIL AAA/Stable
INE306N07MX0	Non convertible debentures	26-Jul-22	7.89%	26-Jul-27	Simple	725.00	CRISIL AAA/Stable
INE306N07MZ5	Non convertible debentures	12-Aug-22	7.95%	12-Aug-32	Simple	187.50	CRISIL AAA/Stable

@rated but unutilized

*Retail bonds -Includes Non-Convertible Debentures and Subordinated Debt