Edelweiss Asset Reconstruction Company Limited

Ratings Reaffirmed

 

Rating Action

Total Bank Loan Facilities Rated	Rs.550 Crore
Long Term Rating	CRISIL A+/Stable (Reaffirmed)

 

Non Convertible Debentures Issue Aggregating Rs.3485 crore	CRISIL A+/Stable (Reaffirmed)
Rs.150 crore Non Convertible Debentures*	CRISIL AA-(CE)/Negative (Reaffirmed)
Rs.45.04 Crore Long Term Principal Protected Market Linked Debentures	CRISIL PP-MLD AA-r(CE)/Negative (Reaffirmed)
Rs.150 crore Long Term Principal Protected Market Linked Debentures*	CRISIL PP-MLD AA-r(CE)/Negative (Reaffirmed)

* Aggregate not to exceed Rs 150 crore

1 crore = 10 million   

Refer to annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings has reaffirmed its 'CRISIL A+/Stable/CRISIL PP-MLD AA-r(CE)/CRISIL AA-(CE)/Negative' on the long-term bank facilities, non-convertible debentures, and long-term principal-protected market linked debentures of Edelweiss Asset Reconstruction Company Limited (EARC).

 

CRISIL Ratings has also withdrawn its ratings on the Rs 73.88 crore long-term principal protected market linked debentures (See annexure 'Details of Rating Withdrawn') in line with its withdrawal policy.

 

The reaffirmation of the rating at ‘CRISIL A+’ on the non-guaranteed debt is driven by a demonstrated sustainability in the standalone performance of EARC and the reaffirmation of ratings for the Edelweiss group. With significant scale up over time, EARC has become one of the key contributors to the overall business profile as well as profits of the Edelweiss group. EARC is the largest ARC in the country with securities receipts managed of Rs 41,814 crore as on December 31, 2021 (Rs 40,800 crore as on March 31, 2021). The company’s reported profits stood at of Rs 188 crore for 9MFY21 (Rs 186 crore in fiscal 2021) vis-à-vis Rs 167 crore (Rs 254 crore) for the group during the same period.

 

The ratings on the debt instruments of EARC continue to centrally factor in the expectation of strong management, financial, and operational support from the ultimate parent, Edelweiss Financial Services Limited (EFSL) (rated ‘CRISIL AA-/Negative/CRISIL A1+’; holding company of the Edelweiss group), both on an ongoing basis and in the event of distress. Such expectation reflects the strategic importance of EARC to EFSL as well as the strong moral obligation on EFSL to support EARC, given the shared name and distressed assets resolution being a focus area of the group. 

 

The ratings on EFSL, continue to reflect the Edelweiss group’s adequate capitalisation levels, supported by multiple capital raises; diversified business profile with presence across lending, asset management, wealth management, broking, asset reconstruction and insurance segments; and demonstrated ability to build significant presence in multiple lines of business, which should continue to support earnings. The group also maintains adequate liquidity on an ongoing basis

 

The continuation of the ‘Negative’ outlook on EFSL’s rating reflects the challenges in profitability and asset quality that the group has been facing largely on account of stress on its wholesale lending book. The retail lending book was also impacted amid the Covid-19 pandemic. Trends in profitability and asset quality, over the medium term, will be key monitorables.

Key Rating Drivers & Detailed Description

Strengths:

• Strong market position: EARC is the largest ARC in India, with outstanding security receipts (SRs; includes both owned and managed) of Rs 41,814 crore as on December 31, 2021 (Rs 40,800 crore as on March 31, 2021). While the company initially acquired primarily corporate assets, it has also started acquiring retail and SME assets and has set-up the requisite infrastructure for the same. The share of retail is expected to grow to almost 50% over the medium term from less 11% as on December 31,2021. EARC plans to focus on recoveries mainly through restructuring and rehabilitation of the portfolio companies acquired. Over the medium term, acquisitions will be done where the risk-reward equation is within a pre-decided range with a focus on fee-based business model. The experienced management team at EARC is a key support factor in building up its strong market position and enhancing its recovery capabilities.

 

• Benefits accruing from being part of Edelweiss group: EFSL is the promoter of, and the largest shareholder in, EARC. EFSL holds 60% stake (on diluted basis) in EARC through its wholly owned subsidiary, Edelweiss Custodial Services Ltd and other subsidiaries. Caisse de dépôt et placement du Québec (CDPQ), one of North America’s largest pension fund managers, holds 20% stake in EARC. The Edelweiss group will continue to hold minimum 60% stake in EARC. The company is strategically important to the group, which has identified distressed asset reconstruction as a growth area.

 

EARC has operational synergies with other group businesses such as asset management, investment banking and corporate lending. It benefits from the financial, operational and management linkages with the Edelweiss group, which has infused Rs 281 crore as equity till date. Also, EARC borrows from the group companies when required. It derives benefits of association with the group in raising debt. The group’s senior management is actively involved in EARC’s strategic decision-making. The group will continue to support EARC owing to its majority shareholding in the company and shared brand.

 

Weaknesses:

• Asset quality challenges inherent in the industry: EARC faces asset quality-related challenges given exposure to only stressed assets, despite its adequate asset acquisition and resolution policy framework. Till December 31, 2021, EARC had put in place resolution strategies for assets of more than Rs 40,000 crore through employment of various mechanisms. There were recoveries in few accounts in fiscal 2021 and 9MFY22 despite the slowdown caused by pandemic. The cumulative SR redemption ratio till December 31, 2021, stood at 36% and was in line with industry average. However, given the current economic scenario, with pressure on the cash flows of borrowers, EARC’s ability to recover from its exposures will remain a key monitorable.

 

• Volatile earnings profile: EARC’s earnings profile is volatile because of unpredictable recoveries from acquired assets, owing to the nature of business. The company focuses on fee-based income by managing large trust assets, wherein a significant proportion of the security receipts are held by external investors (banks or qualified buyers). This lends some stability to revenue as management fees are higher in payment waterfall than payment to security receipt holders. However, with the management fees being linked to net asset value, the ability to recover impacts management fees as well. Moreover, increasing early recovery incentives under the 15:85 and subsequent regimes provides an additional income stream if EARC is able to effect recoveries swiftly. The resolution strategy is mainly turnaround and recovery rather than asset stripping. Given the regulatory construct of investing a minimum of 15% of security receipts of each trust, EARC’s earnings are more strongly linked to the extent of recoveries from acquired assets than the previous 5:95 regime.

Liquidity: Adequate

EARC has adequate cash and cash equivalents. Edelweiss Asset Reconstruction Company Limited has a liquidity of Rs 275 Crore as on December 31, 2021. The Edelweiss group also maintains adequate liquidity. As a policy, the group maintains a liquidity cushion of 9-10% of the balance sheet. There was a liquidity cushion (including cash, liquid investments and treasury assets) of around Rs 1,900 crore and unutilised bank lines of around Rs 300 crore as on January 31, 2022. The group also has other liquid assets (investments and securities-based lending book), which can be accessed if necessary. These were Rs 3,050 crore.  As on January 31, 2022, the overall liquidity was adequate to meet the debt obligation maturing over the next four months till May 31, 2022. The maturity profile of assets and liabilities continue to be well-matched. 

Outlook: Stable

CRISIL Ratings believes EARC will maintain its robust market position over the medium term and continue to receive strong support from the Edelweiss group.

 

Outlook on instruments guaranteed by EFSL: Negative

The outlook on the debt instruments guaranteed by EFSL reflects CRISIL Ratings’ outlook on the credit profile of EFSL

Rating Sensitivity factors

Upward factors

• Upward change in the credit risk profile of EFSL could have a similar rating change on EARC
• Substantial improvement in the market position and profitability levels at EARC
• Significant improvement in the group's asset quality with GNPA less than 3% on a sustained basis, coupled with reduction in level of stressed assets
• Improvement in earning profile across businesses for the group

 

Downward factors

• Downward change in the credit risk profile of EFSL could have a similar rating change on EARC
• Significant decline in earnings profile and capital position EARC.
• Continued pressure on profitability of the group, with losses continuing on a sustained basis (Negative PAT excluding one-off gains)
• Deterioration in asset quality of the group
• Continued funding access challenges with limited fund-raising by the group

Adequacy of credit enhancement structure

The credit enhancement reflects the strength of an unconditional and irrevocable guarantee extended by EFSL, and the payment mechanism for the issue. CRISIL Ratings believes EFSL's guarantee and the structured payment mechanism will support the timely repayment of the debt instruments in full. CRISIL Ratings has fully consolidated the business and financial risk profiles of the borrower and the guarantor. The financials of the borrower, including the guaranteed debt, are adequately factored in the consolidated financials of the guarantor. The rating agency has also considered multiple scenarios to test the adequacy of the credit enhancement structure. It believes the instrument has a high degree of safety regarding timely servicing of financial obligations even in the most unlikely stress scenario

Unsupported ratings  - CRISIL A+/CRISIL PPMLD A+

CRISIL Ratings has introduced the suffix CE for instruments having explicit credit enhancement feature, in compliance with the circular of Securities and Exchange Board of India dated June 13, 2019.

Key drivers for unsupported ratings

Refer 'Key rating drivers & detailed description' above

About the Company

EARC was incorporated in October 2007 and registered with the Reserve Bank of India as a securitisation and ARC in October 2009. The Edelweiss group currently holds 60% stake (on diluted basis) in EARC, with high-networth individuals (20%) and one foreign institutional investor (20%) holding the remaining stake. As on December 31, 2021, the company was managing security receipts of Rs ~41,814 crore. 

 

EARC reported PAT of Rs 186 crore on total income of Rs 867 crore in fiscal 2021, against PAT of Rs 302 crore on total income of Rs 1,166 crore in fiscal 2020. For nine months of fiscal 2022, EARC reported PAT of Rs 188 crore on total income of Rs 676 crore.

About the Group

The Edelweiss group comprised 48 subsidiaries and associates as on March 31, 2021. The number of companies has come down from 74 as on March 31,2016, and may come down further over the next few quarters (subject to requisite approvals). The group had 293 offices (including 10 international offices in 6 locations) in around 136 cities as on December 31, 2021. Furthermore, as part of streamlining its operating structure, the group has restructured the businesses into five verticals namely credit, insurance, asset management, asset reconstruction and wealth management.

 

The group is present across various financial services businesses, including loans to corporates and individuals, mortgage finance - loans against property and small-ticket housing loans, MSME finance, institutional and retail equity broking, corporate finance and advisory, wealth management, third-party financial products distribution, alternative and domestic asset management, and life and general insurance. In addition, the BMU focuses on liquidity and asset-liability management.

 

The group reported PAT of Rs 254 crore on total income of Rs 10,849 crore for fiscal 2021, against net loss of Rs 2,044 crore and total income of Rs 9,603 crore in fiscal 2020. During the nine months of fiscal 2022, the group reported net profit of Rs 167 crore on total income of Rs 5,389 crore, compared to net loss of Rs 382 crore and total income of Rs 6,367 crore during corresponding period in previous fiscal.

Key Financial Indicators

As on / for the year ended December 31, (as per IND AS)	Unit	2021	2020
Total assets	Rs crore	5984	6027
Total income	Rs crore	676	656
Profit after tax (PAT)	Rs crore	188	141
GNPA	%	NA	NA
Gearing	Times	1.4	1.7
Return on assets	%	4.2	3.0

 

Key financial indicators: EFSL (Consolidated)

As on/For period ended December 31,		2021	2020
Total assets	Rs crore	44108	53438
Total income	Rs crore	5389	6367
PAT (before minority interest)	Rs crore	167	-382
PAT (after minority interest)	Rs crore	146	-363
Stage III assets	%	4.9	6.19
Gearing	Times	2.8	3.6
Return on assets	%	0.5	-0.9

 

List of covenants

The material covenants of the instruments are as follows: 

• The company shall during the currency of the debentures maintain a security cover equal to the principal and interest payable throughout the tenure of the debentures.
• The company shall provide additional security to meet shortfall if the trustee and/or the debenture holder(s) are of the opinion that any time during which the debentures are outstanding the security provided by the company has become inadequate, the company shall provide and furnish to the trustee to its satisfaction such additional security for maintaining the security cover as provided in the financial covenants and conditions as may be accepted to the trustee to cover such deficiency
• The company shall not permit any transfer of the controlling interest or make any drastic change in the management setup.

 

Comply with all regulatory and other requirements/covenants as mentioned in the debenture trust deed as may be applicable

Any other information: Not applicable

Annexure - Details of Instrument(s)

ISIN	Name of instrument	Date of allotment	Coupon rate (%)	Maturity date	Issue size (Rs crore)	Complexity level	Rating assigned with outlook
NA	Cash credit*	NA	NA	NA	80	NA	CRISIL A+/Stable
INE015L07519	Debentures	28-Aug-17	2%+ Conditional Interest	27-Aug-27	133	Simple	CRISIL A+/Stable
INE015L07527	Debentures	29-Aug-17	2%+ Conditional Interest	28-Aug-27	247	Simple	CRISIL A+/Stable
INE015L07568	Debentures	21-Nov-17	2%+ Conditional Interest	20-Nov-27	97.5	Simple	CRISIL A+/Stable
INE015L07618	Debentures	08-May-19	9.90%	8-Dec-28	20.00	Simple	CRISIL A+/Stable
INE015L07618	Debentures	26-Jun-19	9.90%	8-Dec-28	3.50	Simple	CRISIL A+/Stable
INE015L07618	Debentures	15-Apr-19	9.90%	8-Dec-28	6.00	Simple	CRISIL A+/Stable
INE015L07618	Debentures	27-Mar-19	9.90%	8-Dec-28	10.00	Simple	CRISIL A+/Stable
INE015L07618	Debentures	21-Dec-18	9.90%	8-Dec-28	26.50	Simple	CRISIL A+/Stable
INE015L07618	Debentures	04-Jan-19	9.90%	8-Dec-28	36.00	Simple	CRISIL A+/Stable
INE015L07618	Debentures	13-Dec-18	9.90%	8-Dec-28	10.00	Simple	CRISIL A+/Stable
INE015L07618	Debentures	24-Jan-20	9.90%	8-Dec-28	5.00	Simple	CRISIL A+/Stable
INE015L07626	Debentures	16-Jan-19	2%+ Conditional Interest	15-Jan-29	72	Simple	CRISIL A+/Stable
INE015L07667	Debentures	29-Mar-19	2%+ Conditional Interest	28-Mar-29	70.6	Simple	CRISIL A+/Stable
INE015L07683	Debentures	23-Jul-19	2	22-Jul-29	16.2	Simple	CRISIL A+/Stable
INE015L07709	Debentures	2-Dec-19	11.50%	1-Jun-23	1250	Simple	CRISIL A+/Stable
INE015L07634	Long-term principle-protected market-linked debenture	17-Jan-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	16-Feb-21	30	Highly complex	CRISIL A+/Stable
NA	Long-term principle-protected market-linked debenture#^	NA	NA	NA	4.61	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07634	Long-term principle-protected market-linked debenture	17-Jan-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	16-Feb-21	26.3	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07428	Long-term principle-protected market-linked debenture	23-Jan-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	17-Jul-26	0.2	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07428	Long-term principle-protected market-linked debenture	30-Jan-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	17-Jul-26	0.62	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07428	Long-term principle-protected market-linked debenture	31-Jan-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	17-Jul-26	16.39	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07428	Long-term principle-protected market-linked debenture	6-Feb-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	17-Jul-26	5.4	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07428	Long-term principle-protected market-linked debenture	12-Feb-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	17-Jul-26	1.3	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07428	Long-term principle-protected market-linked debenture	20-Feb-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	17-Jul-26	0.19	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07428	Long-term principle-protected market-linked debenture	20-Mar-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	17-Jul-26	0.22	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07535	Long-term principle-protected market-linked debenture	27-Nov-18	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	6-Sep-22	0.25	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07535	Long-term principle-protected market-linked debenture	30-Nov-18	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	6-Sep-22	3	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07535	Long-term principle-protected market-linked debenture	21-Dec-18	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	6-Sep-22	0.76	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07535	Long-term principle-protected market-linked debenture	28-Dec-18	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	6-Sep-22	5.08	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07535	Long-term principle-protected market-linked debenture	9-Jan-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	6-Sep-22	0.24	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07535	Long-term principle-protected market-linked debenture	23-Jan-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	6-Sep-22	2.84	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07535	Long-term principle-protected market-linked debenture	24-Jan-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	6-Sep-22	2	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07535	Long-term principle-protected market-linked debenture	25-Jan-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	6-Sep-22	39.04	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07535	Long-term principle-protected market-linked debenture	30-Jan-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	6-Sep-22	0.81	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07535	Long-term principle-protected market-linked debenture	31-Jan-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	6-Sep-22	0.91	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07535	Long-term principle-protected market-linked debenture	6-Feb-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	6-Sep-22	0.61	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07535	Long-term principle-protected market-linked debenture	12-Feb-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	6-Sep-22	4.3	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07535	Long-term principle-protected market-linked debenture	14-Feb-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	6-Sep-22	1.25	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07535	Long-term principle-protected market-linked debenture	20-Feb-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	6-Sep-22	1.07	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07535	Long-term principle-protected market-linked debenture	20-May-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	6-Sep-22	2.8	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07535	Long-term principle-protected market-linked debenture	28-Aug-19	NIFTY 10 YR BENCHMARK G-SEC (CLEAN PRICE) INDEX	6-Sep-22	0.97	Highly complex	CRISIL PP-MLD AA-r(CE)/Negative
INE015L07469	Non-convertible debentures	29-Mar-17	2% quarterly	28-Mar-27	266.5	Simple	CRISIL A+/Stable
INE015L07477	Non-convertible debentures	30-Mar-17	2% quarterly	29-Mar-27	143.5	Simple	CRISIL A+/Stable
INE015L07493	Non-convertible debentures	27-Apr-17	2% quarterly	26-Apr-27	115.5	Simple	CRISIL A+/Stable
INE015L07501	Non-convertible debentures	28-Apr-17	2% quarterly	27-Apr-27	184	Simple	CRISIL A+/Stable
NA	Non-convertible debentures#	NA	NA	NA	742.2	Simple	CRISIL A+/Stable
NA	Non-convertible debentures#^	NA	NA	NA	150	Complex	CRISIL AA-(CE)/Negative
NA	Proposed long-term bank loan facility*	NA	NA	NA	470	NA	CRISIL A+/Stable

*Interchangeable between long-term and short-term

#Yet to be issued

^total not to exceed Rs 150 crore

 

Annexure - Details of rating withdrawn

ISIN	Name of instrument	Date of allotment	Coupon rate (%)	Maturity date	Complexity level	Issue size (Rs crore)
INE015L07592	Long-term principle-protected market-linked debenture	27-Nov-18	Nifty 10 year Benchmark G-Sec (Clean Price) index	15-Nov-21	Highly complex	5.75
INE015L07592	Long-term principle-protected market-linked debenture	30-Nov-18	Nifty 10 year Benchmark G-Sec (Clean Price) index	15-Nov-21	Highly complex	5.34
INE015L07592	Long-term principle-protected market-linked debenture	13-Dec-18	Nifty 10 year Benchmark G-Sec (Clean Price) index	15-Nov-21	Highly complex	10
INE015L07592	Long-term principle-protected market-linked debenture	21-Dec-18	Nifty 10 year Benchmark G-Sec (Clean Price) index	15-Nov-21	Highly complex	25.83
INE015L07592	Long-term principle-protected market-linked debenture	24-Dec-18	Nifty 10 year Benchmark G-Sec (Clean Price) index	15-Nov-21	Highly complex	0.52
INE015L07592	Long-term principle-protected market-linked debenture	28-Dec-18	Nifty 10 year Benchmark G-Sec (Clean Price) index	15-Nov-21	Highly complex	6.1
INE015L07592	Long-term principle-protected market-linked debenture	24-Jan-19	Nifty 10 year Benchmark G-Sec (Clean Price) index	15-Nov-21	Highly complex	0.75
INE015L07592	Long-term principle-protected market-linked debenture	30-Jan-19	Nifty 10 year Benchmark G-Sec (Clean Price) index	15-Nov-21	Highly complex	6.65
INE015L07592	Long-term principle-protected market-linked debenture	31-Jan-19	Nifty 10 year Benchmark G-Sec (Clean Price) index	15-Nov-21	Highly complex	1
INE015L07592	Long-term principle-protected market-linked debenture	6-Feb-19	Nifty 10 year Benchmark G-Sec (Clean Price) index	15-Nov-21	Highly complex	1.42
INE015L07592	Long-term principle-protected market-linked debenture	12-Feb-19	Nifty 10 year Benchmark G-Sec (Clean Price) index	15-Nov-21	Highly complex	3.9
INE015L07592	Long-term principle-protected market-linked debenture	14-Feb-19	Nifty 10 year Benchmark G-Sec (Clean Price) index	15-Nov-21	Highly complex	5.23
INE015L07592	Long-term principle-protected market-linked debenture	20-Mar-19	Nifty 10 year Benchmark G-Sec (Clean Price) index	15-Nov-21	Highly complex	0.47
INE015L07592	Long-term principle-protected market-linked debenture	28-Aug-19	Nifty 10 year Benchmark G-Sec (Clean Price) index	15-Nov-21	Highly complex	0.92