Rating Rationale
March 04, 2022 | Mumbai
Edelweiss Finance and Investments Limited
'CRISIL PPMLD AA- r/Negative' assigned to Long Term Principal Protected Market Linked Debentures
 
Rating Action
Total Bank Loan Facilities Rated Rs.200 Crore
Long Term Rating CRISIL AA-/Negative (Reaffirmed)
 
Rs.500 Crore Long Term Principal Protected Market Linked Debentures CRISIL PPMLD AA- r /Negative (Assigned)
Rs.105 Crore Preference Shares CRISIL AA-/Negative (Reaffirmed)
Rs.500 Crore Non Convertible Debentures& CRISIL AA-/Negative (Reaffirmed)
Rs.3000 Crore Commercial Paper Programme(IPO Financing) CRISIL A1+ (Reaffirmed)
Rs.1000 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
Non Convertible Debentures Aggregating Rs.510 Crore CRISIL AA-/Negative (Reaffirmed)
Short Term Principal Protected Market Linked Debentures Aggregating Rs.371.5 Crore CRISIL PPMLD A1+ r (Reaffirmed)
Long Term Principal Protected Market Linked Debentures Aggregating Rs.1213.84 Crore CRISIL PPMLD AA- r /Negative (Reaffirmed)
& Public issue of retail NCDs
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 PP-MLD AA-r/Negative’ rating to fresh Rs 500 crore Long Term Principal Protected Market Linked Debentures and reaffirmed its existing rating on the  debt instruments and bank facilities of Edelweiss Finance and Investments Ltd (EFIL; part of the Edelweiss group) at ‘CRISIL AA-/CRISIL PP-MLD AA-r’/Negative/ 'CRISIL A1+/CRISIL PP-MLD A1+r.

 

CRISIL Ratings has also withdrawn its ratings on the long-term principal-protected market-linked debentures (PPMLD) of Rs 2.5 crore (See annexure 'Details of Rating Withdrawn') in line with its withdrawal policy.

 

The ratings continue to reflect the adequate capitalisation level of the group, supported by multiple rounds of capital raising; the 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 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.

 

Despite the challenging macro environment for non-banking companies, the group has been able to raise capital from marquee global investors. During the last quarter of fiscal 2021, the group concluded the sale of its majority stake in Edelweiss Wealth Management (EWM; comprising wealth management and capital markets business) to PAG (Pacific Alliance Group, Asia-focused alternative investment managers) for Rs 2,366 crore. As on December 31, 2021, PAG holds 55.84% of the business, while the Edelweiss group holds 44.16% (increased from 38.5% as on September 30, 2021). Between March and November 2019, the group raised Rs 1,334 crore (in aggregate) from Caisse de depot et placement du Quebec (CDPQ), Kora Management (Kora; a US-based investment firm) and Sanaka Growth SPV I Ltd (part of Sanaka Capital). It had also raised Rs 268 crore in October 2021, by divesting its 61% stake in the insurance broking venture to Arthur Gallagher. The latter now holds 91% in the insurance broking venture of the Edelweiss group and will acquire the balance 9% in the current fiscal.

 

These stake sales have helped absorb asset-side risk. Despite business losses in fiscals 2020 and 2021, networth has been steady at Rs 8,542 crore as on March 31, 2021 (Rs 8,715 crore as on March 31, 2019). With decline in borrowings, gearing also reduced to around 3 times from around 4 times over the same period. Networth and gearing stood at Rs 8,663 crore and 2.8 times, respectively, as on December 31, 2021.

 

The group has diversified business interests in financial services domain. Over the years, It has significantly scaled up operations of its non-lending businesses, including the asset reconstruction company (ARC), asset management and wealth management, which now contribute a higher share of revenue and profits and are likely to support the overall earnings profile going forward.

 

The group also maintains adequate liquidity. The overnight on-balance-sheet liquidity (including cash, liquid investments and treasury assets) stood at around Rs 1,900 crore and unutilised bank lines at Rs 300 crore as on January 31, 2022. The group also has other liquid assets (investments and securities-based lending) that can be accessed, if necessary. This was Rs 3,050 crore as on January 31, 2022. The group raised Rs 7,565 crore in fiscal 2021 and Rs 5,873 crore from April to January 31, 2022 through bank loans, securitisation, structured NCDs and retail bonds.

 

As for asset quality, overall reported gross stage III assets in the lending business improved to 4.89% as on December 31, 2021, from 7.7% as on March 31, 2021 (5.3% in the previous year). On an absolute basis, stage III assets reduced to Rs 657 crore as on December 31, 2021, from Rs 1,182 crore as on March 31, 2021 (Rs 1,114 crore, a year earlier), supported by write-offs and sale to ARCs worth Rs 382 crore during the first nine months of fiscal 2022, and Rs 2,047 crore in fiscal 2021. The group had also restructured 3.7% of its portfolio in line with the Resolution Framework for Covid-19-related stress (restructuring 2.0), released by the Reserve Bank of India (RBI) August 2020.

 

The group had aligned stage III assets with gross NPAs and reported stage III assets to factor in impact of RBI’s clarification on recognition and calculation of NPAs released on November 12, 2021.

 

The group continues to move towards an asset-light model through sell-down of wholesale assets and co-lending arrangements in the retail lending business. In wholesale finance, it is shifting the assets to a fund platform, which will provide completion finance to projects. Although, the group has already concluded transactions aggregating over Rs 2,500 crore in the past 18 months, the overall sell-down has been lower than anticipated., nevertheless, the group is in discussions for concluding additional transactions.

 

The increased stress in the loan book and consequent rise in provisions, including management overlay, had impacted the group’s earnings profile during fiscals 2021 and 2020; however, credit cost has normalised during the nine months through fiscal 2022. On a consolidated basis, while the group reported net profit of Rs 254 crore in fiscal 2021 (loss of Rs 2,044 crore in fiscal 2020), it was primarily due to a one-off gain from stake sale in the wealth management business. Excluding this one-off gain, the group would have reported net loss in fiscal 2021 as well. For nine months ended fiscal 2022, the group reported net profit of Rs 146 crore after reducing wealth management shareholder’s profit of Rs 21 crore, compared to loss of Rs 382 crore during corresponding period of previous fiscal.

 

Improvement in asset quality and profitability will be key rating sensitivity factors.

 

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of Edelweiss Financial Services Ltd (EFSL), its subsidiaries (including Edelweiss Finance and Investments Ltd) and associates in the wealth management business. This is because all these entities have significant operational, financial, and managerial linkages and operate under a common Edelweiss brand.

 

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:

  • Adequate capitalisation, supported by multiple capital raises

The Edelweiss group has demonstrated its ability to raise capital from global investors across businesses, despite the tough macro environment. The group has raised Rs 4,008 crore (of which Rs 40 crore is expected in the last quarter of fiscal 2022), over the past 36 months across the lending, wealth management and asset management businesses. This has helped maintain the capital position, despite elevated credit cost and absorb asset-side risk.

 

With the scale-down of the lending business in the past few quarters, borrowings have also come down. With this, gearing has improved to 2.8 times as on December 31, 2021 (~3 times as on March 31, 2021) from ~4 times as on March 31, 2020.

 

  • Diversified financial services player, with demonstrated ability to build significant competitive positions across businesses

The Edelweiss group is a diversified financial services player, present in five verticals i.e., credit (wholesale and retail), insurance (life and general), asset management (AMC and alternate asset management), asset reconstruction and wealth management. The group has attained sizeable scale in many of these businesses over a period, which is likely to lend greater stability to earnings over time.

 

In the lending business of book size of Rs 13,424 crore as on December 31, 2021 (Rs 13,719 crore as on September 30, 2021 and Rs 15,279 crore as on March 31, 2021), excluding capital deployed in distressed assets credit, the group plans to focus on increasing the granularity of the loan book. As part of this strategy, it will focus on growing the retail book (~52% of total credit book as on December 31, 2021) comprising primarily of mortgage and micro, small and medium enterprises (MSME) loans. Growth in the wholesale credit book is expected to be predominantly through the fund structure.

 

In the distressed assets segment, Edelweiss ARC is the largest ARC in India, with total securities receipts managed at Rs 41,814 crore as on December 31, 2021 (vis-à-vis Rs 40,800 crore as on March 31, 2021). From being largely corporate focused, the group has, in the recent past, started focusing on retail and MSME segments. The share of retail is expected to grow, over the medium term, from 11% as on December 31, 2021.

 

Scale and profit of fee-based businesses have also increased in the past few fiscals. The group has an established franchise in institutional broking and investment banking, and growing reach in the retail broking, wealth management and asset management segments.

 

Assets under advice in the global wealth management business were Rs 1,93,500 crore (Rs 1,55,000 crore as on March 31, 2021) and assets under management (AUM) in the asset management business were Rs 1,12,100 crore (of which Rs 82,000 crore are mutual fund assets and Rs 30,200 crore are alternative assets) as on December 31, 2021. The group is among the larger players in the alternate assets space.

 

Furthermore, the life and general insurance businesses are gaining scale and are also expected to break even over the medium term.

 

Weaknesses:

  • Asset quality remains vulnerable

Overall stage III assets ratio rose to 4.9% (Rs 657 crore) as on December 31, 2021, from 4.5% (Rs 617 crore) as on September 30, 2021; yet remained below 7.7% reported as on March 31, 2021 (Rs 1,182 crore). This is largely attributed to the clarification on recognition and calculation) released by the RBI on November 12, 2021, as the group has also aligned the stage III assets with gross NPAs; without considering the impact; on a like-to-like basis, the stage III assets have reduced.

 

Stage III assets in the retail book increased to Rs 303 crore as on December 31, 2021 (4.30%) from Rs 243 crore (3.4%) as on September 30, 2021; however, remains below March 2021 levels of Rs 316 crore (Rs 3.9% as on March 31, 2021 and 1.2% a year earlier). The reported stage III assets ratio in the wholesale book improved to 5.5% (Rs 354 Crore) as on December 31, 2021 as against 5.7% (Rs 374 crore) and 12% (Rs 866 crore) as on September 30, 2021 and March 31, 2021 respectively.

 

Despite this, asset quality of the wholesale book remains vulnerable due to its exposure to the real estate segment and stressed mid-tier borrowers in structured credit. While the group is in the process of gradually running down the wholesale book, this still contributed about 48% of the total loan book as on December 31, 2021 (47% as on March 31, 2021). Also, the wholesale loan book remains concentrated with 10 largest loans constituting ~39% of the wholesale portfolio. Nevertheless, the group has reasonable collateral cover for its wholesale loans and has also built strong recovery capabilities. 

 

Any sharp weakening of asset quality, specifically in the wholesale lending book, will impact profitability as well as capitalisation and remains a key rating monitorable.

  

  • Lower profitability than peers

Profitability has been lower than those of other large, financial sector groups. It was significantly impacted in fiscals 2021 and 2020, on account of higher credit cost.

 

The group reported net profit of Rs 254 crore in fiscal 2021, supported by one-off income as compared to loss of Rs 2,044 crore in fiscal 2020. Consequently, return on assets (annualised) and return on equity (annualised) improved to 0.5% and 3.0%, respectively, in fiscal 2021 (negative 3.4% and negative 23.7%, respectively, in fiscal 2020). The group reported net profit in the three consecutive quarters of fiscal 2022, with net profit (excluding minority shareholder’s share in profit) of Rs 146 crore for the first nine months of fiscal 2022 (loss of Rs 363 crore during the corresponding period of the previous fiscal). Furthermore, with continued provisioning, the provision coverage ratio has improved to 52% for the nine months ended December 31, 2021, from 47% as on March 31, 2021.

 

Around 20% of the capital (equity plus borrowings) is employed in businesses or investments that are either low-yielding or loss-making at this point. The group has a large investment portfolio under its balance sheet management unit (BMU), which is used for managing liquidity. This largely comprises government securities, fixed deposits, liquid mutual fund units and corporate bonds, which have a low return on capital employed. Furthermore, the life and general insurance businesses remain loss-making, given their long gestation periods. Breakeven in the insurance businesses, will benefit overall profitability over the medium term.

 

As the group is diversified, each business vertical contributes to overall profitability. The non-credit business now contributes significantly to the total profit after tax (PAT) given the group's established position in these businesses. This should also support the overall earnings profile. Also, most of the businesses have been reporting profits from the last quarter of fiscal 2021 and gradual improvement in profitability is expected over the medium term.

Liquidity: Adequate

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: Negative

The ‘Negative’ outlook factors in challenges faced by the Edelweiss group due to stressed assets in its credit business, especially in its wholesale lending book, and their impact on profitability.

Rating Sensitivity factors

Upward factors

  • Significant improvement in the group's asset quality with stage III assets ratio less than 3% on sustained basis, coupled with reduction in level of stressed assets
  • Demonstration of profitability across businesses

 

Downward factors

  • Continued pressure on profitability, with sustained losses (negative PAT excluding one-off gains)
  • Deterioration in asset quality of the Edelweiss group
  • Funding access challenges with limited fundraising by the group
  • Lack of progress on planned scale-down of wholesale portfolio

About the Company

Edelweiss Finance and Investments Ltd (EFIL) is a non-deposit taking non-banking financial company registered with the Reserve Bank of India (RBI). EFIL’s product portfolio comprises of loans against securities, ESOP financing, margin trading financing and IPO financing. As on December 31, 2021, the company had assets of Rs 3,014 crore.

 

EFIL reported a profit after tax (PAT) of Rs 14.4 crore on total income of Rs 201 crore for fiscal 2021, against a profit of Rs 18.4 crore on total income of Rs 149 crore for fiscal 2020. The reported PAT for nine months of fiscal 2022 was Rs 35 crore on total income of Rs 278 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: 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

 

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

Instrument

Date of

Allotment

Coupon

Rate (%)

Maturity

Date

Issue Size

(Rs crore)

Complexity Level

Rating assigned

with outlook

INE918K07FL7

Long-Term Principal-Protected Market-Linked Debentures

26-Dec-19

NIFTY50 LINKED

28-Dec-26

1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FL7

Long-Term Principal-Protected Market-Linked Debentures

7-Jan-20

NIFTY50 LINKED

28-Dec-26

0.3

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FL7

Long-Term Principal-Protected Market-Linked Debentures

20-Feb-20

NIFTY50 LINKED

28-Dec-26

0.1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FL7

Long-Term Principal-Protected Market-Linked Debentures

24-Apr-20

NIFTY50 LINKED

28-Dec-26

0.9

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07IJ5

Long-Term Principal-Protected Market-Linked Debentures

19-Jan-22

NIFTY50 LINKED

21-Jul-25

25

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07IJ5

Long-Term Principal-Protected Market-Linked Debentures

11-Feb-22

NIFTY50 LINKED

21-Jul-25

2.6

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07IJ5

Long-Term Principal-Protected Market-Linked Debentures

16-Feb-22

NIFTY50 LINKED

21-Jul-25

19.4

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07IJ5

Long-Term Principal-Protected Market-Linked Debentures

17-Feb-22

NIFTY50 LINKED

21-Jul-25

15

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07IJ5

Long-Term Principal-Protected Market-Linked Debentures

25-Feb-22

NIFTY50 LINKED

21-Jul-25

5.7

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HU4

Long-Term Principal-Protected Market-Linked Debentures

5-Oct-21

NIFTY50 LINKED

11-Apr-25

42.1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HU4

Long-Term Principal-Protected Market-Linked Debentures

14-Oct-21

NIFTY50 LINKED

11-Apr-25

5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HU4

Long-Term Principal-Protected Market-Linked Debentures

12-Nov-21

NIFTY50 LINKED

11-Apr-25

0.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HU4

Long-Term Principal-Protected Market-Linked Debentures

22-Nov-21

NIFTY50 LINKED

11-Apr-25

21

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HU4

Long-Term Principal-Protected Market-Linked Debentures

30-Nov-21

NIFTY50 LINKED

11-Apr-25

3.8

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HU4

Long-Term Principal-Protected Market-Linked Debentures

16-Dec-21

NIFTY50 LINKED

11-Apr-25

5.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HU4

Long-Term Principal-Protected Market-Linked Debentures

20-Dec-21

NIFTY50 LINKED

11-Apr-25

12

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HU4

Long-Term Principal-Protected Market-Linked Debentures

30-Dec-21

NIFTY50 LINKED

11-Apr-25

1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FR4

Non-Convertible Debentures@

5-Feb-20

9.80%

5-Feb-25

44.4

Simple

CRISIL AA-/Negative

INE918K07FT0

Non-Convertible Debentures@

5-Feb-20

10.25%

5-Feb-25

5.8

Simple

CRISIL AA-/Negative

INE918K07FS2

Non-Convertible Debentures@

5-Feb-20

10.25%

5-Feb-25

34.3

Simple

CRISIL AA-/Negative

INE918K07HS8

Long-Term Principal-Protected Market-Linked Debentures

14-Sep-21

NIFTY50 LINKED

13-Sep-24

17.1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HS8

Long-Term Principal-Protected Market-Linked Debentures

21-Sep-21

NIFTY50 LINKED

13-Sep-24

2.3

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HS8

Long-Term Principal-Protected Market-Linked Debentures

24-Sep-21

NIFTY50 LINKED

13-Sep-24

4

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HS8

Long-Term Principal-Protected Market-Linked Debentures

14-Oct-21

NIFTY50 LINKED

13-Sep-24

1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HS8

Long-Term Principal-Protected Market-Linked Debentures

28-Oct-21

NIFTY50 LINKED

13-Sep-24

4.8

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HS8

Long-Term Principal-Protected Market-Linked Debentures

12-Nov-21

NIFTY50 LINKED

13-Sep-24

1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HS8

Long-Term Principal-Protected Market-Linked Debentures

30-Nov-21

NIFTY50 LINKED

13-Sep-24

1.9

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HS8

Long-Term Principal-Protected Market-Linked Debentures

16-Dec-21

NIFTY50 LINKED

13-Sep-24

0.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HS8

Long-Term Principal-Protected Market-Linked Debentures

27-Dec-21

NIFTY50 LINKED

13-Sep-24

19.3

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HS8

Long-Term Principal-Protected Market-Linked Debentures

30-Dec-21

NIFTY50 LINKED

13-Sep-24

2

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HS8

Long-Term Principal-Protected Market-Linked Debentures

11-Feb-22

NIFTY50 LINKED

13-Sep-24

0.8

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HS8

Long-Term Principal-Protected Market-Linked Debentures

25-Feb-22

NIFTY50 LINKED

13-Sep-24

1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HQ2

Long-Term Principal-Protected Market-Linked Debentures

31-Aug-21

NIFTY50 LINKED

30-Aug-24

24.1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HQ2

Long-Term Principal-Protected Market-Linked Debentures

14-Sep-21

NIFTY50 LINKED

30-Aug-24

12.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HQ2

Long-Term Principal-Protected Market-Linked Debentures

28-Sep-21

NIFTY50 LINKED

30-Aug-24

2.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HQ2

Long-Term Principal-Protected Market-Linked Debentures

14-Oct-21

NIFTY50 LINKED

30-Aug-24

1.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HQ2

Long-Term Principal-Protected Market-Linked Debentures

28-Oct-21

NIFTY50 LINKED

30-Aug-24

4.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07IN7

Long-Term Principal-Protected Market-Linked Debentures

16-Feb-22

NIFTY50 LINKED

18-Mar-24

26

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07GN1

Long-Term Principal-Protected Market-Linked Debentures

28-Jul-20

NIFTY50 LINKED

2-Feb-24

1.15

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07GN1

Long-Term Principal-Protected Market-Linked Debentures

7-Aug-20

NIFTY50 LINKED

2-Feb-24

0.7

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07GN1

Long-Term Principal-Protected Market-Linked Debentures

31-Aug-20

NIFTY50 LINKED

2-Feb-24

1.45

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07GN1

Long-Term Principal-Protected Market-Linked Debentures

2-Sep-20

NIFTY50 LINKED

2-Feb-24

0.8

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07GN1

Long-Term Principal-Protected Market-Linked Debentures

16-Sep-20

NIFTY50 LINKED

2-Feb-24

8

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HR0

Long-Term Principal-Protected Market-Linked Debentures

9-Sep-21

NIFTY50 LINKED

7-Dec-23

55

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HR0

Long-Term Principal-Protected Market-Linked Debentures

14-Sep-21

NIFTY50 LINKED

7-Dec-23

4.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HR0

Long-Term Principal-Protected Market-Linked Debentures

28-Sep-21

NIFTY50 LINKED

7-Dec-23

2

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HR0

Long-Term Principal-Protected Market-Linked Debentures

5-Oct-21

NIFTY50 LINKED

7-Dec-23

11

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HR0

Long-Term Principal-Protected Market-Linked Debentures

28-Oct-21

NIFTY50 LINKED

7-Dec-23

10.6

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HR0

Long-Term Principal-Protected Market-Linked Debentures

12-Nov-21

NIFTY50 LINKED

7-Dec-23

5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HR0

Long-Term Principal-Protected Market-Linked Debentures

30-Nov-21

NIFTY50 LINKED

7-Dec-23

6.2

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HR0

Long-Term Principal-Protected Market-Linked Debentures

16-Dec-21

NIFTY50 LINKED

7-Dec-23

12.6

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HR0

Long-Term Principal-Protected Market-Linked Debentures

30-Dec-21

NIFTY50 LINKED

7-Dec-23

8.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HR0

Long-Term Principal-Protected Market-Linked Debentures

28-Jan-22

NIFTY50 LINKED

7-Dec-23

1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HR0

Long-Term Principal-Protected Market-Linked Debentures

11-Feb-22

NIFTY50 LINKED

7-Dec-23

1.1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HR0

Long-Term Principal-Protected Market-Linked Debentures

25-Feb-22

NIFTY50 LINKED

7-Dec-23

9

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HZ3

Long-Term Principal-Protected Market-Linked Debentures

30-Nov-21

NIFTY50 LINKED

31-Aug-23

4.6

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HZ3

Long-Term Principal-Protected Market-Linked Debentures

16-Dec-21

NIFTY50 LINKED

31-Aug-23

2

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HZ3

Long-Term Principal-Protected Market-Linked Debentures

30-Dec-21

NIFTY50 LINKED

31-Aug-23

4.7

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K04018

Preference Shares

19-Jul-13

14.625%

18-Jul-23

31.38

Complex

CRISIL AA-/Negative

INE918K07FM5

Long-Term Principal-Protected Market-Linked Debentures

26-Dec-19

NIFTY50 LINKED

26-Jun-23

2

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FM5

Long-Term Principal-Protected Market-Linked Debentures

7-Jan-20

NIFTY50 LINKED

26-Jun-23

1.78

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FM5

Long-Term Principal-Protected Market-Linked Debentures

14-Jan-20

NIFTY50 LINKED

26-Jun-23

0.45

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FM5

Long-Term Principal-Protected Market-Linked Debentures

10-Feb-20

NIFTY50 LINKED

26-Jun-23

1.04

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FM5

Long-Term Principal-Protected Market-Linked Debentures

11-Feb-20

NIFTY50 LINKED

26-Jun-23

0.84

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FM5

Long-Term Principal-Protected Market-Linked Debentures

20-Feb-20

NIFTY50 LINKED

26-Jun-23

1.09

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FM5

Long-Term Principal-Protected Market-Linked Debentures

2-Mar-20

NIFTY50 LINKED

26-Jun-23

0.25

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HT6

Long-Term Principal-Protected Market-Linked Debentures

14-Sep-21

NIFTY50 LINKED

15-May-23

61.9

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HT6

Long-Term Principal-Protected Market-Linked Debentures

21-Sep-21

NIFTY50 LINKED

15-May-23

4.8

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HT6

Long-Term Principal-Protected Market-Linked Debentures

24-Sep-21

NIFTY50 LINKED

15-May-23

19.6

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HT6

Long-Term Principal-Protected Market-Linked Debentures

28-Sep-21

NIFTY50 LINKED

15-May-23

3

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HT6

Long-Term Principal-Protected Market-Linked Debentures

14-Oct-21

NIFTY50 LINKED

15-May-23

2

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HT6

Long-Term Principal-Protected Market-Linked Debentures

28-Oct-21

NIFTY50 LINKED

15-May-23

41

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HT6

Long-Term Principal-Protected Market-Linked Debentures

9-Nov-21

NIFTY50 LINKED

15-May-23

30

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HT6

Long-Term Principal-Protected Market-Linked Debentures

12-Nov-21

NIFTY50 LINKED

15-May-23

27.4

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HT6

Long-Term Principal-Protected Market-Linked Debentures

30-Nov-21

NIFTY50 LINKED

15-May-23

2

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HT6

Long-Term Principal-Protected Market-Linked Debentures

3-Dec-21

NIFTY50 LINKED

15-May-23

5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HT6

Long-Term Principal-Protected Market-Linked Debentures

16-Dec-21

NIFTY50 LINKED

15-May-23

1.6

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HT6

Long-Term Principal-Protected Market-Linked Debentures

30-Dec-21

NIFTY50 LINKED

15-May-23

1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07HT6

Long-Term Principal-Protected Market-Linked Debentures

14-Jan-22

NIFTY50 LINKED

15-May-23

1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FW4

Long-Term Principal-Protected Market-Linked Debentures

7-Feb-20

NIFTY50 LINKED

6-Feb-23

6.4

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FW4

Long-Term Principal-Protected Market-Linked Debentures

26-Feb-20

NIFTY50 LINKED

6-Feb-23

15

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FW4

Long-Term Principal-Protected Market-Linked Debentures

28-Feb-20

NIFTY50 LINKED

6-Feb-23

0.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FW4

Long-Term Principal-Protected Market-Linked Debentures

5-Mar-20

NIFTY50 LINKED

6-Feb-23

1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FW4

Long-Term Principal-Protected Market-Linked Debentures

23-Mar-20

NIFTY50 LINKED

6-Feb-23

0.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FQ6

Non-Convertible Debentures@

5-Feb-20

10.00%

5-Feb-23

8.0

Simple

CRISIL AA-/Negative

INE918K07FP8

Non-Convertible Debentures@

5-Feb-20

10.00%

5-Feb-23

27.0

Simple

CRISIL AA-/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

26-Aug-19

NIFTY50 LINKED

26-Dec-22

0.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

16-Sep-19

NIFTY50 LINKED

26-Dec-22

1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

17-Sep-19

NIFTY50 LINKED

26-Dec-22

0.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

25-Sep-19

NIFTY50 LINKED

26-Dec-22

1.45

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

27-Sep-19

NIFTY50 LINKED

26-Dec-22

1.27

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

16-Oct-19

NIFTY50 LINKED

26-Dec-22

0.81

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

18-Oct-19

NIFTY50 LINKED

26-Dec-22

0.13

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

30-Oct-19

NIFTY50 LINKED

26-Dec-22

0.1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

26-Nov-19

NIFTY50 LINKED

26-Dec-22

0.48

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

28-Nov-19

NIFTY50 LINKED

26-Dec-22

1.46

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

16-Dec-19

NIFTY50 LINKED

26-Dec-22

0.34

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

24-Dec-19

NIFTY50 LINKED

26-Dec-22

0.28

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

3-Jan-20

NIFTY50 LINKED

26-Dec-22

0.9

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

7-Jan-20

NIFTY50 LINKED

26-Dec-22

0.35

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

10-Feb-20

NIFTY50 LINKED

26-Dec-22

0.23

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

24-Apr-20

NIFTY50 LINKED

26-Dec-22

0.2

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

6-Jul-20

NIFTY50 LINKED

26-Dec-22

0.3

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

28-Jul-20

NIFTY50 LINKED

26-Dec-22

0.15

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

7-Aug-20

NIFTY50 LINKED

26-Dec-22

0.4

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

31-Aug-20

NIFTY50 LINKED

26-Dec-22

0.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

2-Sep-20

NIFTY50 LINKED

26-Dec-22

0.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

23-Oct-20

NIFTY50 LINKED

26-Dec-22

1.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

28-Oct-20

NIFTY50 LINKED

26-Dec-22

0.8

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

29-Oct-20

NIFTY50 LINKED

26-Dec-22

10.28

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

6-Nov-20

NIFTY50 LINKED

26-Dec-22

18.63

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

26-Nov-20

NIFTY50 LINKED

26-Dec-22

10.11

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

27-Nov-20

NIFTY50 LINKED

26-Dec-22

2.3

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FJ1

Long-Term Principal-Protected Market-Linked Debentures

2-Dec-20

NIFTY50 LINKED

26-Dec-22

2.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07GO9

Long-Term Principal-Protected Market-Linked Debentures

28-Jul-20

NIFTY50 LINKED

27-Oct-22

7.18

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07GO9

Long-Term Principal-Protected Market-Linked Debentures

7-Aug-20

NIFTY50 LINKED

27-Oct-22

2.62

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07GO9

Long-Term Principal-Protected Market-Linked Debentures

2-Sep-20

NIFTY50 LINKED

27-Oct-22

0.7

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07GO9

Long-Term Principal-Protected Market-Linked Debentures

4-Sep-20

NIFTY50 LINKED

27-Oct-22

0.1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07GO9

Long-Term Principal-Protected Market-Linked Debentures

21-Sep-20

NIFTY50 LINKED

27-Oct-22

0.1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07GC4

Long-Term Principal-Protected Market-Linked Debentures

18-May-20

NIFTY50 LINKED

26-Aug-22

1.1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07GC4

Long-Term Principal-Protected Market-Linked Debentures

29-May-20

NIFTY50 LINKED

26-Aug-22

0.6

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07GC4

Long-Term Principal-Protected Market-Linked Debentures

12-Jun-20

NIFTY50 LINKED

26-Aug-22

0.7

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07GC4

Long-Term Principal-Protected Market-Linked Debentures

26-Jun-20

NIFTY50 LINKED

26-Aug-22

0.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FX2

Long-Term Principal-Protected Market-Linked Debentures

7-Feb-20

NIFTY50 LINKED

31-Mar-22

5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FX2

Long-Term Principal-Protected Market-Linked Debentures

28-Feb-20

NIFTY50 LINKED

31-Mar-22

1.98

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FX2

Long-Term Principal-Protected Market-Linked Debentures

5-Mar-20

NIFTY50 LINKED

31-Mar-22

2

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FK9

Long-Term Principal-Protected Market-Linked Debentures

26-Dec-19

NIFTY50 LINKED

28-Mar-22

2

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FK9

Long-Term Principal-Protected Market-Linked Debentures

30-Dec-19

NIFTY50 LINKED

28-Mar-22

0.4

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FK9

Long-Term Principal-Protected Market-Linked Debentures

7-Jan-20

NIFTY50 LINKED

28-Mar-22

2.73

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FK9

Long-Term Principal-Protected Market-Linked Debentures

14-Jan-20

NIFTY50 LINKED

28-Mar-22

0.75

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FK9

Long-Term Principal-Protected Market-Linked Debentures

10-Feb-20

NIFTY50 LINKED

28-Mar-22

0.54

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FK9

Long-Term Principal-Protected Market-Linked Debentures

11-Feb-20

NIFTY50 LINKED

28-Mar-22

0.48

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FK9

Long-Term Principal-Protected Market-Linked Debentures

20-Feb-20

NIFTY50 LINKED

28-Mar-22

1.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FK9

Long-Term Principal-Protected Market-Linked Debentures

2-Mar-20

NIFTY50 LINKED

28-Mar-22

0.59

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FH5

Long-Term Principal-Protected Market-Linked Debentures

26-Aug-19

NIFTY50 LINKED

24-Feb-22

0.5

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FH5

Long-Term Principal-Protected Market-Linked Debentures

16-Sep-19

NIFTY50 LINKED

24-Feb-22

1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FH5

Long-Term Principal-Protected Market-Linked Debentures

26-Nov-19

NIFTY50 LINKED

24-Feb-22

1.37

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FH5

Long-Term Principal-Protected Market-Linked Debentures

28-Nov-19

NIFTY50 LINKED

24-Feb-22

1.17

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FH5

Long-Term Principal-Protected Market-Linked Debentures

16-Dec-19

NIFTY50 LINKED

24-Feb-22

0.1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FH5

Long-Term Principal-Protected Market-Linked Debentures

24-Dec-19

NIFTY50 LINKED

24-Feb-22

0.75

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FH5

Long-Term Principal-Protected Market-Linked Debentures

7-Jan-20

NIFTY50 LINKED

24-Feb-22

0.3

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FH5

Long-Term Principal-Protected Market-Linked Debentures

14-Jan-20

NIFTY50 LINKED

24-Feb-22

0.1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FH5

Long-Term Principal-Protected Market-Linked Debentures

10-Feb-20

NIFTY50 LINKED

24-Feb-22

0.3

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FH5

Long-Term Principal-Protected Market-Linked Debentures

11-Feb-20

NIFTY50 LINKED

24-Feb-22

0.1

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FH5

Long-Term Principal-Protected Market-Linked Debentures

20-Feb-20

NIFTY50 LINKED

24-Feb-22

1.06

Highly complex

CRISIL PP-MLD AA-r/Negative

INE918K07FO1

Non-Convertible Debentures@

5-Feb-20

9.75%

5-Aug-21

17.1

Simple

CRISIL AA-/Negative

INE918K07FN3

Non-Convertible Debentures@

5-Feb-20

9.75%

5-Aug-21

31.1

Simple

CRISIL AA-/Negative

INE918K07FU8

Non-Convertible Debentures@

5-Feb-20

9.8%

5-Feb-30

26.3

Simple

CRISIL AA-/Negative

INE918K07FV6

Non-Convertible Debentures@

5-Feb-20

10.25%

5-Feb-30

27.6

Simple

CRISIL AA-/Negative

NA

Long-Term Principal-Protected Market-Linked Debentures#

NA

NA

NA

500

Highly complex

CRISIL PP-MLD AA-r/Negative

NA

Proposed Long-Term Bank Facility^

NA

NA

NA

200

NA

CRISIL AA-/Negative

NA

Non-Convertible Debentures#@

NA

NA

NA

278.0

Simple

CRISIL AA-/Negative

NA

Commercial Paper Programme(IPO Financing)

NA

NA

7 to 30 Days

3000

Simple

CRISIL A1+

NA

Commercial Paper Programme

NA

NA

7-365 days

1000

Simple

CRISIL A1+

NA

Debentures#

NA

NA

NA

510.0

Simple

CRISIL AA-/Negative

NA

Short-Term Principal-Protected Market-Linked Debentures #

NA

NA

NA

371.5

Highly complex

CRISIL PP-MLD A1+r

NA

Preference Shares#

NA

NA

NA

73.62

Complex

CRISIL AA-/Negative

NA#

Long-Term Principal-Protected Market-Linked Debentures#

NA

NA

NA

445.84

Highly complex

CRISIL PP-MLD AA-r/Negative

 #Yet to be issued

@public issue of retail NCDs

^Interchangeable between short term and long term

 

Annexure - Details of Rating Withdrawn

ISIN

Name of
Instrument

Date of
Allotment

Coupon
Rate (%)

Maturity
Date

Issue Size
(Rs crore)

Complexity Level

INE918K07GA8

Long-Term Principal-Protected Market-Linked Debentures

9-Mar-20

NIFTY50 LINKED

30-Jul-21

2.5

Highly complex

 

Annexure – List of entities consolidated

Names of Entities Consolidated

Extent of Consolidation

Rationale for Consolidation

ECL Finance Ltd

Full

Subsidiary

Edelweiss Rural & Corporate Services Ltd

Full

Subsidiary

Edelweiss Asset Reconstruction Company Ltd

Full

Subsidiary

Edelweiss Housing Finance Ltd

Full

Subsidiary

Edelweiss Retail Finance Ltd

Full

Subsidiary

Edel Finance Company Ltd

Full

Subsidiary

Edelweiss Asset Management Ltd

Full

Subsidiary

EdelGive Foundation

Full

Subsidiary

Edelweiss Tokio Life Insurance Company Ltd

Full

Subsidiary

Edelweiss General Insurance Company Ltd

Full

Subsidiary

Allium Finance Private Ltd

Full

Subsidiary

Edelcap Securities Ltd

Full

Subsidiary

Edelweiss Securities and Investment Pvt Ltd

Full

Subsidiary

ECap Equities Ltd

Full

Subsidiary

Edel Investments Ltd

Full

Subsidiary

EC Commodity Ltd

Full

Subsidiary

Aster Commodities DMCC

Full

Subsidiary

EC International Ltd

Full

Subsidiary

Edel Land Ltd

Full

Subsidiary

Edelweiss Comtrade Ltd d

Full

Subsidiary

Edelweiss Multi Strategy Fund Advisors LLP

Full

Subsidiary

Edelweiss Gallagher Insurance Brokers Ltd

Full

Subsidiary

Edelweiss Private Equity Tech Fund

Full

Subsidiary

Edelweiss Value and Growth Fund

Full

Subsidiary

India Credit Investment Fund II

Full

Subsidiary

EAAA LLC

Full

Subsidiary

Edelweiss Alternative Asset Advisors Ltd

Full

Subsidiary

Edelweiss Alternative Asset Advisors Pte. Ltd

Full

Subsidiary

Edelweiss Investment Adviser Ltd

Full

Subsidiary

Edelweiss Resolution Advisors LLP

Full

Subsidiary

EW Special Opportunities Advisors LLC

Full

Subsidiary

Edelweiss Trusteeship Company Ltd

Full

Subsidiary

Edelweiss International (Singapore) Pte Ltd

Full

Subsidiary

Edelweiss Capital Services Ltd

Full

Subsidiary

Edelweiss Real Assets Managers Ltd

Full

Subsidiary

Sekura India Management Ltd

Full

Subsidiary

Edelweiss Securities Ltd

Proportionate

Associate

Edelweiss Finance & Investments Ltd

Proportionate

Associate

Edelweiss Broking Ltd

Proportionate

Associate

Edelweiss Custodial Services Ltd

Proportionate

Associate

Edelweiss Financial Services Inc

Proportionate

Associate

Edelweiss Investment Advisors Pvt Ltd

Proportionate

Associate

Edelweiss Securities (Hong Kong) Pvt Ltd

Proportionate

Associate

Edelweiss Financial Services (UK) Ltd

Proportionate

Associate

Edelweiss Securities (IFSC) Ltd

Proportionate

Associate

ESL Securities Ltd

Proportionate

Associate

 

Annexure - Rating History for last 3 Years
  Current 2022 (History) 2021  2020  2019  Start of 2019
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 200.0 CRISIL AA-/Negative   -- 27-08-21 CRISIL AA-/Negative 07-09-20 CRISIL AA-/Negative 13-12-19 CRISIL AA-/Stable CRISIL AA/Stable
      --   -- 02-08-21 CRISIL AA-/Negative 04-06-20 CRISIL AA-/Negative 04-10-19 CRISIL AA-/Stable --
      --   --   -- 25-05-20 CRISIL AA-/Negative 31-07-19 CRISIL AA/Negative --
      --   --   --   -- 20-07-19 CRISIL AA/Negative --
      --   --   --   -- 29-03-19 CRISIL AA/Stable --
Commercial Paper ST 1000.0 CRISIL A1+   -- 27-08-21 CRISIL A1+ 07-09-20 CRISIL A1+ 13-12-19 CRISIL A1+ CRISIL A1+
      --   -- 02-08-21 CRISIL A1+ 04-06-20 CRISIL A1+ 04-10-19 CRISIL A1+ --
      --   --   -- 25-05-20 CRISIL A1+ 31-07-19 CRISIL A1+ --
      --   --   --   -- 20-07-19 CRISIL A1+ --
      --   --   --   -- 29-03-19 CRISIL A1+ --
Commercial Paper Programme(IPO Financing) ST 3000.0 CRISIL A1+   -- 27-08-21 CRISIL A1+ 07-09-20 CRISIL A1+ 13-12-19 CRISIL A1+ --
      --   -- 02-08-21 CRISIL A1+ 04-06-20 CRISIL A1+ 04-10-19 CRISIL A1+ --
      --   --   -- 25-05-20 CRISIL A1+ 31-07-19 CRISIL A1+ --
Non Convertible Debentures LT 1010.0 CRISIL AA-/Negative   -- 27-08-21 CRISIL AA-/Negative 07-09-20 CRISIL AA-/Negative 13-12-19 CRISIL AA-/Stable CRISIL AA/Stable
      --   -- 02-08-21 CRISIL AA-/Negative 04-06-20 CRISIL AA-/Negative 04-10-19 CRISIL AA-/Stable --
      --   --   -- 25-05-20 CRISIL AA-/Negative 31-07-19 CRISIL AA/Negative --
      --   --   --   -- 20-07-19 CRISIL AA/Negative --
      --   --   --   -- 29-03-19 CRISIL AA/Stable --
Preference Shares LT 105.0 CRISIL AA-/Negative   -- 27-08-21 CRISIL AA-/Negative 07-09-20 CRISIL AA-/Negative 13-12-19 CRISIL AA-/Stable CRISIL AA/Stable
      --   -- 02-08-21 CRISIL AA-/Negative 04-06-20 CRISIL AA-/Negative 04-10-19 CRISIL AA-/Stable --
      --   --   -- 25-05-20 CRISIL AA-/Negative 31-07-19 CRISIL AA/Negative --
      --   --   --   -- 20-07-19 CRISIL AA/Negative --
      --   --   --   -- 29-03-19 CRISIL AA/Stable --
Short Term Principal Protected Market Linked Debentures ST 371.5 CRISIL PPMLD A1+ r   -- 27-08-21 CRISIL PPMLD A1+ r 07-09-20 CRISIL PPMLD A1+ r 13-12-19 CRISIL PPMLD A1+ r CRISIL PPMLD A1+ r
      --   -- 02-08-21 CRISIL PPMLD A1+ r 04-06-20 CRISIL PPMLD A1+ r 04-10-19 CRISIL PPMLD A1+ r --
      --   --   -- 25-05-20 CRISIL PPMLD A1+ r 31-07-19 CRISIL PPMLD A1+ r --
      --   --   --   -- 20-07-19 CRISIL PPMLD A1+ r --
      --   --   --   -- 29-03-19 CRISIL PPMLD A1+ r --
Long Term Principal Protected Market Linked Debentures LT 1713.84 CRISIL PPMLD AA- r /Negative   -- 27-08-21 CRISIL PPMLD AA- r /Negative 07-09-20 CRISIL PPMLD AA- r /Negative 13-12-19 CRISIL PPMLD AA- r /Stable --
      --   -- 02-08-21 CRISIL PPMLD AA- r /Negative 04-06-20 CRISIL PPMLD AA- r /Negative 04-10-19 CRISIL PPMLD AA- r /Stable --
      --   --   -- 25-05-20 CRISIL PPMLD AA- r /Negative 31-07-19 CRISIL PPMLD AA r /Negative --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Rating
Proposed Long Term Bank Loan Facility^ 200 CRISIL AA-/Negative
^Interchangeable between short term and long term
Criteria Details
Links to related criteria
Rating Criteria for Finance Companies
CRISILs Criteria for rating short term debt
CRISILs Criteria for Consolidation

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