Rating Rationale
June 07, 2022 | Mumbai
 
REC Limited
 
Rating Action
Rs.90000 Crore Long-Term Borrowing Programme& CRISIL AAA/Stable
Rs.10000 Crore Short Term Borrowing Programme& CRISIL A1+
Rs.100000 Crore Long-Term Borrowing Programme$ CRISIL AAA/Stable
Rs.100000 Crore Long-Term Borrowing Programme^ CRISIL AAA/Stable
Rs.1000 Crore Long Term Principal Protected Market Linked Debentures^ CRISIL PPMLD AAAr/Stable
Rs.15000 Crore Bond (GoI Serviced)@@ CRISIL AAA/Stable
Rs.3000 Crore Perpetual Non Convertible Debentures^ CRISIL AAA/Stable
Rs.10000 Crore Short Term Borrowing Programme$ CRISIL A1+
Long-Term Borrowing Programme Aggregating Rs.194514.83 Crore#** CRISIL AAA/Stable
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

&Borrowing programme for fiscal 2023 (refers to financial year, April 1 to March 31). The overall limit for the long-term borrowing programme and the short-term borrowing programme is Rs 1,00,000.0 crore, of which market borrowing programme is of Rs 75,000.0 crore. Total incremental long-term market borrowing not to exceed Rs 75,000.0 crore at any point in time during fiscal 2023.

&Long-term borrowing includes Rs 15,000.0 crore of bank limits (CC/WCDL) over and above market borrowing programme.

&Short-term borrowing including total short-term bank borrowing and borrowing under the rated short-term debt programme not to exceed Rs 10,000.0 crore at any point during fiscal 2023. It also includes commercial paper limit not exceeding Rs 5,000 crore at any point during fiscal 2023.

$Borrowing programme for fiscal 2022

^Borrowing programme for fiscal 2021

#Past year's borrowing programme

**Includes Rs 9,259.30 crore of extra budgetary resources raised by REC on behalf of Ministry of Power

@@GOI Fully serviced bonds

 

Detailed Rationale

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

 

On March 31, 2022, CRISIL Ratings has assigned its 'CRISIL AAA/Stable' rating to the long term borrowing programme of REC and its 'CRISIL A1+' rating to the short term borrowing programme of the company. CRISIL Ratings has also reaffirmed its ratings on the other debt instruments of REC at 'CRISIL AAA/CRISIL PPMLD AAA r/Stable/CRISIL A1+'. 

 

Asset quality has been improving, led by recoveries in large delinquent private sector exposures. Gross non-performing assets (NPAs) and net NPAs stood at 4.5% and 1.5%, respectively, as on March 31, 2022, against 4.8% and 1.7%, respectively, as on March 31, 2021. The performance of the loan book and further recoveries from resolutions will remain a key monitorable.

Analytical Approach

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

 

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

Key Rating Drivers & Detailed Description

Strengths:

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

REC is strategically important to the central government as it plays an important role in the Indian power sector, not only by providing finance but also by implementing the government’s power sector policies. It is the nodal agency for channeling finance towards its rural electrification programme under the Deendayal Upadhyaya Gram Jyoti Yojana (formerly known as Rajiv Gandhi Grameen Vidyutikaran Yojana) and Pradhan Mantri Sahaj Bijli Har Ghar Yojana (translated as the Prime Minister’s Programme to provide easy electricity access to all households), or ‘Saubhagya’. Furthermore, the company has been nominated as the sole nodal agency to operate the National Electricity Fund Scheme—an interest subsidy scheme introduced by the central government—to promote capital investment in the power distribution sector. REC, along with PFC were designated as nodal agencies for facilitating implementation of RDSS which is reforms-based and results-linked scheme with an outlay of 3.04 lakh crore over a period of 5 years and would be available till fiscal 2026. The company plays a developmental role in channeling finance to meet the power sector’s large funding requirement, particularly state power utilities, which constitute 91% of its portfolio as on March 31, 2022.

 

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

 

Dominant market position in the power financing segment

REC plays an important role in the Indian power sector, not only by providing finance but also by implementing the government’s power sector policies. REC provides project-based long-term loans for generation, transmission and distribution activities and renewable energy. Besides, the company also offers short-term loans for working capital requirement, bridge loans and debt refinancing.  REC’s outstanding loan book had exposure of 86%, 5% and 9% to the state sector, joint sector units and private sector, respectively, as on March 31, 2022. The importance of REC in channelling financing to the domestic power sector is underscored by the fact that REC, together with PFC, accounted for a significant portion of the aggregate debt raised by state power utilities. To support this role, REC has also received exemption from single and group borrower exposure norms for exposures to state power utilities till March 2022. Clearly, REC will remain a key financier to the state power utilities and, therefore, play a crucial role in sustaining their operations. Loans outstanding to the government sector stood at Rs 3.51 lakh crore as on March 31, 2022 (Rs 3.39 lakh crore as on March 31, 2021; Rs 2.85 lakh crore as on March 31, 2020). As on March 31, 2022, overall loan book stood at Rs 3.85 lakh crore (Rs 3.77 lakh crore as on March 31, 2021; Rs 3.22 lakh crore as on March 31, 2020)

 

Strong resource profile

REC’s credit risk profile is supported by its sound resource profile, with competitive borrowing costs and a diversified, albeit wholesale, resource base. As on March 31, 2022, overall borrowings stood at Rs 3.27 lakh crore with domestic bonds forming the largest share at 47%, foreign currency borrowings at 23%, funding from banks/financial institutions at 19% and capital gains/tax-free bonds at 11%. The company raised Rs 2,000 crore of short-term commercial paper borrowings in fiscal 2022 (nil in fiscal 2021). On a steady state, these borrowings are likely to remain within 5% of the total borrowings. REC’s debt instruments have wide market acceptability, and the company typically borrows at low spreads over government securities. Its cost of borrowing is lower than that of most of its peers and stood at 7.0% in fiscal 2022 (7.26% in fiscal 2021; 8.33% in fiscal 2020).

 

Adequate capitalisation

REC's capital profile provides a cushion against asset-side risks arising from high sectoral and customer concentration. The networth was Rs 50,986 crore as on March 31, 2022 (Rs 43,426 crore as on March 31, 2021). The overall capital adequacy ratio (CAR) and Tier 1 CAR improved to 23.61% and 19.58%, respectively, as on March 31, 2022 (19.72% and 16.31%, respectively, as on March 31, 2021). Gearing stood at 6.4 times as on March 31, 2022 (7.4 times as on March 31, 2021). The networth to net NPA ratio was 9.1 times as on March 31, 2022 (6.7 times as on March 31, 2021). Capitalisation is expected to remain adequate over the medium term, supported by a demonstrated ability to raise capital through private placement. Accretion to networth will be supported by the company's ability to maintain good interest spreads and low operating expense ratio. The return on assets (RoA) ratio was 2.5% in fiscal 2022, against 2.2% in fiscal 2021. The company’s ability to contain credit costs and hence improve profitability and capitalisation will remain a key monitorable.

 

Weakness:

Inherent vulnerability in asset quality and significant sectoral and customer concentration

REC's asset quality remains inherently vulnerable as it caters only to the power sector and faces inherent asset quality challenges because of the weak financial risk profiles of its main customers, the state power utilities, Furthermore, the top 10 borrowers constitute ~43% of the total loan book. Effective execution of various reform measures is extremely critical for state power utilities to produce the desired positive impact, and broad-based political consensus is necessary to implement the much-needed tariff hikes to ensure sustained improvement in their performance. However, REC has been able to manage overall asset quality risks in this segment on account of its criticality to borrowers and through various asset protection mechanisms.

 

REC also has around 9% exposure to the private sector as on March 31, 2022 (10% as on March 31, 2021), which has been vulnerable to asset quality risks because of issues such as lack of fuel availability, inability to pass on fuel price increases, and absence of long-term power purchase agreements for assured power offtake. As on March 31, 2022, the overall gross NPAs and Net NPAs improved to 4.5% and 1.5%, respectively, from 4.8% and 1.7%, respectively, as on March 31, 2021, led by recovery from large private delinquent accounts. As on March 31, 2022, 49% of private sector loans have been recognized as stage III assets on which the company has a provision coverage of 67%.

 

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

Liquidity: Superior

Asset liability maturity (ALM) profile of REC shows that liquidity position is superior. The mismatches in the ALM buckets up to one year, given the relatively long tenure of its assets, are managed mainly through unutilised bank lines. Additionally, the debt repayment is well staggered across months, supporting its liquidity profile.

 

As on May 09, 2022, REC had liquidity cushion of Rs 36,289 crore on a standalone basis (Rs 5,526 crore of cash & bank balance and High Quality Liquid Assets (HQLA) and Rs 30,763 crore of unutilised bank lines) against debt obligation of Rs 24,027 crore till September 30, 2022.  

 

REC continues to tap debt capital markets for fresh issuances. Around Rs 16,396 crore were raised as domestic bonds in fiscal 2022. REC also raised term loans of Rs 29,800 crore and foreign currency borrowings of Rs 30,178 crore over the same period.

Outlook: Stable

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

 

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

Rating Sensitivity Factors

Downward Factors:

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

About the Company

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

 

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

 

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

 

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

 

For fiscal 2022, REC reported profit after tax (PAT) of Rs 10,046 crore and total income (net of interest) of Rs 15,758 crore (Rs 8,362 crore and Rs 12,741 crore, respectively in fiscal 2021).

Key Financial Indicators

As on / for the period ended March 31

Unit

2022

2021

Total assets

Rs crore

410413

400233

Total income (net of interest)

Rs crore

17,178

13,921

Profit after tax

Rs crore

10,046

8,362

Gross NPA

%

4.5

4.8

Gearing

Times

6.4

7.4

Overall capital adequacy ratio 

%

23.6

19.7

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. The CRISIL Ratings' complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL Ratings' complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN

Name of the instrument

Date of allotment

Coupon rate (%)

Maturity date

Issue size (Rs crore)

Complexity

Rating with outlook

INE020B08DR1

Bonds

22-Apr-21

5.74%

20-Jun-24

4,000

Simple

CRISIL AAA/Stable

INE020B08DO8

Bonds

12-Mar-21

7.40%

15-Mar-36

3,613.8

Simple

CRISIL AAA/Stable

INE020B08682

Bonds

15-Feb-12

0.0915

15-Feb-27

2,500

Simple

CRISIL AAA/Stable

INE020B07LS4

Bonds

30-Apr-20

5.75%

30-Apr-25

2,500

Simple

CRISIL AAA/Stable

INE020B07LT2

Bonds

31-May-20

5.75%

31-May-25

2,500

Simple

CRISIL AAA/Stable

INE020B07LU0

Bonds

30-Jun-20

5.75%

30-Jun-25

2,500

Simple

CRISIL AAA/Stable

INE020B07LV8

Bonds

31-Jul-20

5.75%

31-Jul-25

2,500

Simple

CRISIL AAA/Stable

INE020B07LW6

Bonds

31-Aug-20

5%

31-Aug-25

2,500

Simple

CRISIL AAA/Stable

INE020B07LZ9

Bonds

30-Nov-20

5%

30-Nov-25

2,500

Simple

CRISIL AAA/Stable

INE020B07MA0

Bonds

31-Dec-20

5%

31-Dec-25

2,500

Simple

CRISIL AAA/Stable

INE020B07MB8

Bonds

31-Jan-21

5%

31-Jan-26

2,500

Simple

CRISIL AAA/Stable

INE020B07MC6

Bonds

28-Feb-21

5%

28-Feb-26

2,500

Simple

CRISIL AAA/Stable

INE020B07MD4

Bonds

31-Mar-21

5%

31-Mar-26

2,500

Simple

CRISIL AAA/Stable

INE020B08DP5

Bonds

19-Mar-21

5.79%

20-Mar-24

1,550

Simple

CRISIL AAA/Stable

INE020B08DD1

Bonds

26-Sep-19

8.25%

26-Sep-29

1,451

Simple

CRISIL AAA/Stable

INE020B08DT7

Bonds

21-Oct-21

6.23%

31-Oct-31

1,200

Simple

CRISIL AAA/Stable

INE020B08DQ3

Bonds

26-Mar-21

6.50%

26-Mar-31

500

Simple

CRISIL AAA/Stable

INE020B07ME2

Bonds

30-Apr-21

0.05

30-Apr-26

385.56

Simple

CRISIL AAA/Stable

INE020B07MJ1

Bonds

30-Sep-21

5%

30-Sep-26

341.82

Simple

CRISIL AAA/Stable

INE020B07MH5

Bonds

31-Jul-21

5%

31-Jul-26

282.3

Simple

CRISIL AAA/Stable

INE020B07MF9

Bonds

31-May-21

5%

31-May-26

141.41

Simple

CRISIL AAA/Stable

INE020B07LY2

Bonds

31-Oct-20

5%

31-Oct-25

25

Simple

CRISIL AAA/Stable

INE020B08BO2

Bonds (GoI Fully Serviced)@@

25-Mar-19

8.30%

25-Mar-29

4,000.00

Simple

CRISIL AAA/Stable

INE020B08CS1

Bonds (GoI Fully Serviced)@@

31-Mar-20

7.20%

31-Mar-30

1,750.00

Simple

CRISIL AAA/Stable

INE020B08CO0

Bonds (GoI Fully Serviced)@@

2-Mar-20

7.14%

2-Mar-30

1,500.00

Simple

CRISIL AAA/Stable

INE020B08BL8

Bonds (GoI Fully Serviced)@@

8-Mar-19

8.60%

8-Mar-29

1,200.00

Simple

CRISIL AAA/Stable

INE020B08DI0

Bonds (GoI Fully Serviced)@@

7-Jan-21

6.45%

7-Jan-31

1,000.00

Simple

CRISIL AAA/Stable

INE020B08DN0

Bonds (GoI Fully Serviced)@@

28-Jan-21

6.63%

28-Jan-31

1,000.00

Simple

CRISIL AAA/Stable

INE020B08CR3

Bonds (GoI Fully Serviced)@@

26-Mar-20

8.25%

26-Mar-30

532.3

Simple

CRISIL AAA/Stable

NA

Bonds (GoI Fully Serviced)@@^^

NA

NA

NA

4,017.70

Simple

CRISIL AAA/Stable

INE020B07LX4

Debentures

30-Sep-20

5.75%

30-Sep-25

10,000

Simple

CRISIL AAA/Stable

INE020B08724

Infrastructure Bonds

15-Feb-12

9.15%

15-Feb-27

2.8

Simple

CRISIL AAA/Stable

INE020B08732

Infrastructure Bonds

15-Feb-12

9.15%

15-Feb-27

1.1

Simple

CRISIL AAA/Stable

INE020B08DE9

Institutional Bond#

29-Oct-20

6.80%

20-Dec-30

5,000.00

Simple

CRISIL AAA/Stable

INE020B08DM2

Institutional Bond#

28-Jan-21

7.02%

31-Jan-36

4,589.90

Simple

CRISIL AAA/Stable

INE020B08CU7

Institutional Bond#

11-May-20

7.55%

11-May-30

3,740.00

Simple

CRISIL AAA/Stable

INE020B08DB5

Institutional Bond#

28-Aug-20

7.25%

30-Sep-30

3,500.00

Simple

CRISIL AAA/Stable

INE020B08CT9

Institutional Bond#

22-Apr-20

6.92%

22-Apr-23

2,985.00

Simple

CRISIL AAA/Stable

INE020B08DF6

Institutional Bond#

29-Oct-20

5.85%

20-Dec-25

2,777.00

Simple

CRISIL AAA/Stable

INE020B08CV5

Institutional Bond#

21-May-20

6.60%

21-Mar-22

2,596.00

Simple

CRISIL AAA/Stable

INE020B08DG4

Institutional Bond#

15-Dec-20

6.90%

31-Jan-31

2,500.00

Simple

CRISIL AAA/Stable

INE020B08DC3

Institutional Bond#

28-Aug-20

5.69%

30-Sep-23

2,474.00

Simple

CRISIL AAA/Stable

INE020B08DJ8

Institutional Bond#

13-Jan-21

4.99%

31-Jan-24

2,135.00

Simple

CRISIL AAA/Stable

INE020B08DH2

Institutional Bond#

15-Dec-20

5.81%

31-Dec-25

2,082.00

Simple

CRISIL AAA/Stable

INE020B08DK6

Institutional Bond#

13-Jan-21

5.94%

31-Jan-26

2,000.00

Simple

CRISIL AAA/Stable

INE020B08CX1

Institutional Bond#

8-Jun-20

7.96%

15-Jun-30

1,999.50

Simple

CRISIL AAA/Stable

INE020B08CW3

Institutional Bond#

21-May-20

7.79%

21-May-30

1,569.00

Simple

CRISIL AAA/Stable

INE020B08DA7

Institutional Bond#

30-Jul-20

6.90%

31-Mar-31

1,300.00

Simple

CRISIL AAA/Stable

INE020B08CZ6

Institutional Bond#

30-Jul-20

5.90%

31-Mar-25

900

Simple

CRISIL AAA/Stable

INE020B08831

Institutional Bonds

12-Apr-13

8.82%

12-Apr-23

4,300.00

Simple

CRISIL AAA/Stable

INE020B08AQ9

Institutional Bonds

12-Dec-17

7.70%

10-Dec-27

3,533.00

Simple

CRISIL AAA/Stable

INE020B08AC9

Institutional Bonds

30-Dec-16

7.54%

30-Dec-26

3,000.00

Simple

CRISIL AAA/Stable

INE020B08AH8

Institutional Bonds

14-Mar-17

7.95%

12-Mar-27

2,745.00

Simple

CRISIL AAA/Stable

INE020B08AK2

Institutional Bonds

7-Sep-17

7.03%

7-Sep-22

2,670.00

Simple

CRISIL AAA/Stable

INE020B08963

Institutional Bonds

7-Oct-15

8.11%

7-Oct-25

2,585.00

Simple

CRISIL AAA/Stable

INE020B08BF0

Institutional Bonds

22-Nov-18

8.45%

22-Mar-22

2,571.80

Simple

CRISIL AAA/Stable

INE020B08BH6

Institutional Bonds

7-Dec-18

8.37%

7-Dec-28

2,554.00

Simple

CRISIL AAA/Stable

INE020B08BG8

Institutional Bonds

29-Nov-18

8.56%

29-Nov-28

2,552.40

Simple

CRISIL AAA/Stable

INE020B08849

Institutional Bonds

31-May-13

8.06%

31-May-23

2,500.00

Simple

CRISIL AAA/Stable

INE020B08BA1

Institutional Bonds

9-Aug-18

8.55%

9-Aug-28

2,500.00

Simple

CRISIL AAA/Stable

INE020B08BB9

Institutional Bonds

27-Aug-18

8.63%

25-Aug-28

2,500.00

Simple

CRISIL AAA/Stable

INE020B08BM6

Institutional Bonds

13-Mar-19

8.35%

13-Mar-22

2,500.00

Simple

CRISIL AAA/Stable

INE020B08930

Institutional Bonds

10-Apr-15

8.30%

10-Apr-25

2,396.00

Simple

CRISIL AAA/Stable

INE020B08740

Institutional Bonds

15-Jun-12

9.35%

15-Jun-22

2,378.20

Simple

CRISIL AAA/Stable

INE020B08906

Institutional Bonds

6-Feb-15

8.27%

6-Feb-25

2,325.00

Simple

CRISIL AAA/Stable

INE020B08914

Institutional Bonds

23-Feb-15

8.35%

22-Feb-25

2,285.00

Simple

CRISIL AAA/Stable

INE020B08880

Institutional Bonds

22-Dec-14

8.57%

21-Dec-24

2,250.00

Simple

CRISIL AAA/Stable

INE020B08807

Institutional Bonds

19-Nov-12

9.02%

19-Nov-22

2,211.20

Simple

CRISIL AAA/Stable

INE020B08BP9

Institutional Bonds

28-Mar-19

8.97%

28-Mar-29

2,151.20

Simple

CRISIL AAA/Stable

INE020B08AA3

Institutional Bonds

7-Nov-16

7.52%

7-Nov-26

2,100.00

Simple

CRISIL AAA/Stable

INE020B07IZ5

Institutional Bonds

25-Aug-14

9.34%

25-Aug-24

1,955.00

Simple

CRISIL AAA/Stable

INE020B08898

Institutional Bonds

23-Jan-15

8.23%

23-Jan-25

1,925.00

Simple

CRISIL AAA/Stable

INE020B08AP1

Institutional Bonds

30-Nov-17

7.45%

30-Nov-22

1,912.00

Simple

CRISIL AAA/Stable

INE020B08443

Institutional Bonds

12-Jul-10

8.75%

12-Jul-25

1,800.00

Simple

CRISIL AAA/Stable

INE020B08427

Institutional Bonds

8-Jun-10

8.75%

8-Jun-25

1,250.00

Simple

CRISIL AAA/Stable

INE020B08AM8

Institutional Bonds

17-Oct-17

7.09%

17-Oct-22

1,225.00

Simple

CRISIL AAA/Stable

INE020B07LF1

Institutional Bonds

31-Mar-19

5.75%

31-Mar-24

1,078.50

Simple

CRISIL AAA/Stable

INE020B08AT3

Institutional Bonds

23-Feb-18

7.99%

23-Feb-23

950

Simple

CRISIL AAA/Stable

INE020B08922

Institutional Bonds

9-Mar-15

8.27%

9-Mar-22

700

Simple

CRISIL AAA/Stable

INE020B07KX6

Institutional Bonds

31-Jul-18

5.75%

31-Jul-23

683.9

Simple

CRISIL AAA/Stable

INE020B08AF2

Institutional Bonds

28-Feb-17

7.46%

28-Feb-22

625

Simple

CRISIL AAA/Stable

INE020B07LE4

Institutional Bonds

28-Feb-19

5.75%

28-Feb-24

570

Simple

CRISIL AAA/Stable

INE020B07LC8

Institutional Bonds

31-Dec-18

5.75%

31-Dec-23

565.7

Simple

CRISIL AAA/Stable

INE020B07LD6

Institutional Bonds

31-Jan-19

5.75%

31-Jan-24

550

Simple

CRISIL AAA/Stable

INE020B07LA2

Institutional Bonds

31-Oct-18

5.75

31-Oct-23

507.8

Simple

CRISIL AAA/Stable

INE020B07KW8

Institutional Bonds

30-Jun-18

5.75%

30-Jun-23

504.7

Simple

CRISIL AAA/Stable

INE020B07KY4

Institutional Bonds

31-Aug-18

5.75%

31-Aug-23

499.3

Simple

CRISIL AAA/Stable

INE020B07KZ1

Institutional Bonds

30-Sep-18

5.75%

30-Sep-23

493.8

Simple

CRISIL AAA/Stable

INE020B07LB0

Institutional Bonds

30-Nov-18

5.75%

30-Nov-23

481

Simple

CRISIL AAA/Stable

INE020B07KV0

Institutional Bonds

31-May-18

5.75%

31-May-23

438.7

Simple

CRISIL AAA/Stable

INE020B07KU2

Institutional Bonds

30-Apr-18

5.75%

30-Apr-23

278.5

Simple

CRISIL AAA/Stable

INE020B08BE3

Institutional Bonds (GoI Serviced)

15-Nov-18

8.54%

15-Nov-28

3,600.00

Simple

CRISIL AAA/Stable

INE020B08BC7

Institutional Bonds (GoI Serviced)

28-Sep-18

8.70%

28-Sep-28

3,000.00

Simple

CRISIL AAA/Stable

INE020B08BJ2

Institutional Bonds (GoI Serviced)

22-Jan-19

8.80%

22-Jan-29

2,027.00

Simple

CRISIL AAA/Stable

INE020B08AX5

Institutional Bonds (GoI Serviced)

21-Mar-18

8.09%

21-Mar-28

1,837.00

Simple

CRISIL AAA/Stable

INE020B08AY3

Institutional Bonds (GoI Serviced)

26-Mar-18

8.01%

24-Mar-28

1,410.00

Simple

CRISIL AAA/Stable

INE020B08AZ0

Institutional Bonds (GoI Serviced)

27-Mar-18

8.06%

27-Mar-28

753

Simple

CRISIL AAA/Stable

INE020B08BW5

Institutional Bonds&

22-Aug-19

8.18%

22-Aug-34

5,063.00

Simple

CRISIL AAA/Stable

INE020B08CJ0

Institutional Bonds&

28-Jan-20

7.92%

31-Mar-30

3,054.90

Simple

CRISIL AAA/Stable

INE020B08BX3

Institutional Bonds&

16-Sep-19

8.29%

16-Sep-34

3,028.00

Simple

CRISIL AAA/Stable

INE020B08CD3

Institutional Bonds&

13-Nov-19

7.09%

13-Dec-22

2,769.00

Simple

CRISIL AAA/Stable

INE020B08CE1

Institutional Bonds&

26-Nov-19

6.90%

30-Jun-22

2,500.00

Simple

CRISIL AAA/Stable

INE020B08CK8

Institutional Bonds&

10-Feb-20

6.88%

20-Mar-25

2,500.00

Simple

CRISIL AAA/Stable

INE020B07LR6

Institutional Bonds&

31-Mar-20

5.75%

31-Mar-25

2,500.00

Simple

CRISIL AAA/Stable

INE020B08CP7

Institutional Bonds&

6-Mar-20

7.50%

28-Feb-30

2,382.00

Simple

CRISIL AAA/Stable

INE020B08CG6

Institutional Bonds&

26-Dec-19

7.24%

31-Dec-22

2,090.00

Simple

CRISIL AAA/Stable

INE020B08BU9

Institutional Bonds&

25-Jun-19

8.30%

25-Jun-29

2,070.90

Simple

CRISIL AAA/Stable

INE020B08BQ7

Institutional Bonds&

16-Apr-19

8.85%

16-Apr-29

1,600.70

Simple

CRISIL AAA/Stable

INE020B08CF8

Institutional Bonds&

26-Nov-19

7.40%

26-Nov-24

1,500.00

Simple

CRISIL AAA/Stable

INE020B08CH4

Institutional Bonds&

8-Jan-20

7.12%

31-Mar-23

1,400.00

Simple

CRISIL AAA/Stable

INE020B08CI2

Institutional Bonds&

8-Jan-20

7.89%

31-Mar-30

1,100.00

Simple

CRISIL AAA/Stable

INE020B08CN2

Institutional Bonds&

25-Feb-20

6.80%

30-Jun-23

1,100.00

Simple

CRISIL AAA/Stable

INE020B08CM4

Institutional Bonds&

25-Feb-20

6.99%

30-Sep-24

1,100.00

Simple

CRISIL AAA/Stable

INE020B08BS3

Institutional Bonds&

14-May-19

8.80%

14-May-29

1,097.00

Simple

CRISIL AAA/Stable

INE020B08BV7

Institutional Bonds&

25-Jun-19

8.1

25-Jun-24

1,018.00

Simple

CRISIL AAA/Stable

INE020B07LJ3

Institutional Bonds&

31-Jul-19

5.75%

31-Jul-24

594.62

Simple

CRISIL AAA/Stable

INE020B07LN5

Institutional Bonds&

30-Nov-19

5.75%

30-Nov-24

552.73

Simple

CRISIL AAA/Stable

INE020B07LO3

Institutional Bonds&

31-Dec-19

5.75%

31-Dec-24

527.04

Simple

CRISIL AAA/Stable

INE020B07LM7

Institutional Bonds&

31-Oct-19

5.75%

31-Oct-24

518.4

Simple

CRISIL AAA/Stable

INE020B07LQ8

Institutional Bonds&

28-Feb-20

5.75%

28-Feb-25

501.2

Simple

CRISIL AAA/Stable

INE020B07LK1

Institutional Bonds&

31-Aug-19

5.75%

31-Aug-24

500.25

Simple

CRISIL AAA/Stable

INE020B07LL9

Institutional Bonds&

30-Sep-19

5.75%

30-Sep-24

497.55

Simple

CRISIL AAA/Stable

INE020B07LP0

Institutional Bonds&

31-Jan-20

5.75%

31-Jan-25

480.2

Simple

CRISIL AAA/Stable

INE020B07LH7

Institutional Bonds&

31-May-19

5.75%

31-May-24

459.1

Simple

CRISIL AAA/Stable

INE020B07LI5

Institutional Bonds&

30-Jun-19

5.75%

30-Jun-24

413.49

Simple

CRISIL AAA/Stable

INE020B07LG9

Institutional Bonds&

30-Apr-19

5.75%

30-Apr-24

391.12

Simple

CRISIL AAA/Stable

INE020B08CB7

Institutional Bonds&

26-Sep-19

7.55%

26-Sep-22

300

Simple

CRISIL AAA/Stable

INE020B08CC5

Institutional Bonds&

26-Sep-19

7.55%

26-Sep-23

300

Simple

CRISIL AAA/Stable

INE020B08BY1

Institutional Bonds&

26-Sep-19

8.25%

26-Sep-29

290.2

Simple

CRISIL AAA/Stable

INE020B08BT1

Institutional Bonds&

10-Jun-19

8.15%

10-Jun-22

1,000.00

Simple

CRISIL AAA/Stable

NA

Long-term borrowing programme (FY22)^^

NA

NA

NA

70243.06

Simple

CRISIL AAA/Stable

NA

Long-term borrowing programme (FY23)^^

NA

NA

NA

90,000

Simple

CRISIL AAA/Stable

NA

Short-term borrowing programme (FY23)^^

NA

NA

NA

10,000

Simple

CRISIL A1+

INE020B08CY9

Long-term principal protected market-linked debentures#

8-Jul-20

Linked to 10 year G-Sec

30-Jun-23

500

Highly Complex

CRISIL PP-MLD AAAr/Stable

NA

Long-term principal protected market-linked debentures^^#

NA

NA

NA

500

Highly Complex

CRISIL PP-MLD AAAr/Stable

NA

Perpetual non-convertible debentures#

NA

NA

NA

2,441.60

Highly Complex

CRISIL AAA/Stable

INE020B08DL4

Perpetual non-convertible debentures#

44218

0.0797

Perpetual

558.4

Highly Complex

CRISIL AAA/Stable

NA

Short-term borrowing programme (FY22)^^

NA

NA

NA

7,645.00

Simple

CRISIL A1+

INE020B07GH7

Tax-free bonds

27-Mar-12

8.12%/ 8.32%

27-Mar-27

2,160.30

Simple

CRISIL AAA/Stable

INE020B07HP8

Tax-free bonds

24-Sep-13

8.46%

24-Sep-28

1,721.20

Simple

CRISIL AAA/Stable

INE020B07GW6

Tax-free bonds

19-Dec-12

7.22%/ 7.72%

19-Dec-22

1,165.30

Simple

CRISIL AAA/Stable

INE020B07HN3

Tax-free bonds

29-Aug-13

8.46%

29-Aug-28

1,141.00

Simple

CRISIL AAA/Stable

INE020B07HS2

Tax-free bonds

24-Sep-13

8.71%

24-Sep-28

1,089.10

Simple

CRISIL AAA/Stable

INE020B07GX4

Tax-free bonds

19-Dec-12

7.38%/ 7.88%

19-Dec-27

852

Simple

CRISIL AAA/Stable

INE020B07GG9

Tax-free bonds

27-Mar-12

7.93%/ 8.13%

27-Mar-22

839.7

Simple

CRISIL AAA/Stable

INE020B07HR4

Tax-free bonds

24-Sep-13

8.26%

24-Sep-23

317.9

Simple

CRISIL AAA/Stable

INE020B07JO7

Tax-free bonds

23-Jul-15

7.17%

23-Jul-25

300

Simple

CRISIL AAA/Stable

INE020B07IC4

Tax-free bonds

24-Mar-14

8.19%

24-Mar-24

290.3

Simple

CRISIL AAA/Stable

INE020B07IG5

Tax-free bonds

24-Mar-14

8.88%

24-Mar-29

282.3

Simple

CRISIL AAA/Stable

INE020B07JT6

Tax-free bonds

5-Nov-15

7.18%

5-Nov-35

276.6

Simple

CRISIL AAA/Stable

INE020B07HO1

Tax-free bonds

24-Sep-13

8.01%

24-Sep-23

257.2

Simple

CRISIL AAA/Stable

INE020B07GU0

Tax-free bonds

21-Nov-12

7.21%

21-Nov-22

255

Simple

CRISIL AAA/Stable

INE020B07ID2

Tax-free bonds

24-Mar-14

8.63%

24-Mar-29

248.1

Simple

CRISIL AAA/Stable

INE020B07GV8

Tax-free bonds

21-Nov-12

7.38%

21-Nov-27

245

Simple

CRISIL AAA/Stable

INE020B07HM5

Tax-free bonds

29-Aug-13

8.01%

29-Aug-23

209

Simple

CRISIL AAA/Stable

INE020B07JU4

Tax-free bonds

5-Nov-15

7.43%

5-Nov-35

144.6

Simple

CRISIL AAA/Stable

INE020B07JR0

Tax-free bonds

5-Nov-15

7.09%

5-Nov-30

133.7

Simple

CRISIL AAA/Stable

INE020B07IF7

Tax-free bonds

24-Mar-14

8.44%

24-Mar-24

129.1

Simple

CRISIL AAA/Stable

INE020B07HU8

Tax-free bonds

11-Oct-13

8.18%

11-Oct-23

105

Simple

CRISIL AAA/Stable

INE020B07IH3

Tax-free bonds

24-Mar-14

8.86%

24-Mar-34

83.3

Simple

CRISIL AAA/Stable

INE020B07GY2

Tax-free bonds

25-Mar-13

6.88%/ 7.38%

25-Mar-23

81.4

Simple

CRISIL AAA/Stable

INE020B07JQ2

Tax-free bonds

5-Nov-15

7.14%

5-Nov-25

54.7

Simple

CRISIL AAA/Stable

INE020B07JP4

Tax-free bonds

5-Nov-15

6.89%

5-Nov-25

51.3

Simple

CRISIL AAA/Stable

INE020B07GZ9

Tax-free bonds

25-Mar-13

7.04%/ 7.54%

25-Mar-28

49.7

Simple

CRISIL AAA/Stable

INE020B07HV6

Tax-free bonds

11-Oct-13

8.54%

11-Oct-28

45

Simple

CRISIL AAA/Stable

INE020B07JS8

Tax-free bonds

5-Nov-15

7.34%

5-Nov-30

39.3

Simple

CRISIL AAA/Stable

INE020B07HT0

Tax-free bonds

24-Sep-13

8.62%

24-Sep-33

38.9

Simple

CRISIL AAA/Stable

INE020B07IE0

Tax-free bonds

24-Mar-14

8.61%

24-Mar-34

26.4

Simple

CRISIL AAA/Stable

INE020B07HQ6

Tax-free bonds

24-Sep-13

8.37%

24-Sep-33

16.4

Simple

CRISIL AAA/Stable

NA

Short-term loans

NA

NA

NA

2,350.0

Simple

CRISIL A1+

NA

Overdraft Facility

NA

NA

NA

5

Simple

CRISIL A1+

NA

Working Capital Demand Loan

NA

NA

NA

1,200.0

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan

NA

NA

NA

1,200.0

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan

NA

NA

NA

750.0

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan

NA

NA

NA

300.0

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan

NA

NA

NA

100.0

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan

NA

NA

NA

300.0

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan

NA

NA

NA

900.0

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan

NA

NA

NA

500.0

Simple

CRISIL AAA/Stable

NA

Working Capital Demand Loan

NA

NA

NA

4,500.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

27-Sep-28

750.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

18-Dec-23

500.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

21-May-24

500.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

30-Sep-22

650.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

15-Jun-23

2,000.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

30-Sep-23

1,500.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

4-Dec-22

2,000.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

19-Jun-23

1,500.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

29-Sep-23

300.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

11-Oct-23

350.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

5-Nov-23

350.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

15-Jan-24

500.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

17-Nov-26

850.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

NA

2,000.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

19-May-25

565.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

6-Jul-26

500.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

25-Mar-30

85.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

18-Dec-25

188

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

25-Mar-26

900.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

9-Jul-26

500.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

28-Mar-30

665.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

28-Sep-31

2,000.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

9-Dec-31

2,000.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

23-Jun-23

800.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

3-Jun-22

1,000.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

9-Aug-26

1,000.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

25-Feb-24

1,500.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

14-Mar-24

500.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

25-Mar-26

1,000.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

29-Mar-26

1,000.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

28-Oct-26

300.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

26-Mar-24

1,500.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

21-Jan-27

300.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

13-Dec-28

5,000.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

4-Oct-29

5,000.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

27-Aug-25

2,000.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

11-Nov-26

2,000.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

NA

1,000.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

5-Mar-23

500.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

5-Mar-24

2,350.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

14-Jul-25

1,380.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

8-Nov-26

4,000.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

29-Oct-31

5,000.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

NA

2,000.0

Simple

CRISIL AAA/Stable

NA

Long-term loans

NA

NA

NA

750.0

Simple

CRISIL AAA/Stable

NA

Foreign currency term loan

10-Aug-21

NA

7-Oct-26

559.47

Simple

CRISIL AAA/Stable

NA

Foreign currency term loan

12-Jul-21

NA

25-Aug-26

371.27

Simple

CRISIL AAA/Stable

NA

Foreign currency term loan

12-Jul-21

NA

25-Aug-26

1485.07

Simple

CRISIL AAA/Stable

NA

Foreign currency term loan

12-Jul-21

NA

25-Aug-26

371.27

Simple

CRISIL AAA/Stable

NA

Foreign currency term loan

12-Jul-21

NA

25-Aug-26

742.53

Simple

CRISIL AAA/Stable

NA

Foreign currency term loan

12-Jul-21

NA

25-Aug-26

1485.07

Simple

CRISIL AAA/Stable

NA

Foreign currency term loan

7-Dec-21

NA

3-Mar-27

1511.84

Simple

CRISIL AAA/Stable

NA

Foreign currency term loan

7-Dec-21

NA

3-Mar-27

566.94

Simple

CRISIL AAA/Stable

NA

Foreign currency term loan

7-Dec-21

NA

3-Mar-27

377.96

Simple

CRISIL AAA/Stable

NA

Foreign currency term loan

7-Dec-21

NA

29-Dec-26

374.39

Simple

CRISIL AAA/Stable

NA

Foreign currency term loan

7-Dec-21

NA

29-Dec-26

374.39

Simple

CRISIL AAA/Stable

NA

Foreign currency term loan

7-Dec-21

NA

29-Dec-26

2995.16

Simple

CRISIL AAA/Stable

NA

Foreign currency term loan

7-Dec-21

NA

29-Dec-26

2096.61

Simple

CRISIL AAA/Stable

NA

Foreign currency term loan

7-Dec-21

NA

29-Dec-26

1347.82

Simple

CRISIL AAA/Stable

NA

Foreign currency term loan

7-Dec-21

NA

29-Dec-26

1123.18

Simple

CRISIL AAA/Stable

NA

Foreign currency term loan

7-Dec-21

NA

29-Dec-26

486.71

Simple

CRISIL AAA/Stable

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

^^Not yet issued

#Part of borrowing programme for fiscal 2021

&Part of borrowing programme for fiscal 2020

@@GOI fully serviced bonds

 

Annexure - List of Entities Consolidated

Names of Entities Consolidated

Extent of Consolidation

Rationale for Consolidation

REC Power Development and Consultancy Ltd*

Full

Subsidiary

 Energy Efficiency Services Ltd

Part

 Joint Venture

 *Formerly known as REC Power Distribution Company Ltd

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
Bond LT 15000.0 CRISIL AAA/Stable 31-03-22 CRISIL AAA/Stable 31-03-21 CRISIL AAA/Stable 08-10-20 CRISIL AAA/Stable 29-03-19 CRISIL AAA/Stable --
      -- 24-03-22 CRISIL AAA/Stable   -- 10-08-20 CRISIL AAA/Stable 05-03-19 CRISIL AAA/Stable --
      --   --   -- 26-05-20 CRISIL AAA/Stable   -- --
      --   --   -- 30-03-20 CRISIL AAA/Stable   -- --
Long-Term Borrowing Programme LT 484514.83 CRISIL AAA/Stable 31-03-22 CRISIL AAA/Stable 31-03-21 CRISIL AAA/Stable 08-10-20 CRISIL AAA/Stable 29-03-19 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 24-03-22 CRISIL AAA/Stable   -- 10-08-20 CRISIL AAA/Stable 05-03-19 CRISIL AAA/Stable --
      --   --   -- 26-05-20 CRISIL AAA/Stable 21-02-19 CRISIL AAA/Stable --
      --   --   -- 30-03-20 CRISIL AAA/Stable 15-02-19 CRISIL AAA/Stable --
Perpetual Non Convertible Debentures LT 3000.0 CRISIL AAA/Stable 31-03-22 CRISIL AAA/Stable 31-03-21 CRISIL AAA/Stable 08-10-20 CRISIL AAA/Stable   -- --
      -- 24-03-22 CRISIL AAA/Stable   --   --   -- --
Short Term Borrowing programme ST 20000.0 CRISIL A1+ 31-03-22 CRISIL A1+ 31-03-21 CRISIL A1+ 08-10-20 CRISIL A1+ 29-03-19 CRISIL A1+ CRISIL A1+
      -- 24-03-22 CRISIL A1+   -- 10-08-20 CRISIL A1+ 05-03-19 CRISIL A1+ --
      --   --   -- 26-05-20 CRISIL A1+ 21-02-19 CRISIL A1+ --
      --   --   -- 30-03-20 CRISIL A1+ 15-02-19 CRISIL A1+ --
Short Term Debt ST   --   --   -- 30-03-20 Withdrawn 29-03-19 CRISIL A1+ CRISIL A1+
      --   --   --   -- 05-03-19 CRISIL A1+ --
      --   --   --   -- 21-02-19 CRISIL A1+ --
      --   --   --   -- 15-02-19 CRISIL A1+ --
Long Term Principal Protected Market Linked Debentures LT 1000.0 CRISIL PPMLD AAA r /Stable 31-03-22 CRISIL PPMLD AAA r /Stable 31-03-21 CRISIL PPMLD AAA r /Stable 08-10-20 CRISIL PPMLD AAA r /Stable   -- --
      -- 24-03-22 CRISIL PPMLD AAA r /Stable   -- 10-08-20 CRISIL PPMLD AAA r /Stable   -- --
      --   --   -- 26-05-20 CRISIL PPMLD AAA r /Stable   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities*
Facility Amount (Rs.Crore) Name of Lender Rating
Short Term Loan 700 Central Bank CRISIL A1+
Short Term Loan 400 Sumitomo Mitsui banking Corporation CRISIL A1+
Short Term Loan 250 South Indian Bank CRISIL A1+
Short Term Loan 1000 YES Bank CRISIL A1+
Overdraft Facility 5 ICICI Bank CRISIL A1+
Working Capital Demand Loan 1200 HDFC Bank CRISIL AAA/Stable
Working Capital Demand Loan 1200 ICICI Bank CRISIL AAA/Stable
Working Capital Demand Loan 750 IDBI Bank CRISIL AAA/Stable
Working Capital Demand Loan 300 IDFC First Bank CRISIL AAA/Stable
Working Capital Demand Loan 100 KEB Hana Bank CRISIL AAA/Stable
Working Capital Demand Loan 300 Mizuho Bank CRISIL AAA/Stable
Working Capital Demand Loan 900 Punjab National Bank CRISIL AAA/Stable
Working Capital Demand Loan 500 RBL Bank CRISIL AAA/Stable
Working Capital Demand Loan 4500 State Bank of India CRISIL AAA/Stable
Foreign Currency Term Loan 2446 Sumitomo Mitsui Banking Corporation CRISIL AAA/Stable
Foreign Currency Term Loan 938 Mizuho Bank CRISIL AAA/Stable
Foreign Currency Term Loan 752 Bank of India CRISIL AAA/Stable
Foreign Currency Term Loan 4480 MUFG Bank CRISIL AAA/Stable
Foreign Currency Term Loan 2097 Bank of Baroda CRISIL AAA/Stable
Foreign Currency Term Loan 1719 DBS Bank CRISIL AAA/Stable
Foreign Currency Term Loan 1866 Canara Bank CRISIL AAA/Stable
Foreign Currency Term Loan 487 Axis Bank CRISIL AAA/Stable
Foreign Currency Term Loan 1485 State Bank of India CRISIL AAA/Stable
Long Term Loan 750 Bank of India CRISIL AAA/Stable
Long Term Loan 500 Central Bank CRISIL AAA/Stable
Long Term Loan 1000 Deutsche Bank AG CRISIL AAA/Stable
Long Term Loan 12000 HDFC Bank[ CRISIL AAA/Stable
Long Term Loan 3403 HSBC Bank CRISIL AAA/Stable
Long Term Loan 4000 ICICI Bank CRISIL AAA/Stable
Long Term Loan 6800 IIFCL CRISIL AAA/Stable
Long Term Loan 300 Jammu & Kashmir Bank CRISIL AAA/Stable
Long Term Loan 1500 JP Morgan CRISIL AAA/Stable
Long Term Loan 250 Karur Vysya Bank CRISIL AAA/Stable
Long Term Loan 300 Mizuho Bank CRISIL AAA/Stable
Long Term Loan 5000 Punjab National Bank CRISIL AAA/Stable
Long Term Loan 12730 State Bank of India CRISIL AAA/Stable
Long Term Loan 500 South Indian Bank CRISIL AAA/Stable
Long Term Loan 2000 Union Bank of India CRISIL AAA/Stable
Long Term Loan 10000 National Small Savings Fund CRISIL AAA/Stable

This Annexure has been updated on 07-Jun-22 in line with the lender-wise facility details as on 26-Aug-21 received from the rated entity.

*Bank Lenders are part of Borrowing program of company.

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

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