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Rating Rationale |
June 07, 2022 | Mumbai |
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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.
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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.
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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.
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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.
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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.
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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
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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).
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Key Financial Indicators
As on / for the period ended March 31
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Unit
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2022
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2021
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Total assets
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Rs crore
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410413
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400233
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Total income (net of interest)
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Rs crore
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17,178
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13,921
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Profit after tax
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Rs crore
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10,046
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8,362
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Gross NPA
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%
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4.5
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4.8
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Gearing
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Times
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6.4
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7.4
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Overall capital adequacy ratio
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%
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23.6
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19.7
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Any other information: Not applicable
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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. |
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Annexure - Details of Instrument(s)
ISIN
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Name of the instrument
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Date of allotment
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Coupon rate (%)
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Maturity date
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Issue size (Rs crore)
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Complexity
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Rating with outlook
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INE020B08DR1
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Bonds
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22-Apr-21
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5.74%
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20-Jun-24
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4,000
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Simple
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CRISIL AAA/Stable
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INE020B08DO8
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Bonds
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12-Mar-21
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7.40%
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15-Mar-36
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3,613.8
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Simple
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CRISIL AAA/Stable
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INE020B08682
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Bonds
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15-Feb-12
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0.0915
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15-Feb-27
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2,500
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Simple
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CRISIL AAA/Stable
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INE020B07LS4
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Bonds
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30-Apr-20
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5.75%
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30-Apr-25
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2,500
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Simple
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CRISIL AAA/Stable
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INE020B07LT2
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Bonds
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31-May-20
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5.75%
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31-May-25
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2,500
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Simple
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CRISIL AAA/Stable
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INE020B07LU0
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Bonds
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30-Jun-20
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5.75%
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30-Jun-25
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2,500
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Simple
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CRISIL AAA/Stable
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INE020B07LV8
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Bonds
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31-Jul-20
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5.75%
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31-Jul-25
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2,500
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Simple
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CRISIL AAA/Stable
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INE020B07LW6
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Bonds
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31-Aug-20
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5%
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31-Aug-25
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2,500
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Simple
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CRISIL AAA/Stable
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INE020B07LZ9
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Bonds
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30-Nov-20
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5%
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30-Nov-25
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2,500
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Simple
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CRISIL AAA/Stable
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INE020B07MA0
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Bonds
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31-Dec-20
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5%
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31-Dec-25
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2,500
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Simple
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CRISIL AAA/Stable
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INE020B07MB8
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Bonds
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31-Jan-21
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5%
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31-Jan-26
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2,500
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Simple
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CRISIL AAA/Stable
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INE020B07MC6
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Bonds
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28-Feb-21
|
5%
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28-Feb-26
|
2,500
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Simple
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CRISIL AAA/Stable
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INE020B07MD4
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Bonds
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31-Mar-21
|
5%
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31-Mar-26
|
2,500
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Simple
|
CRISIL AAA/Stable
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INE020B08DP5
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Bonds
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19-Mar-21
|
5.79%
|
20-Mar-24
|
1,550
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Simple
|
CRISIL AAA/Stable
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INE020B08DD1
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Bonds
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26-Sep-19
|
8.25%
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26-Sep-29
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1,451
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Simple
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CRISIL AAA/Stable
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INE020B08DT7
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Bonds
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21-Oct-21
|
6.23%
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31-Oct-31
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1,200
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Simple
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CRISIL AAA/Stable
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INE020B08DQ3
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Bonds
|
26-Mar-21
|
6.50%
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26-Mar-31
|
500
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Simple
|
CRISIL AAA/Stable
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INE020B07ME2
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Bonds
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30-Apr-21
|
0.05
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30-Apr-26
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385.56
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Simple
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CRISIL AAA/Stable
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INE020B07MJ1
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Bonds
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30-Sep-21
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5%
|
30-Sep-26
|
341.82
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Simple
|
CRISIL AAA/Stable
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INE020B07MH5
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Bonds
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31-Jul-21
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5%
|
31-Jul-26
|
282.3
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Simple
|
CRISIL AAA/Stable
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INE020B07MF9
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Bonds
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31-May-21
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5%
|
31-May-26
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141.41
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Simple
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CRISIL AAA/Stable
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INE020B07LY2
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Bonds
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31-Oct-20
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5%
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31-Oct-25
|
25
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Simple
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CRISIL AAA/Stable
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INE020B08BO2
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Bonds (GoI Fully Serviced)@@
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25-Mar-19
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8.30%
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25-Mar-29
|
4,000.00
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Simple
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CRISIL AAA/Stable
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INE020B08CS1
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Bonds (GoI Fully Serviced)@@
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31-Mar-20
|
7.20%
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31-Mar-30
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1,750.00
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Simple
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CRISIL AAA/Stable
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INE020B08CO0
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Bonds (GoI Fully Serviced)@@
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2-Mar-20
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7.14%
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2-Mar-30
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1,500.00
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Simple
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CRISIL AAA/Stable
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INE020B08BL8
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Bonds (GoI Fully Serviced)@@
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8-Mar-19
|
8.60%
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8-Mar-29
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1,200.00
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Simple
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CRISIL AAA/Stable
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INE020B08DI0
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Bonds (GoI Fully Serviced)@@
|
7-Jan-21
|
6.45%
|
7-Jan-31
|
1,000.00
|
Simple
|
CRISIL AAA/Stable
|
INE020B08DN0
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Bonds (GoI Fully Serviced)@@
|
28-Jan-21
|
6.63%
|
28-Jan-31
|
1,000.00
|
Simple
|
CRISIL AAA/Stable
|
INE020B08CR3
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Bonds (GoI Fully Serviced)@@
|
26-Mar-20
|
8.25%
|
26-Mar-30
|
532.3
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Simple
|
CRISIL AAA/Stable
|
NA
|
Bonds (GoI Fully Serviced)@@^^
|
NA
|
NA
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NA
|
4,017.70
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Simple
|
CRISIL AAA/Stable
|
INE020B07LX4
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Debentures
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30-Sep-20
|
5.75%
|
30-Sep-25
|
10,000
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Simple
|
CRISIL AAA/Stable
|
INE020B08724
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Infrastructure Bonds
|
15-Feb-12
|
9.15%
|
15-Feb-27
|
2.8
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Simple
|
CRISIL AAA/Stable
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INE020B08732
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Infrastructure Bonds
|
15-Feb-12
|
9.15%
|
15-Feb-27
|
1.1
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Simple
|
CRISIL AAA/Stable
|
INE020B08DE9
|
Institutional Bond#
|
29-Oct-20
|
6.80%
|
20-Dec-30
|
5,000.00
|
Simple
|
CRISIL AAA/Stable
|
INE020B08DM2
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Institutional Bond#
|
28-Jan-21
|
7.02%
|
31-Jan-36
|
4,589.90
|
Simple
|
CRISIL AAA/Stable
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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.
|
|
|
Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL Ratings. However, CRISIL Ratings alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites and portals.
| |
About CRISIL Ratings Limited (A subsidiary of CRISIL Limited)
CRISIL Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as bank loans, certificates of deposit, commercial paper, non-convertible/convertible/partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 33,000 large and mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating business, including ratings for municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).
CRISIL Ratings Limited ('CRISIL Ratings') is a wholly-owned subsidiary of CRISIL Limited ('CRISIL'). CRISIL Ratings Limited is registered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI").
For more information, visit www.crisilratings.com
About CRISIL Limited
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| CRISIL Ratings uses the prefix ‘PP-MLD’ for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on CRISIL Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisil.com/en/home/our-businesses/ratings/credit-ratings-scale.html
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