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| Rating Rationale |
| March 31, 2022 | Mumbai |
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REC Limited
‘CRISIL AAA/Stable' assigned to Long-term borrowing programme; 'CRISIL A1+' assigned to Short term borrowing programme
Rating Action
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Rs.90000 Crore Long-Term Borrowing Programme&
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CRISIL AAA/Stable (Assigned)
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Rs.10000 Crore Short Term Borrowing programme&
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CRISIL A1+ (Assigned)
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Rs.100000 Crore Long-Term Borrowing Programme$
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CRISIL AAA/Stable (Reaffirmed)
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Rs.100000 Crore Long-Term Borrowing Programme^
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CRISIL AAA/Stable (Reaffirmed)
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Rs.1000 Crore Long Term Principal Protected Market Linked Debentures^
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CRISIL PPMLD AAA r /Stable (Reaffirmed)
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Rs.15000 Crore Bond@@
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CRISIL AAA/Stable (Reaffirmed)
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Rs.3000 Crore Perpetual Non Convertible Debentures^
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CRISIL AAA/Stable (Reaffirmed)
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Rs.10000 Crore Short Term Borrowing programme$
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CRISIL A1+ (Reaffirmed)
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Long-Term Borrowing Programme Aggregating Rs.194514.83 Crore#**
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CRISIL AAA/Stable (Reaffirmed)
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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.100000.0 crore, of which market borrowing programme is of Rs. 75000.0 crore. Total incremental long-term market borrowing not to exceed Rs.75000.0 crore any point in time during fiscal 2023.
&Long term borrowing includes Rs. 15000.0 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.10000.0 crore at any point during fiscal 2023.It also includes commercial paper limit not exceeding Rs 5000 crore at any point during fiscal 2023
$ Borrowing programme for fiscal 2022
^Borrowing programme for fiscal 2021
#Past year's borrowing programme
**Includes Rs.9259.30 crore of extra budgetary resources raised by REC on behalf of Ministry of Power
@@ GOI Fully serviced bonds
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Detailed Rationale
CRISIL Ratings has assigned its 'CRISIL AAA/Stable' rating to the long term borrowing programme of REC Limited (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/Stable/CRISIL A1+'.
The nationwide lockdown imposed by the government to contain the Covid-19 pandemic had impacted power consumption across the country, hence funding requirements from distribution companies (discoms) were lower. Although lockdown has been eased in a phased manner revenue collections of distribution companies (discoms) were impacted severely which also adversely affected their ability to repay their dues to the generating companies (gencos). To improve the liquidity position of discoms, GoI announced a Rs 90,000 crore discoms package with REC and PFC as lending partners, which was further increased to 1.25 lakhs crore. As of September 2021, REC along with PFC have sanctioned around Rs 1.35 lakh crore, of which disbursements stood at around Rs 85,000 crore. The package is expected to support discoms in meeting their payment obligations to generation companies (gencos), which in turn would improve the ability of gencos to meet their debt obligations, including their dues to PFC and REC. Also, given that REC would be incrementally lending to borrowers with state government guarantee which have a lower risk weightage at 20%, it will help in improving capital ratios. CRISIL will continue to monitor developments in this regards.
Government of India had announced, Revamped Distribution Sector Scheme(RDSS) reforms-based and results-linked scheme with an outlay of 3.04 lakh crore over a period of 5 years, which would be available till fiscal 2026. REC & Power Finance Corporation has been appointed as nodal lending agencies for facilitating implementation this vital scheme. The scheme aims to improve operational efficiencies and financial sustainability of DISCOMs by providing reform linked financial assistance for strengthening of supply
Asset quality has been improving led by recoveries in large delinquent private sector exposures, however it has slightly increased due to further slippages in Q3 of fiscal 2022. Gross non-performing assets (NPAs) and net NPAs stood at 5.1% and 1.7%, respectively, as on December 31, 2021 versus 5.1% and 2.0%, respectively, a year earlier (4.8% and 1.7%, respectively, as on March 31, 2021). Most of the credit impaired accounts are under a resolution process/or at advanced stages of resolution, as most of the stress in the private sector recognized, and the current stage 2 accounts likely to benefit from the discoms package, there may not be further large private sector slippages in the near to medium term. Nevertheless, the performance of the loan book and recovery from resolution will remain a key monitorable.
The ratings continue to reflect the strategic importance to the GoI given the key role the company plays in financing the Indian power sector, and majority ownership by the government. The ratings also factor in a 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.
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Analytical Approach
For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profile of REC and its subsidiaries. Furthermore, currently, CRISIL factors in support from the ultimate parent, GoI given its key role in financing the Indian power sector and expectation of continued support to REC by GoI, 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 GoI, given REC’s key role in financing India’s power sector
REC is strategically important to GoI as it plays an important role in the Indian power sector, not only by providing finance but also by implementing GoI'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 GoI—to promote capital investment in the power distribution sector. REC, along with Power Finance Corporation are two organisation designated as nodal agency for reform based result linked Revamped Distribution Sector Scheme. REC is the second-largest lender to the sector. The company plays a developmental role in channeling finance to meet the power sector’s large funding requirement, particularly of State Power Utilities (SPUs), which constitute 90% of its portfolio as on December 31, 2021.
The government supports the company financially and operationally in various ways, including conferring special status to raise capital gains tax exemption bonds. Even after stake sale to PFC, GoI indirectly controls REC. CRISIL believes that GoI 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 GoI'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%, 4%, and 10% to state sector, joint sector units, and private sector, respectively, as on December 31, 2021. 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 SPUs. To support this role, REC has also received exemption from single and group borrower exposure norms for exposures to state power utilities (SPUs) till March 2022. Clearly, REC will remain a key financier to SPUs and, therefore, play a crucial role in sustaining their operations. Loans outstanding to government sector stood at Rs 3.50 lakh crore as on December 31, 2021 (Rs 3.39 lakh crore as on March 31, 2021; Rs 2.85 lakh crore as on March 31, 2020). As on December 31, 2021, overall loan book stood at Rs 3.89 lakh crore (Rs 3.77 lakh crore as on March 31, 2021; Rs 3.22 lakh crore as on March 31, 2020)
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 December 31, 2021, overall borrowings stood at Rs 3.36 lakh crore with domestic bonds forming the largest share at 49%, foreign currency borrowings at 22%, funding from banks/FIs at 18% and capital gains/tax free bonds at 11%. The company raised Rs 2000 crore of short-term commercial paper borrowings as on December 31, 2021 (Nil as on March 31, 2021). On a steady state, CP 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 6.87% in the first nine months of fiscal 2022 (7.24% in fiscal 2021; 8.23% in fiscal 2020).
REC's capital profile provides a cushion against asset-side risks arising from high sectoral and customer concentration. The net worth was Rs 50,258 crore as on December 31, 2021 (Rs 43,426 crore as on March 31, 2021). The overall capital adequacy ratio (CAR) and Tier 1 CAR stood at 23.22% and 19.01%, respectively, as on December 31, 2021 (19.72% and 16.31%, respectively, as on March 31, 2021). Gearing stood at 6.7 times as on December 31, 2021 (7.4 times as on March 31, 2021). The net worth/net NPA ratio was around 7.4 times as on December 31, 2021 (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 net worth will be supported by the company's ability to maintain good interest spreads and a low operating expense ratio. The return on assets (RoA) ratio was 2.2% in fiscal 2021 as against 1.5% in fiscal 2020 (RoA (annualised) stood at 2.5% in the first nine months of fiscal 2022). Profitability was impacted in fiscal 2020 due to increase in credit costs and foreign exchange (forex) losses. 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, SPUs, comprising around 90% of overall advances as on December 31, 2021. Further, top 10 borrowers constitute ~43% of total loan book. Effective execution of various reform measures is extremely critical for SPUs 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 the performance of SPUs. However, REC has been able to manage overall asset quality risks in this segment owing to its criticality to borrowers and through various asset protection mechanisms.
REC also has around 10% exposure to the private sector as on December 31, 2021 (10% as on March 31, 2021), which has been vulnerable to asset quality risks owing to 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 December 31, 2021, the overall gross NPAs and Net NPAs decreased to 5.1% and 1.7%, respectively, from 5.1% and 2.0%, respectively, a year ago (4.8% and 1.7%, respectively, as on March 31, 2021) led by recovery from large private delinquent accounts. As on December 31, 2021, 52% of private sectors loans have been recognized as stage III assets on which the company has a provision coverage of 66%.
Overall, CRISIL believes that 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 repayments are well staggered across months, supporting its liquidity profile.
As on February 07, 2022, REC had a liquidity cushion of Rs 21340 crore on a standalone basis (Rs 7173 crore of cash and equivalents including liquid investments and Rs 14167 crore of unutilised bank lines including undrawn term loans) as against debt obligation of Rs 13138 crore in the next two months till April 30, 2022.
REC continues to tap debt capital markets for fresh issuances. Around Rs 13,883 crore were raised as domestic bonds in the first nine months of fiscal 2022. REC also raised term loans of Rs 19,300 crore and foreign currency borrowings of Rs 17,226 crore over the same period.
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Outlook: Stable
CRISIL Ratings believes that REC will continue to benefit from GoI’s support, given its strategic role in the implementation of GoI’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, or in the direct or indirect support it receives from, GoI by way of reduction in PFC’s shareholding 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, GoI. The company is registered with 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 SPUs 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, Power Finance Corporation completed the acquisition of Government of India’s (GoI’s) 52.63% stake in REC. The rating reaffirmation is driven by strategic importance of REC to GoI and support, if any, required will be provided by GoI. Even post the sale of GoI stake in REC to PFC, the company continues to play its respective policy role and remains nodal agencies for implementing GoI's power sector policies. Further, it is expected to operate all functions independently as is it did prior to the acquisition. GoI will continue to appoint the Board and CMD of REC and also have representation on the Board even after the stake sale.
Further, REC continues to operate as public financial institution (PFI), Infrastructure Finance Company (NBFC-IFC) and a Central Public Sector Enterprise (CPSE). Also, the entity continues to accrue all the benefits it was eligible for prior to stake sale by GoI, including raising bonds under Section 54EC. Capital support, if required, by REC, will be provided by government, albeit through PFC.
Even after the proposed stake sale, given that PFC is majority owned by GoI, CRISIL believes that GoI will continue to be involved in matters related to REC and that PFC and GoI would act in concert to support REC, if required. The rating also reflect REC’s sound resource profile and adequate capitalisation. The rating strengths are partially offset by the company’s exposure to risks relating to inherent vulnerability of asset quality, and significant customer and sectoral concentration.
For fiscal 2021, REC reported a profit after tax (PAT) of Rs 8,362 crore and total income (net of interest) of Rs 13,921 crore (Rs 4,886 crore and Rs 10,832 crore, respectively in the previous fiscal). For the nine months ended December 31, 2021, REC reported a PAT of Rs 7,758 crore on a total income (net of interest expense) of Rs 12,929 crore as against a PAT of Rs 6,292 crore on a total income (net of interest expense) of Rs 10,210 crore for the corresponding period of the previous fiscal.
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Key Financial Indicators
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As on / for the period ended December 31
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Unit
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2021
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2020
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Total Assets
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Rs. Cr.
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418790
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3,79,193
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Total income (net of interest)
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Rs. Cr.
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12,929
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10,210
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Profit after tax
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Rs. Cr.
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7758
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6,292
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Gross NPA
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%
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5.1
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5.1
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Gearing
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Times
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6.7
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7.4
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Overall capital adequacy ratio
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%
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23.2
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19.3
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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)
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ISIN
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Name of the Instrument
|
Date of
Allotment
|
Coupon
Rate (%)
|
Maturity
Date
|
Issue Size
(Rs.Cr)
|
Complexity
level
|
Rating with Outlook
|
|
INE020B08DR1
|
Bonds
|
22-Apr-21
|
5.74%
|
20-Jun-24
|
4000
|
Simple
|
CRISIL AAA/Stable
|
|
INE020B08DO8
|
Bonds
|
12-Mar-21
|
7.40%
|
15-Mar-36
|
3613.8
|
Simple
|
CRISIL AAA/Stable
|
|
INE020B08682
|
Bonds
|
15-Feb-12
|
0.0915
|
15-Feb-27
|
2500
|
Simple
|
CRISIL AAA/Stable
|
|
INE020B07LS4
|
Bonds
|
30-Apr-20
|
5.75%
|
30-Apr-25
|
2500
|
Simple
|
CRISIL AAA/Stable
|
|
INE020B07LT2
|
Bonds
|
31-May-20
|
5.75%
|
31-May-25
|
2500
|
Simple
|
CRISIL AAA/Stable
|
|
INE020B07LU0
|
Bonds
|
30-Jun-20
|
5.75%
|
30-Jun-25
|
2500
|
Simple
|
CRISIL AAA/Stable
|
|
INE020B07LV8
|
Bonds
|
31-Jul-20
|
5.75%
|
31-Jul-25
|
2500
|
Simple
|
CRISIL AAA/Stable
|
|
INE020B07LW6
|
Bonds
|
31-Aug-20
|
5%
|
31-Aug-25
|
2500
|
Simple
|
CRISIL AAA/Stable
|
|
INE020B07LZ9
|
Bonds
|
30-Nov-20
|
5%
|
30-Nov-25
|
2500
|
Simple
|
CRISIL AAA/Stable
|
|
INE020B07MA0
|
Bonds
|
31-Dec-20
|
5%
|
31-Dec-25
|
2500
|
Simple
|
CRISIL AAA/Stable
|
|
INE020B07MB8
|
Bonds
|
31-Jan-21
|
5%
|
31-Jan-26
|
2500
|
Simple
|
CRISIL AAA/Stable
|
|
INE020B07MC6
|
Bonds
|
28-Feb-21
|
5%
|
28-Feb-26
|
2500
|
Simple
|
CRISIL AAA/Stable
|
|
INE020B07MD4
|
Bonds
|
31-Mar-21
|
5%
|
31-Mar-26
|
2500
|
Simple
|
CRISIL AAA/Stable
|
|
INE020B08DP5
|
Bonds
|
19-Mar-21
|
5.79%
|
20-Mar-24
|
1550
|
Simple
|
CRISIL AAA/Stable
|
|
INE020B08DD1
|
Bonds
|
26-Sep-19
|
8.25%
|
26-Sep-29
|
1451
|
Simple
|
CRISIL AAA/Stable
|
|
INE020B08DT7
|
Bonds
|
21-Oct-21
|
6.23%
|
31-Oct-31
|
1200
|
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
|
10000
|
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
|
80943.24
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long term borrowing programme (FY23)^^
|
NA
|
NA
|
NA
|
90000
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Short term borrowing programme (FY23)^^
|
NA
|
NA
|
NA
|
10000
|
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 Loan
|
NA
|
NA
|
NA
|
2350.0
|
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 Loan
|
NA
|
NA
|
27-Sep-28
|
750.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
NA
|
500.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
18-Dec-23
|
500.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
NA
|
500.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
21-May-24
|
500.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
30-Sep-22
|
650.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
15-Jun-23
|
2,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
30-Sep-23
|
1,500.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
4-Dec-22
|
2,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
19-Jun-23
|
1,500.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
29-Sep-23
|
300.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
11-Oct-23
|
350.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
5-Nov-23
|
350.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
15-Jan-24
|
500.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
17-Nov-26
|
850.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
NA
|
2,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
19-May-25
|
565.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
6-Jul-26
|
500.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
25-Mar-30
|
85.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
18-Dec-25
|
187.5
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
25-Mar-26
|
900.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
9-Jul-26
|
500.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
28-Mar-30
|
665.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
28-Sep-31
|
2,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
9-Dec-31
|
2,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
23-Jun-23
|
800.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
3-Jun-22
|
1,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
9-Aug-26
|
1,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
25-Feb-24
|
1,500.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
14-Mar-24
|
500.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
25-Mar-26
|
1,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
29-Mar-26
|
1,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
NA
|
500.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
28-Oct-26
|
300.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
26-Mar-24
|
1,500.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
NA
|
250.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
29-Oct-26
|
250.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
21-Jan-27
|
300.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
13-Dec-28
|
5,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
4-Oct-29
|
5,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
27-Aug-25
|
2,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
11-Nov-26
|
2,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
NA
|
1,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
5-Mar-23
|
500.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
5-Mar-24
|
5,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
14-Jul-25
|
2,300.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
8-Nov-26
|
4,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
29-Oct-31
|
5,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
NA
|
2,000.0
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long Term Loan
|
NA
|
NA
|
NA
|
750.0
|
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 Limited*
|
Full
|
Subsidiary
|
|
Energy Efficiency Services Limited
|
Part
|
Joint Venture
|
* Formerly known as REC Power Distribution Company Limited
| |
| |
| 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 |
24-03-22 |
CRISIL AAA/Stable |
31-03-21 |
CRISIL AAA/Stable |
08-10-20 |
CRISIL AAA/Stable |
29-03-19 |
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 |
24-03-22 |
CRISIL AAA/Stable |
31-03-21 |
CRISIL AAA/Stable |
08-10-20 |
CRISIL AAA/Stable |
29-03-19 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
| |
|
|
-- |
|
-- |
|
-- |
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 |
24-03-22 |
CRISIL AAA/Stable |
31-03-21 |
CRISIL AAA/Stable |
08-10-20 |
CRISIL AAA/Stable |
|
-- |
-- |
| Short Term Borrowing programme |
ST |
20000.0 |
CRISIL A1+ |
24-03-22 |
CRISIL A1+ |
31-03-21 |
CRISIL A1+ |
08-10-20 |
CRISIL A1+ |
29-03-19 |
CRISIL A1+ |
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 |
24-03-22 |
CRISIL PPMLD AAA r /Stable |
31-03-21 |
CRISIL PPMLD AAA r /Stable |
08-10-20 |
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 Of India |
CRISIL A1+ |
| Short Term Loan |
400 |
Sumitomo Mitsui banking Corporation |
CRISIL A1+ |
| Short Term Loan |
250 |
The South Indian Bank Limited |
CRISIL A1+ |
| Short Term Loan |
1,000 |
YES Bank Limited |
CRISIL A1+ |
| Overdraft Facility |
5 |
ICICI Bank Limited |
CRISIL A1+ |
| Working Capital Demand Loan |
1,200 |
HDFC Bank Limited |
CRISIL AAA/Stable |
| Working Capital Demand Loan |
1,200 |
ICICI Bank Limited |
CRISIL AAA/Stable |
| Working Capital Demand Loan |
750 |
IDBI Bank Limited |
CRISIL AAA/Stable |
| Working Capital Demand Loan |
300 |
IDFC FIRST Bank Limited |
CRISIL AAA/Stable |
| Working Capital Demand Loan |
100 |
KEB Hana Bank |
CRISIL AAA/Stable |
| Working Capital Demand Loan |
300 |
Mizuho Bank Limited |
CRISIL AAA/Stable |
| Working Capital Demand Loan |
900 |
Punjab National Bank |
CRISIL AAA/Stable |
| Working Capital Demand Loan |
500 |
RBL Bank Limited |
CRISIL AAA/Stable |
| Working Capital Demand Loan |
4,500 |
State Bank of India |
CRISIL AAA/Stable |
| Long Term Loan |
250 |
The Karnataka Bank Limited |
CRISIL AAA/Stable |
| Long Term Loan |
500 |
IndusInd Bank Limited |
CRISIL AAA/Stable |
| Long Term Loan |
750 |
Bank of India |
CRISIL AAA/Stable |
| Long Term Loan |
500 |
Central Bank Of India |
CRISIL AAA/Stable |
| Long Term Loan |
1,500.00 |
Deutsche Bank AG |
CRISIL AAA/Stable |
| Long Term Loan |
12,000.00 |
HDFC Bank Limited |
CRISIL AAA/Stable |
| Long Term Loan |
3,402.50 |
HSBC Bank |
CRISIL AAA/Stable |
| Long Term Loan |
4,000.00 |
ICICI Bank Limited |
CRISIL AAA/Stable |
| Long Term Loan |
6,800.00 |
IIFCL |
CRISIL AAA/Stable |
| Long Term Loan |
300 |
The Jammu and Kashmir Bank Limited |
CRISIL AAA/Stable |
| Long Term Loan |
1,500.00 |
JP Morgan |
CRISIL AAA/Stable |
| Long Term Loan |
250 |
Karur Vysya Bank |
CRISIL AAA/Stable |
| Long Term Loan |
300 |
Mizuho Bank Limited |
CRISIL AAA/Stable |
| Long Term Loan |
5,000.00 |
Punjab National Bank |
CRISIL AAA/Stable |
| Long Term Loan |
16,300.00 |
State Bank of India |
CRISIL AAA/Stable |
| Long Term Loan |
500 |
The South Indian Bank Limited |
CRISIL AAA/Stable |
| Long Term Loan |
2,750.00 |
Union Bank of India |
CRISIL AAA/Stable |
| Long Term Loan |
10,000.00 |
National Small Savings Fund |
CRISIL AAA/Stable |
*Bank Lenders are part of Borrowing program of company
This Annexure has been updated on 31-Mar-22 in line with the lender-wise facility details as on 26-Aug-21 received from the rated entity.
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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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