By Jinay Gala

India Ratings and Research (Ind-Ra) has upgraded Aditya Birla Finance Limited’s (ABFL) Long-Term Issuer Rating to ‘IND AAA’ from ‘IND AA+’ with a Stable Outlook and affirmed the Short-Term Issuer Rating at ‘IND A1+’. The instrument-wise rating actions are as follows:

Instrument Type

Date of Issuance

Coupon Rate

Maturity Date

Size of Issue (billion)

Rating/Outlook

Rating Action

Non-convertible debentures (NCDs)*

-

-

-

INR126.5 (reduced from INR145)

IND AAA/Stable

Upgraded

Lower tier 2 subordinated debt

-

-

-

INR21.5

IND AAA/Stable

Upgraded

Perpetual debt

-

-

-

INR7

IND AA+/Stable

Upgraded

Commercial paper

-

-

7 to 365 days

INR170

IND A1+

Affirmed

* Details of NCDs are given in annexure

The upgrades reflect the strong credit profile of Grasim Industries Limited, which is the ultimate parent of
ABFL. ABFL, which was earlier a subsidiary of Aditya Birla Nuvo Limited, has become the step-down subsidiary (through Aditya Birla Capital Limited) of Grasim post the merger of Aditya Birla Nuvo with Grasim Industries

The upgrade factors in the increasing importance of financial services to Grasim Industries and the larger Aditya Birla group franchise from a long term perspective. ABFL continues to be a high growth business, though its share in the consolidated balance sheet and profitability of the ultimate parent and the group is modest at present. Ind-Ra understands that financial services remains a strong focus area for the Aditya Birla Group and has a close oversight from the top management, increasing the likelihood of active support, in the event of liquidity tightness or even through timely availability of growth capital, as and when required. ABFL has created a sizeable franchise in the non-banking financial services domain with a fairly diversified portfolio across segments.

KEY RATING DRIVERS

Stronger Parent with High Propensity and Ability to Support: The rating factors in Ind-Ra’s expectation of timely financial support to ABFL from Grasim Industries. The Aditya Birla Group considers ABFL’s lending business critical to its long-term growth prospects for financial services segment. ABFL has received regular equity infusions (INR28.22 billion over FY13-FY17) from its erstwhile parent Aditya Birla Nuvo Ltd and subsequently INR2.5 billion through a stake sale in AB Capital Ltd. Grasim Industries has a strong operating profile with adequate resources in terms of on-book liquidity to support ABFL’s requirements. The Aditya Birla Group has articulated that there is close co-ordination between the management of the Grasim Industries and the financial services business, ensuring smooth flow of resources from the former to the latter as and when required. 

Established Franchise with Spread Out Portfolio:
ABFL has expanded to a reasonable size (2QFY18: loan book: INR389 billion, equity: INR55.9 billion) and is a fairly large player in the NBFC domain. ABFL’s loan book expanded at a CAGR of 57% over FY12-FY17, during which it entered into other businesses from its earlier portfolio of largely capital market business (FY12: 44% to 2QFY18:13% of book) and diversified itself across semi-wholesale/wholesale business segments such as loan against property/small and medium-sized enterprises, project finance and corporate lending. Incrementally, the company has entered into new retail segments such as business, personal and digital loans, to improve its blended margin, aid growth and diversification. These segments are characterised by high levels of competitive intensity both by banks and non-banking finance companies. 

The company’s portfolio-wide delinquency and credit costs have been fairly low till date. However, its high growth also results in a sizeable portfolio that has been recently originated and life cycle credit costs could be established only post reasonable seasoning during a stable growth phase.
 

Diversified Funding though with Moderate on-book Liquidity
: ABFL’s funding profile remains comfortable, diversified across banks and capital markets. Its borrowings are spread over several institutions. The company also raises a sizeable amount of its funds through commercial papers to the tune of 18-24% of total funding mix and there are marked gaps in its short-term assets-liability maturity tenors (9% of total assets in 2QFY18 excluding committed lines). Having said that, the company maintains unutilised lines from banks (INR50.49 billion in 2QFY18) and can also access the liquidity of the ultimate parent in a tight liquidity situation.

Reasonable Profitability
: ABFL’s return on assets was 2.0% in FY17 (FY16: 1.9%). While the company yields are on the lower side, its net interest margins are supported by low borrowing costs. This coupled with moderate operating expenses and low credit costs (20bps for FY17) supports profitability. ABFL’s ability to manage its credit costs would be a key determinant of its profitability. 

Average Capitalisation
: ABFL’s capitalisation stands average (equity to assets of 14.1% in 2QFY18, particularly in view of its largely semi-wholesale/wholesale portfolio spread across multiple segments. While the company has been receiving regular capital infusions, the impact has been offset by its high portfolio growth. However, as the loan portfolio has become reasonably large, ABFL could support its growth through its internal accruals once the portfolio growth moderates. Ind-Ra estimates 14%-16% of growth could be supported by internal accruals; growth of around 25% could require an INR18 billion external equity infusion by FY20. Post the recent listing of Aditya Birla Capital, it can also tap capital markets for raising funds. Ind-Ra expects the company to maintain a stable state debt to equity around 5.5x (2QFY18: 5.8x). 


RATING SENSITIVITIES

Negative: Dilution of support expectations either on account of inability to manage asset quality, especially in view of the high loan growth strategy, resulting in higher-than-expected losses or diminished business prospects, or otherwise could lead to Long-Term Issuer Rating downgrade. Lack of timely support in terms of equity capital for growth or a liquidity event would also lead to a negative rating action. Any deterioration in the credit profile of Grasim Industries is also likely to impact the ratings. 


COMPANY PROFILE

Formed in 1991, ABFL was formerly known as Birla Global Finance. It now stands as a subsidiary of the newly listed Aditya Birla Capital. ABFL was previously largely engaged in short-term finance. However, it entered into project finance, corporate lending and mortgage financing businesses in FY12. Moreover, the company is engaged in the debt and syndication advisory business. 

ABFL is an indirect subsidiary of Grasim Industries which holds a 55.99% stake in
Aditya Birla Capital which holds 100% stake in ABFL; the promoters hold an additional 16.77% and the public 27.24% in Aditya Birla Capital. 


FINANCIAL SUMMARY

Particulars

FY17

FY16

Total assets (INR billion)

354.19

262.23

Total equity (INR billion)

49.91

36.96

Net profit (INR billion)

5.85

4.08

Return on average assets (%)

2.0

1.9

Equity/assets (%)

14.1

14.1

Tier 1 capital (%)

13.7

13.6

Source: ABFL

 

 


RATING HISTORY

Instrument Type

Current Rating/Outlook

Historical Rating/Outlook

Rating Type

Rated Limits (billion)

Rating/Outlook

29  September 2017

30  March 2017

20 March 2015

Issuer rating

Long term/Short term

-

IND AAA/Stable/IND A1+

IND AA+/Stable/IND A1+

IND AA+/Stable/IND A1+

IND AA+/Stable/IND A1+

NCDs

Long-term

INR126.5

IND AAA/Stable

IND AA+/Stable

IND AA+/Stable

IND AA+/Stable

Lower tier 2 Subordinated debt

Long-term

INR21.5

IND AAA/Stable

IND AA+/Stable

IND AA+/Stable

IND AA+/Stable

Perpetual debt

Long-term

INR7

IND AA+/Stable

IND AA/Stable

-

-

Commercial Paper

Short term

INR170

IND A1+

IND A1+

-

-

ANNEXURE

Instrument

ISIN

Date of Issuance

Coupon Rate (%)

Maturity Date

Size of Issue (million)

Rating/Outlook

Rating Action

NCDs

INE860H07409

17 January 2014

10.07

17 January 2019

INR600

IND AAA/Stable

Upgraded

NCDs

INE860H07417

12 February 2014

10.15

8 February 2019

INR400

IND AAA/Stable

Upgraded

NCDs

INE860H07466

28 May 2014

9.75

4 April 2019

INR150

IND AAA/Stable

Upgraded

NCDs

INE860H07474

28 May 2014

9.75

24 May 2019

INR200

IND AAA/Stable

Upgraded

NCDs

INE860H07524

12 June 2014

9.65

12 June 2019

INR550

IND AAA/Stable

Upgraded

NCDs

INE860H07540

10 July 2014

9.65

10 July 2019

INR1,150

IND AAA/Stable

Upgraded

NCDs

INE860H07888

13 March 2015

9

9 March 2018

INR350

IND AAA/Stable

Upgraded

NCDs

INE860H07896

13 March 2015

9.00 XIRR

26 February 2018

INR200

IND AAA/Stable

Upgraded

NCDs

INE860H07904

13 March 2015

9.0031

28 March 2018

INR1,500

IND AAA/Stable

Upgraded

NCDs

INE860H07979

26 March 2015

9

23 March 2018

INR1,000

IND AAA/Stable

Upgraded

NCDs

INE860H07987

26 March 2015

9.00 XIRR

28 March 2018

INR60

IND AAA/Stable

Upgraded

NCDs

INE860H07995

26 March 2015

9.00 XIRR

30 March 2018

INR145

IND AAA/Stable

Upgraded

NCDs

INE860H07AA1

26 March 2015

9.00 XIRR

26 April 2018

INR450

IND AAA/Stable

Upgraded

NCDs

INE860H07AD5

31 March 2015

9.00 XIRR

30 March 2018

INR310

IND AAA/Stable

Upgraded

NCDs

INE860H07AE3

31 March 2015

9.00 XIRR

26 April 2018

INR130

IND AAA/Stable

Upgraded

NCDs

INE860H07AF0

31 March 2015

9

27 March 2020

INR200

IND AAA/Stable

Upgraded

NCDs

INE860H07AO2

16 April 2015

8.95

30 March 2018

INR150

IND AAA/Stable

Upgraded

NCDs

INE860H07AP9

16 April 2015

8.95 XIRR

5 April 2018

INR730

IND AAA/Stable

Upgraded

NCDs

INE860H07AQ7

16 April 2015

8.95 XIRR

10 April 2018

INR207

IND AAA/Stable

Upgraded

NCDs

INE860H07AR5

16 April 2015

8.95 pa

13 April 2018

INR1,550

IND AAA/Stable

Upgraded

NCDs

INE860H07AS3

16 April 2015

8.95 XIRR

19 April 2018

INR423

IND AAA/Stable

Upgraded

NCDs

INE860H07AT1

16 April 2015

8.95 XIRR

2 May 2018

INR100

IND AAA/Stable

Upgraded

NCDs

INE860H07AU9

16 April 2015

8.95 XIRR

11 June 2018

INR1,800

IND AAA/Stable

Upgraded

NCDs

INE860H07AV7

16 April 2015

8.92 XIRR

26 April 2018

INR46

IND AAA/Stable

Upgraded

NCDs

INE860H07AW5

16 April 2015

8.92 XIRR

24 May 2018

INR220

IND AAA/Stable

Upgraded

NCDs

INE860H07AX3

16 April 2015

8.92

12 April 2018

INR270

IND AAA/Stable

Upgraded

NCDs

INE860H07AY1

16 April 2015

8.95

10 April 2020

INR1,270

IND AAA/Stable

Upgraded

NCDs

INE860H07BE1

22 April 2015

8.87

17 April 2020

INR250

IND AAA/Stable

Upgraded

NCDs

INE860H07BF8

21 May 2015

8.90 XIRR

15 May 2018

INR300

IND AAA/Stable

Upgraded

NCDs

INE860H07BG6

5 June 2015

8.99 XIRR

29 May 2018

INR350

IND AAA/Stable

Upgraded

NCDs

INE860H07BH4

5 June 2015

8.99 XIRR

24 December 2018

INR100

IND AAA/Stable

Upgraded

NCDs

INE860H07BI2

15 June 2015

8.88 XIRR

12 June 2018

INR221

IND AAA/Stable

Upgraded

NCDs

INE860H07BJ0

19 June 2015

8.88

12 June 2020

INR150

IND AAA/Stable

Upgraded

NCDs

INE860H07BL6

8 July 2015

8.93 XIRR

2 July 2018

INR350

IND AAA/Stable

Upgraded

NCDs

INE860H07BM4

8 July 2015

8.93 XIRR

5 July 2018

INR345

IND AAA/Stable

Upgraded

NCDs

INE860H07BN2

17 July 2015

8.92 XIRR

26 July 2018

INR440

IND AAA/Stable

Upgraded

NCDs

INE860H07BO0

17 July 2015

8.92 XIRR

12 July 2018

INR218

IND AAA/Stable

Upgraded

NCDs

INE860H07BP7

17 August 2015

8.85

14 August 2019

INR1,500

IND AAA/Stable

Upgraded

NCDs

INE860H07BQ5

24 August 2015

8.8

24 August 2018

INR50

IND AAA/Stable

Upgraded

NCDs

INE860H07BR3

24 August 2015

8.8 XIRR

24 August 2018

INR150

IND AAA/Stable

Upgraded

NCDs

INE860H07BS1

10 September 2015

8.85

9 September 2022

INR200

IND AAA/Stable

Upgraded

NCDs

INE860H07BT9

1 October 2015

8.86 XIRR

8 October 2018

INR330

IND AAA/Stable

Upgraded

NCDs

INE860H07BU7

7 October 2015

8.77

7 October 2022

INR600

IND AAA/Stable

Upgraded

NCDs

INE860H07BV5

12 October 2015

8.77

12 October 2022

INR210

IND AAA/Stable

Upgraded

NCDs

INE860H07BW3

12 October 2015

8.75

12 October 2020

INR1,050

IND AAA/Stable

Upgraded

NCDs

INE860H07BX1

19 October 2015

8.77

17 October 2025

INR150

IND AAA/Stable

Upgraded

NCDs

INE860H07BZ6

3 November 2015

8.71

50% on 1 November 2024 &

INR5,000

IND AAA/Stable

Upgraded

50% on 31 October 2025

NCDs

INE860H07CA7

9 December 2015

8.62

8 December 2017

INR150

IND AAA/Stable

Upgraded

NCDs

INE860H07CB5

9 December 2015

8.65 XIRR

16 April 2018

INR100

IND AAA/Stable

Upgraded

NCDs

INE860H07CC3

9 December 2015

8.65 XIRR

29 November 2018

INR100

IND AAA/Stable

Upgraded

NCDs

INE860H07CD1

9 December 2015

8.65

7 December 2018

INR200

IND AAA/Stable

Upgraded

NCDs

INE860H07CE9

9 December 2015

8.71

9 December 2020

INR600

IND AAA/Stable

Upgraded

NCDs

INE860H07CF6

7 January 2016

8.7

7 January 2019

INR100

IND AAA/Stable

Upgraded

NCDs

INE860H07CG4

7 January 2016

8.70 XIRR

10 June 2021

INR150

IND AAA/Stable

Upgraded

NCDs

INE860H07CH2

7 January 2016

8.7

7 January 2021

INR50

IND AAA/Stable

Upgraded

NCDs

INE860H07CI0

25 January 2016

8.75

25 January 2021

INR100

IND AAA/Stable

Upgraded

NCDs

INE860H07CJ8

23 February 2016

8.85

22 February 2019

INR1,200

IND AAA/Stable

Upgraded

NCDs

INE860H07CK6

23 February 2016

8.85

23 February 2021

INR50

IND AAA/Stable

Upgraded

NCDs

INE860H07CL4

23 February 2016

8.85

23 February 2026

INR100

IND AAA/Stable

Upgraded

NCDs

INE860H07CM2

9 March 2016

8.9

6 March 2026

INR100

IND AAA/Stable

Upgraded

NCDs

INE860H07CN0

9 March 2016

8.90 XIRR

23 July 2021

INR35

IND AAA/Stable

Upgraded

NCDs

INE860H07CO8

9 March 2016

8.90 XIRR

23 August 2021

INR20

IND AAA/Stable

Upgraded

NCDs

INE860H07CP5

11 March 2016

8.9

11 March 2021

INR100

IND AAA/Stable

Upgraded

NCDs

INE860H07CQ3

21 March 2016

8.9

21 March 2019

INR250

IND AAA/Stable

Upgraded

NCDs

INE860H07CR1

21 March 2016

8.9

19 March 2021

INR200

IND AAA/Stable

Upgraded

NCDs

INE860H07CS9

21 March 2016

8.9

20 March 2026

INR50

IND AAA/Stable

Upgraded

NCDs

INE860H07CT7

28 March 2016

8.9

26 April 2019

INR1,750

IND AAA/Stable

Upgraded

NCDs

INE860H07CU5

29 March 2016

8.9

19 March 2019

INR100

IND AAA/Stable

Upgraded

NCDs

INE860H07CV3

29 March 2016

8.90 XIRR

17 July 2019

INR50

IND AAA/Stable

Upgraded

NCDs

INE860H07CW1

29 March 2016

8.9

19 March 2021

INR200

IND AAA/Stable

Upgraded

NCDs

INE860H07CX9

29 March 2016

8.9

26 April 2019

INR350

IND AAA/Stable

Upgraded

NCDs

INE860H07CY7

12 April 2016

8.7

12 April 2019

INR300

IND AAA/Stable

Upgraded

NCDs

INE860H07CZ4

12 April 2016

Zero coupon

12 April 2019

INR500

IND AAA/Stable

Upgraded

NCDs

INE860H07DA5

12 April 2016

8.7

9 April 2021

INR100

IND AAA/Stable

Upgraded

NCDs

INE860H07DC1

6 May 2016

8.7 XIRR

30 May 2019

INR40

IND AAA/Stable

Upgraded

NCDs

INE860H07DD9

6 May 2016

8.7 XIRR

15 July 2019

INR54

IND AAA/Stable

Upgraded

NCDs

INE860H07DE7

6 May 2016

8.7

6 May 2019

INR250

IND AAA/Stable

Upgraded

NCDs

INE860H07DF4

6 May 2016

8.75

6 May 2021

INR390

IND AAA/Stable

Upgraded

NCDs

INE860H07DG2

2 June 2016

8.67

2 June 2021

INR50

IND AAA/Stable

Upgraded

NCDs

INE860H07DH0

9 June 2016

8.75

10 June 2019

INR920

IND AAA/Stable

Upgraded

NCDs

INE860H07DI8

15 June 2016

8.86

13 September 2019

INR3,000

IND AAA/Stable

Upgraded

NCDs

INE860H07DJ6

24 June 2016

8.75

24 June 2021

INR500

IND AAA/Stable

Upgraded

NCDs

INE860H07DK4

20 July 2016

8.65

20 July 2018

INR1,000

IND AAA/Stable

Upgraded

NCDs

INE860H07DL2

20 July 2016

8.7

19 July 2019

INR125

IND AAA/Stable

Upgraded

NCDs

INE860H07DM0

11 August 2016

8.37

10 August 2018

INR500

IND AAA/Stable

Upgraded

NCDs

INE860H07DN8

11 August 2016

8.37 XIRR

10 August 2018

INR500

IND AAA/Stable

Upgraded

NCDs

INE860H07DO6

18 August 2016

8.30 XIRR

17 August 2018

INR500

IND AAA/Stable

Upgraded

NCDs

INE860H07DP3

18 August 2016

8.26

16 August 2019

INR500

IND AAA/Stable

Upgraded

NCDs

INE860H07DQ1

24 August 2016

8.26

26 August 2019

INR250

IND AAA/Stable

Upgraded

NCDs

INE860H07DR9

25 August 2016

8.2

26 August 2019

INR1,200

IND AAA/Stable

Upgraded

NCDs

INE860H07DS7

6 September 2016

8.2

6 September 2019

INR1500

IND AAA/Stable

Upgraded

NCDs

INE860H07DT5

6 September 2016

8.2

6 December 2019

INR2,000

IND AAA/Stable

Upgraded

NCDs

INE860H07DU3

9 September 2016

8.20 XIRR

10 December 2019

INR1250

IND AAA/Stable

Upgraded

NCDs

INE860H07DV1

9 September 2016

8.2

10 September 2019

INR250

IND AAA/Stable

Upgraded

NCDs

INE860H07DW9

9 September 2016

8.0 XIRR

28 March 2018

INR250

IND AAA/Stable

Upgraded

NCDs

INE860H07DX7

9 September 2016

8.18

10 December 2019

INR250

IND AAA/Stable

Upgraded

NCDs

INE860H07DY5

23 September 2016

8.08 XIRR

12 September 2019

INR450

IND AAA/Stable

Upgraded

NCDs

INE860H07DZ2

28 September 2016

Zero Coupon

30 September 2019

INR2,000

IND AAA/Stable

Upgraded

NCDs

INE860H07EA3

23 November 2016

7.66

18 May 2018

INR1,500

IND AAA/Stable

Upgraded

NCDs

INE860H07EB1

23 November 2016

7.76

23 November 2018

INR2,000

IND AAA/Stable

Upgraded

NCDs

INE860H07EC9

23 November 2016

7.77

22 November 2019

INR1,000

IND AAA/Stable

Upgraded

NCDs

INE860H07ED7

8 December 2016

7.65

6 December 2019

INR250

IND AAA/Stable

Upgraded

NCDs

INE860H07EE5

17 January 2017

7.7

17 January 2019

INR250

IND AAA/Stable

Upgraded

NCDs

INE860H07EF2

17 January 2017

7.7

17 January 2020

INR250

IND AAA/Stable

Upgraded

NCDs

INE860H07EG0

17 January 2017

7.70 XIRR

9 June 2020

INR40

IND AAA/Stable

Upgraded

NCDs

INE860H07EH8

31 January 2017

7.7

January 31, 2020

INR2,000

IND AAA/Stable

Upgraded

NCDs

INE860H07EI6

17 February 2017

7.9

14 February 2020

INR250

IND AAA/Stable

Upgraded

NCDs

INE860H07EJ4

23 February 2017

7.9

22 May 2020

INR2000

IND AAA/Stable

Upgraded

NCDs

INE860H07EK2

28 February 2017

7.88

28 February 2020

INR250

IND AAA/Stable

Upgraded

NCDs

INE860H07EL0

2 March 2017

7.88 XIRR

2 March 2020

INR250

IND AAA/Stable

Upgraded

NCDs

INE860H07EM8

3 March 2017

7.9

26 May 2020

INR2,000

IND AAA/Stable

Upgraded

NCDs

INE860H07EN6

10 March 2017

8

10 March 2022

INR2,500

IND AAA/Stable

Upgraded

NCDs

INE860H07EO4

20 March 2017

8

18 March 2022

INR2,000

IND AAA/Stable

Upgraded

NCDs

INE860H07EP1

24 March 2017

8

24 March 2022

INR1400

IND AAA/Stable

Upgraded

NCDs

INE860H07EQ9

27 March 2017

7.88

27 March 2020

INR200

IND AAA/Stable

Upgraded

NCDs

INE860H07ER7

29 March 2017

7.9

27 March 2020

INR4,000

IND AAA/Stable

Upgraded

NCDs

INE860H07ES5

30 March 2017

7.85

27 December 2019

INR1,500

IND AAA/Stable

Upgraded

NCDs

INE860H07ET3

31 March 2017

7.9

30 June 2020

INR2,500

IND AAA/Stable

Upgraded

NCDs

INE860H07EU1

5 May 2017

7.85

5 May 2020

INR500

IND AAA/Stable

Upgraded

NCDs

INE860H07EV9

8 May 2017

7.85

5 May 2020

INR500

IND AAA/Stable

Upgraded

NCDs

INE860H07EW7

9 May 2017

7.85

5 May 2020

INR500

IND AAA/Stable

Upgraded

NCDs

INE860H07EX5

11 May 2017

7.85

5 May 2020

INR500

IND AAA/Stable

Upgraded

NCDs

INE860H07EY3

15 May 2017

7.85

5 May 2020

INR5,000

IND AAA/Stable

Upgraded

NCDs

INE860H07EZ0

16 May 2017

7.85 XIRR

15 May 2020

INR1,000

IND AAA/Stable

Upgraded

NCDs

INE860H07FA0

16 May 2017

7.85

5 May 2020

INR500

IND AAA/Stable

Upgraded

NCDs

INE860H07FB8

19 May 2017

7.85 XIRR

19 May 2020

INR2500

IND AAA/Stable

Upgraded

NCDs

INE860H07FC6

22 May 2017

7.85

5 May 2020

INR250

IND AAA/Stable

Upgraded

NCDs

INE860H07FD4

13 June 2017

8.0XIRR

11 June 2027

INR7,000

IND AAA/Stable

Upgraded

NCDs

INE860H07FE2

15 June 2017

7.65

14 June 2019

INR500

IND AAA/Stable

Upgraded

NCDs

INE860H07FF9

19 June 2017

7.8

17 June 2022

INR500

IND AAA/Stable

Upgraded

NCDs

INE860H07FG7

29 June 2017

7.8

29 June 2022

INR2,000

IND AAA/Stable

Upgraded

NCDs

INE860H07FH5

24 July 2017

7.60 XIRR

20 August 2020

INR500

IND AAA/Stable

Upgraded

NCDs

INE860H07FI3

28 July 2017

7.6

16 September 2020

INR1,500

IND AAA/Stable

Upgraded

NCDs

INE860H07FJ1

1 August 2017

7.6

16 October 2020

INR600

IND AAA/Stable

Upgraded

NCDs

INE860H07FK9

14 August 2017

7.7

12 August 2022

INR500

IND AAA/Stable

Upgraded

NCDs

INE860H07FL7

18 August 2017

7.6

18 August 2022

INR1,000

IND AAA/Stable

Upgraded

NCDs

INE860H07FK9

23 August 2017

7.6

19 July 2022

INR1,500

IND AAA/Stable

Upgraded

NCDs

INE860H07FN3

7 September 2017

7.6

7 September 2022

INR3,250

IND AAA/Stable

Upgraded

Utilised

-

-

-

-

-

-

-

-

INR107,099

-

-

-

-

Unutilised

-

-

-

-

INR19,417

-

-


Instrument

ISIN

Date of
Issuance

Coupon
Rate (%)

Maturity
Date

Size of
Issue (million)

Rating/Outlook

Rating
Action

Subordinated debt

INE860H08DL0

17 June 2015

9.25

6 June 2025

INR250

IND AAA/Stable

Upgraded

Subordinated debt

INE860H08DM8

14 July 2015

9.25

11 July 2025

INR300

IND AAA/Stable

Upgraded

Subordinated debt

INE860H08DN6

25 August 2015

9.25

22 August 2025

INR330

IND AAA/Stable

Upgraded

Subordinated debt

INE860H08DP1

8 March 2016

9.10

6 March 2026

INR250

IND AAA/Stable

Upgraded

Subordinated debt

INE860H08DQ9

10 March 2016

9.10

10 March 2026

INR80

IND AAA/Stable

Upgraded

Subordinated debt

INE860H08DR7

18 March 2016

9.10

10 March 2026

INR255

IND AAA/Stable

Upgraded

Subordinated debt

INE860H08DS5

23 June 2016

9.10

23 June 2026

INR525

IND AAA/Stable

Upgraded

Subordinated debt

INE860H08DT3

28 July 2016

8.97

28 July 2026

INR1,000

IND AAA/Stable

Upgraded

Subordinated debt

INE860H08DU1

28 July 2016

8.95

28 July 2026

INR750

IND AAA/Stable

Upgraded

Subordinated debt

INE860H08DV9

29 September 2016

8.90

29 September 2026

INR2,000

IND AAA/Stable

Upgraded

Subordinated debt

INE860H08DW7

21 November 2016

8.90

20 November 2026

INR2,000

IND AAA/Stable

Upgraded

Subordinated debt

INE860H08DX5

9 March 2017

8.25

9 March 2027

INR 100

IND AAA/Stable

Upgraded

Subordinated debt

INE860H08DY3

18 May 2017

8.50

18 May 2027

INR1,650

IND AAA/Stable

Upgraded

Utilised limit

-

-

-

-

INR9,490

-

-

Unutilised limit

-

-

-

-

INR12,010