Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 308.00 ACUITE A- | Stable | Assigned -
Bank Loan Ratings 392.50 ACUITE A- | Stable | Reaffirmed -
Total Outstanding 700.50 - -
 
Rating Rationale

­Acuité has assigned the long-term rating of ‘ACUITE A-’ (read as ACUITE A minus) on the Rs. 308 Cr. bank facilities of KIFS Housing Finance Limited (KHFL). The outlook is ‘Stable’.
Acuité has reaffirmed the long-term rating of ‘ACUITE A-’ (read as ACUITE A minus) on the Rs. 392.50 Cr. bank facilities of KIFS Housing Finance Limited (KHFL). The outlook is ‘Stable’.

Rating for the rationale
The rating continues to take into account healthy capital structure and support of resourceful promoters, which is well reflected through Capital Adequacy Ratio (CAR) of 74.79 percent and leverage of 1.34 times as on March 31,2024(Provisionals). The rating also factors in the significant traction in disbursements and collections. Disbursements in FY2024(Provisionals) increased to Rs. 320.82 Cr. as compared to Rs 240.61 Cr. during FY2023. The ratings further factor in comfortable financial performance and resources raising ability of the company at competitive rates. The rating is, however, constrained due to limited track record & low portfolio seasoning, modest scale of operations. Although the company is well positioned to benefit from continued government focus on affordable housing, Acuite believes that company’s ability to profitably scale up business operations in highly competitive housing finance sector is a key monitorable.

About the company
­Ahmedabad based KHFL, incorporated in November 2015, is a housing finance company (HFC) registered with National Housing Bank (NHB). It primarily focuses on affordable housing segment. KHFL is promoted by the KIFS (Khandwala Integrated Financial Services) group. The group is engaged in the businesses of capital markets activities with presence in segments such as stocks and commodities broking, bullion trading, arbitrage and portfolio management services as well as any movable/ immovable properties. KHFL is owned by KIFS International LLP through its promoters, Mr. Rajesh Khandwala, Mr. Vimal Khandwala and Mr. Jayesh Khandwala. KHFL operations are spread across 83 branches located in 10 states as on March 31,2024. The geographies targeted are periphery of Tier 2 and Tier 3, towns. KHFL has majorly two products - home loans and loan against property (LAP).
 
Unsupported Rating
­Not Applicable
 
Analytical Approach
­Acuité has considered the standalone financial and business risk profile of KHFL to arrive at the rating
 
Key Rating Drivers

Strength
Experienced Management Team
KIFS Housing Finance Limited is governed by a professional board, headed by Mr. Rajesh P. Khandwala and Mr. Vimal P. Khandwala being its Promoter Directors. Other Directors to the KIFS Housing Finance Limited include Mr. Vikas Kumar who is appointed on the Board as an Independent Director, Mr. Satish Mehta, Ms. Bhavna Govindbhai Desai, and Mr. Kushal Khandwala. The top management is supported by Mr. Kushal Khandwala, Whole Time Director , Mr. Saurabh Goel - Credit and Risk Head and Mr. Vikki Soni (Chief Financial Officer) who runs the day to day business of KHFL and have previously worked with large housing finance companies. The management has also implemented strong credit and risk management systems which will enable the company to improve upon their collections and maintain asset quality at moderate levels.
 
Acuité believes that KHFL’s business profile will continue to benefit from the established presence in the housing segment backed by strong promoter support.
 
Comfortable capitalisation supported by resourceful promoters
KHFL commenced its operations in the affordable housing finance segment in FY2018, with a focus on extending credit in the affordable housing finance segment. Over the past two years of operations, the company has received continuous support in the form of periodic capital infusion from the promoter group. The company is promoted by the KIFS group through the parent entity, KIFS international LLP. The day to day operations are managed by promoter director Mr. Vimal Khandwala and Mr. Kushal Khandwala. The promoters have over 2 decades of experience in financial services industry and are well supported by seasonal management team. The company has also demonstrated its ability to raise debt from banks and financial institutions; it has raised debt of from various public and private banks and through refinancing schemes of National housing bank. KHFL’s capital adequacy ratio stood at 74.79 percent as on March 31,2024(Provisionals). KHFL’s networth and gearing stood at Rs. 338.23 Cr. and 1.34 times as on March 31, 2024(Provisionals) as against Rs. 312.13 Cr. and 0.90 times as on March 31, 2023.

Acuité believes that KHFL will continue to maintain healthy capitalisation levels backed by support from the promoters.

Government thrust towards Affordable housing segment
KHFL entered into the lending space to extend credit in the affordable housing finance segment, the company over the past two years has built a granular portfolio with maximum ticket size upto Rs. 50 Lakhs. Over the past few years, affordable housing finance segment has received the Government’s thrust through various incentives such as the Pradhan Mantri Awas Yojana (PMAY) scheme. Around 29 percent of the existing home loan customers of KHFL have availed this subsidy. KHFL has a prudent lending philosophy as seen in the granular nature of its portfolio, low Loan to value (LTV) ratio and focus on lending towards salaried class borrowers. The company currently has no real estate developer loans in its portfolio due to which the company has a relatively less risky asset portfolio. 
 
Acuité believes that KHFL will benefit from its prudent lending philosophy along with the governmental thrust in the affordable housing segment while it focuses on growth in its loan portfolio.

Weakness
­Limited seasoning of portfolio

KIFS established operations in FY2018 and commenced disbursements from July 2017, the company has a loan book of Rs.  799.36 Cr. as on March 31, 2024(Provisionals) as against Rs. 601.12 Cr. as on March 31, 2023. The borrower base comprises mainly of salaried customers and balance comprises of self-employed customers. The performance of the portfolio will be demonstrated only over a period of time. Any further disruption of activities in the country may impact the asset quality of lenders such as KHFL. This may result in higher credit costs and moderation in profitability margins, notwithstanding the adequate capital buffers available to absorb any adverse income shocks. Besides the concerns on its asset quality, the loan portfolio is also susceptible to risks of prepayments, balance transfers to other NBFCs/Banks; this is also likely to impact the loan book growth.
 
Acuité believes that KHFL’s ability to contain asset quality parameters and credit costs while maintaining growth in its scale of operations will be a key rating monitorable.

Moderate financial risk profile;albiet improving

KHFL’s operating income (net of interest expenses) stood at Rs.75.09 Cr. for FY2024(Provisionals) from Rs. 56.88 Cr. in FY2023 improving significantly from Rs. 46.08 Cr. for FY2022. Profitability metrics have marginally improved marked by Return on Average Assets (RoAA) at 3.45 percent as on March 31, 2024(Provisionals) (P.Y: 2.12 percent) & Net Interest Margin (NIM) at 8.30 percent as on March 31, 2024(Provisionals) (P.Y: 8.58 percent). The company reported improvement in PAT levels to Rs. 26.11 Cr. in FY2024(Provisionals) as compared to Rs. 13.44 Cr. in FY2023. KHFL’s Operating Expenses to Earning Assets (Opex) increased to 4.97 percent as on March 31, 2024(Provisionals) vis-à-vis 6.08 percent as on March 31, 2023.
 
Acuité believes, going forward, KHFL’s ability to deploy the funds profitably while maintaining its asset quality will be key rating monitorable.

ESG Factors Relevant for Rating
­KIFS Housing Finance Limited (KHFL) belongs to the housing finance sector which complements banks’ efforts in improving mortgage penetration in India. Some of the material governance issues for the financial services sector are policies and practices with regard to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contribution to financial inclusion and community development, responsible financing including funding of environmentally friendly housing projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. KHFL maintains adequate transparency in its business ethics practices as can be inferred from the entity’s disclosures regarding related party transactions, vigil mechanism, insider trading and whistle blower policy. It also adheres to Reserve Bank of India’s Fair Practices Code and has the necessary interest rate and grievance redressal policies. The board of directors of the company comprises two independent directors and two female directors out of a total of six directors. The company works on several community development initiatives through its CSR projects.
 
Rating Sensitivity
­
  • Scale up in business operations
  • Movement in profitability & asset quality metrics
  • Changes in regulatory environment
 
Liquidity Position
Adequate
­­The company has adequately matched asset liability profile as on March 31,2024 (Provisionals)with majority of the portfolio currently funded with equity. The company had cash & bank balance of ~Rs. 56.34 Cr. as on March 31, 2024(Provisionals).
 
Outlook:Stable
­Acuité believes that KHFL will benefit from its strong capitalisation levels and expected continuous support from its promoters. Acuité believes that the outlook will be 'Stable'. The outlook may be revised to ‘Positive’ in case of significant and sustainable growth in its AUM while maintaining profitability, asset quality and capitalization indicators. Conversely, the outlook will be revised to ‘Negative’ in case of any deterioration asset quality or profitability metrics.
 
Other Factors affecting Rating
­None
 
Key Financials - Standalone / Originator
­
Particulars Unit FY24
(Provisionals)
FY23
(Actual)
Total Assets Rs.
Cr.
861.40 651.57
*Total Income (Net               of
Interest Expense)
Rs. Cr. 75.09 56.88
PAT Rs.
Cr.
26.11 13.44
Networth Rs.
Cr.
338.24 312.13
Return on Average Assets (RoAA) (%) 3.45 2.12
Return on        Net      Worth (RoNW)  (%) 8.03 4.40
Total    Debt/Net         Worth (Gearing)  Times 1.34 0.90
Gross NPA’s (%) 0.90 1.24
Net NPA’s (%) 0.64 0.89
* Total income equals to Net interest income plus other income
 
Status of non-cooperation with previous CRA (if applicable):
Not Applicable
 
Any other information
­None
 
Applicable Criteria
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Banks And Financial Institutions: https://www.acuite.in/view-rating-criteria-45.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm

Note on complexity levels of the rated instrument
­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
09 Oct 2023 Term Loan Long Term 8.45 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 4.20 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 21.61 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 16.67 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 17.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 12.25 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 19.24 ACUITE A- | Stable (Assigned)
Term Loan Long Term 24.31 ACUITE A- | Stable (Assigned)
Term Loan Long Term 25.00 ACUITE A- | Stable (Assigned)
Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE Not Applicable (Withdrawn)
Non-Covertible Debentures (NCD) Long Term 12.50 ACUITE Not Applicable (Withdrawn)
Proposed Long Term Bank Facility Long Term 34.34 ACUITE A- | Stable (Reaffirmed)
Proposed Long Term Loan Long Term 6.45 ACUITE A- | Stable (Assigned)
Term Loan Long Term 25.00 ACUITE A- | Stable (Assigned)
Term Loan Long Term 9.17 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 4.75 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 9.17 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 13.75 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 0.08 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 0.43 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 1.29 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 1.29 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 5.01 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 1.17 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 0.25 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 4.97 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 23.05 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 4.73 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 6.67 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 6.72 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 35.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 50.48 ACUITE A- | Stable (Reaffirmed)
01 Feb 2023 Term Loan Long Term 0.95 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 1.65 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 2.55 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 2.07 ACUITE A- | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A- | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 12.50 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed)
Proposed Long Term Bank Facility Long Term 48.78 ACUITE A- | Stable (Reaffirmed)
Proposed Long Term Bank Facility Long Term 34.35 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 8.31 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 8.62 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 45.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 6.83 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 3.17 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 1.25 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 8.29 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 30.39 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 7.89 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 72.40 ACUITE A- | Stable (Reaffirmed)
04 Feb 2022 Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 9.58 ACUITE A- | Stable (Reaffirmed)
Proposed Long Term Bank Facility Long Term 48.78 ACUITE A- | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 12.50 ACUITE A- | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 2.67 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 3.52 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 2.50 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 1.66 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 88.87 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 10.26 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 35.22 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 10.78 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 2.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 4.67 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 3.75 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 8.24 ACUITE A- | Stable (Reaffirmed)
04 Feb 2021 Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Positive)
Non-Covertible Debentures (NCD) Long Term 12.50 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Positive)
Proposed Long Term Bank Facility Long Term 48.54 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Positive)
Term Loan Long Term 2.62 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Positive)
Term Loan Long Term 3.53 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Positive)
Term Loan Long Term 4.71 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Positive)
Term Loan Long Term 3.41 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Positive)
Term Loan Long Term 10.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Positive)
Term Loan Long Term 39.32 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Positive)
Term Loan Long Term 6.67 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Positive)
Term Loan Long Term 3.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Positive)
Term Loan Long Term 14.10 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Positive)
Term Loan Long Term 40.08 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Positive)
Term Loan Long Term 13.42 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Positive)
Term Loan Long Term 3.10 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Positive)
Term Loan Long Term 100.00 ACUITE A- | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Not Applicable Not avl. / Not appl. Proposed Long Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 72.51 Simple ACUITE A- | Stable | Reaffirmed
Karur Vysya Bank Not avl. / Not appl. Term Loan 27 Jul 2023 Not avl. / Not appl. 27 Jul 2028 22.50 Simple ACUITE A- | Stable | Reaffirmed
HDFC Bank Ltd Not avl. / Not appl. Term Loan 28 Mar 2023 Not avl. / Not appl. 29 May 2026 6.39 Simple ACUITE A- | Stable | Reaffirmed
Sundaram Home Finance Ltd. Not avl. / Not appl. Term Loan 30 Apr 2023 Not avl. / Not appl. 21 Jun 2028 4.00 Simple ACUITE A- | Stable | Reaffirmed
Sundaram Home Finance Ltd. Not avl. / Not appl. Term Loan 30 Apr 2023 Not avl. / Not appl. 26 Apr 2028 7.67 Simple ACUITE A- | Stable | Reaffirmed
HDFC Bank Ltd Not avl. / Not appl. Term Loan 28 Mar 2023 Not avl. / Not appl. 31 May 2026 9.58 Simple ACUITE A- | Stable | Reaffirmed
National Housing Bank Not avl. / Not appl. Term Loan 27 Oct 2023 Not avl. / Not appl. 01 Mar 2031 38.24 Simple ACUITE A- | Stable | Reaffirmed
Federal Bank Not avl. / Not appl. Term Loan 27 Sep 2019 Not avl. / Not appl. 30 Sep 2024 0.05 Simple ACUITE A- | Stable | Reaffirmed
Federal Bank Not avl. / Not appl. Term Loan 27 Sep 2019 Not avl. / Not appl. 30 Jan 2025 0.52 Simple ACUITE A- | Stable | Reaffirmed
Federal Bank Not avl. / Not appl. Term Loan 21 Dec 2020 Not avl. / Not appl. 31 Dec 2025 3.22 Simple ACUITE A- | Stable | Reaffirmed
Karur Vysya Bank Not avl. / Not appl. Term Loan 18 Sep 2019 Not avl. / Not appl. 30 Nov 2024 2.49 Simple ACUITE A- | Stable | Reaffirmed
National Housing Bank Not avl. / Not appl. Term Loan 02 Aug 2019 Not avl. / Not appl. 01 Jan 2030 20.74 Simple ACUITE A- | Stable | Reaffirmed
National Housing Bank Not avl. / Not appl. Term Loan 05 Mar 2020 Not avl. / Not appl. 01 Apr 2025 3.15 Simple ACUITE A- | Stable | Reaffirmed
National Housing Bank Not avl. / Not appl. Term Loan 07 Sep 2020 Not avl. / Not appl. 01 Jan 2028 43.05 Simple ACUITE A- | Stable | Reaffirmed
Federal Bank Not avl. / Not appl. Term Loan 29 Sep 2021 Not avl. / Not appl. 30 Sep 2026 5.11 Simple ACUITE A- | Stable | Reaffirmed
IDBI Bank Ltd. Not avl. / Not appl. Term Loan 04 Oct 2021 Not avl. / Not appl. 30 Dec 2026 5.00 Simple ACUITE A- | Stable | Reaffirmed
State Bank of India Not avl. / Not appl. Term Loan 21 Jan 2022 Not avl. / Not appl. 23 Feb 2027 27.50 Simple ACUITE A- | Stable | Reaffirmed
Federal Bank Not avl. / Not appl. Term Loan 29 Sep 2022 Not avl. / Not appl. 29 Sep 2027 6.97 Simple ACUITE A- | Stable | Reaffirmed
South Indian Bank Not avl. / Not appl. Term Loan 07 Oct 2022 Not avl. / Not appl. 30 Jan 2028 3.41 Simple ACUITE A- | Stable | Reaffirmed
Capital Small Finance Bank Not avl. / Not appl. Term Loan 15 Nov 2022 Not avl. / Not appl. 30 Nov 2027 18.33 Simple ACUITE A- | Stable | Reaffirmed
TATA Capital Financial Service Ltd. Not avl. / Not appl. Term Loan 06 Feb 2023 Not avl. / Not appl. 08 Feb 2026 11.67 Simple ACUITE A- | Stable | Reaffirmed
CSB Bank Limited Not avl. / Not appl. Term Loan 05 Dec 2022 Not avl. / Not appl. 12 Dec 2027 14.00 Simple ACUITE A- | Stable | Reaffirmed
Utkarsh Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 19 Oct 2022 Not avl. / Not appl. 25 Oct 2027 10.00 Simple ACUITE A- | Stable | Reaffirmed
Federal Bank Not avl. / Not appl. Term Loan 19 Jun 2023 Not avl. / Not appl. 23 Jun 2028 16.55 Simple ACUITE A- | Stable | Reaffirmed
Kotak Mahindra Investments Limited Not avl. / Not appl. Term Loan 05 Sep 2023 Not avl. / Not appl. 07 Sep 2026 18.60 Simple ACUITE A- | Stable | Reaffirmed
CSB Bank Limited Not avl. / Not appl. Term Loan 20 Sep 2023 Not avl. / Not appl. 22 Sep 2028 21.25 Simple ACUITE A- | Stable | Reaffirmed
National Housing Bank Not avl. / Not appl. Term Loan 27 Oct 2023 Not avl. / Not appl. 01 Mar 2031 91.67 Simple ACUITE A- | Stable | Assigned
Canara Bank Not avl. / Not appl. Term Loan 29 Sep 2023 Not avl. / Not appl. 30 Sep 2030 22.30 Simple ACUITE A- | Stable | Assigned
ICICI Bank Ltd Not avl. / Not appl. Term Loan 31 Aug 2023 Not avl. / Not appl. 30 Sep 2025 6.25 Simple ACUITE A- | Stable | Assigned
Kotak Mahindra Investments Limited Not avl. / Not appl. Term Loan 05 Sep 2023 Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A- | Stable | Assigned
Poonwala Fincorp Limited (erstwhile Magma Fincorp Ltd.) Not avl. / Not appl. Term Loan 26 Sep 2023 Not avl. / Not appl. 29 Sep 2028 35.72 Simple ACUITE A- | Stable | Assigned
LIC Housing Finance Ltd. Not avl. / Not appl. Term Loan 14 Feb 2024 Not avl. / Not appl. 31 May 2029 32.00 Simple ACUITE A- | Stable | Assigned
LIC Housing Finance Ltd. Not avl. / Not appl. Term Loan 14 Feb 2024 Not avl. / Not appl. Not avl. / Not appl. 18.00 Simple ACUITE A- | Stable | Assigned
Federal Bank Not avl. / Not appl. Term Loan 28 Jun 2024 Not avl. / Not appl. 29 Jun 2029 35.00 Simple ACUITE A- | Stable | Assigned
National Housing Bank Not avl. / Not appl. Term Loan 27 Oct 2023 Not avl. / Not appl. 01 Mar 2031 30.00 Simple ACUITE A- | Stable | Assigned
State Bank of India Not avl. / Not appl. Term Loan 26 Oct 2023 Not avl. / Not appl. 29 Jan 2029 27.06 Simple ACUITE A- | Stable | Assigned

Contacts




About Acuité Ratings & Research

© Acuité Ratings & Research Limited. All Rights Reserved.www.acuite.in