Religare Enterprises Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding Religare Broking Limited, a material Subsidiary of Religare Enterprises Limited ( REL / the Company )'.
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Religare Enterprises informed the exchanges that CRISIL Ratings has reaffirmed the credit ratings for its material subsidiary, Religare Broking Limited. The reaffirmation covers total bank loan facilities of Rs. 500 crore, with a long-term rating of CRISIL BBB/Stable and a short-term rating of CRISIL A3+. Facilities are spread across HDFC Bank, Axis Bank, Tata Capital, and Piramal Enterprises, including bank guarantees, overdraft, term loans, and working capital demand loans. This is a continuation of existing ratings with no change in outlook.
A stable rating reaffirmation at investment grade (BBB) suggests no deterioration in the subsidiary's credit profile and signals steady financial health to lenders and investors. This is a neutral-to-slightly-positive event, as it removes near-term downgrade risk for Religare Broking's borrowings.