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 Housing Development Finance Corporation Limited, a step-down Subsidiary of Religare Enterprises Limited'.
RELIGARE · price
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Infomerics Valuation and Rating Ltd. has withdrawn the credit rating (IVR BBB-/Stable) it had assigned to the proposed Non-Convertible Debentures of Religare Housing Development Finance Corporation Limited (RHDFCL), a step-down subsidiary of Religare Enterprises. The NCD amount stands reduced from Rs. 100 crore to Rs. 0.00, meaning no debentures were actually issued. The withdrawal was done at RHDFCL's own request, and the statutory auditor confirmed that no NCDs were issued using Infomerics' rating on or after September 30, 2024. RHDFCL remains a non-deposit-taking housing finance company with a strong capital adequacy ratio of 124.55% (FY23) and 134.29% (FY24), though its return on total assets was weak at 0.07% in FY24.
This is a routine procedural withdrawal for unissued debt and not a rating downgrade or adverse credit event. It is unlikely to have any material impact on Religare Enterprises or its shareholders.