“We had informed you about “Provisional IND AAA(CE) /Stable” Rating assigned by India Ratings and Research for Structured Non-Convertible Debentures up to Rs4000cr (NCDs) proposed to be issued by the Company.
The Company did not offer/issue the said NCDs as envisaged and hence requested India Ratings to withdraw the said provisional rating in respect of the NCDs. Accordingly, India Ratings has conveyed to us today the withdrawal of the said rating vide their Press Release dated August 12, 2021,” company said in a filing on Tuesday.
At around 11.14 am, Shriram Transport Finance Company Ltd was trading at Rs1,296.80 per piece up by Rs16.65 or 1.3% from its previous closing of Rs1,280.15 per piece on the BSE.
Key rating drivers
Ind-Ra had previously assigned a provisional rating to the transaction. STFC did not avail the facilities as envisaged, and therefore, has requested the agency to withdraw the rating. Hence, Ind-Ra is no longer required to maintain the rating, and has withdrawn the same.
STFC is the largest NBFC in the asset finance segment in India. It is the flagship company of Chennai-based Shriram group, which operates in the consumer finance and insurance segments. STFC had total assets of Rs1,193.0 billion as on June 30, 2021.