Ind-Ra assigns "Ind AA/stable" ratings to Cholamandalam's debt facilities; stock jumps ~1.5%

24 Mar 2022 , 09:21 AM

Cholamandalam Financial Holdings Limited informed the investors and exchanges that India Ratings & Research Private Limited (Ind-Ra), a credit rating agency, has affirmed the credit rating assigned to the company’s Non-convertible Debentures.

Ind-Ra has assigned an ‘IND AA’ rating to Cholamandalam’s Non-convertible debentures worth Rs2000 million. The rating agency has given a stable outlook for such debt instruments of the company.

Cholamandalam finance is a comprehensive financial services provider offering vehicle finance, home equity loans, home loans, investment advisory services, SME Loans, stockbroking, and a variety of other financial services to customers.

Chola has a chain of 1098 branches across India with an AUM of over Rs63,501 crore.

Cholamandalam Financial is currently trading at Rs640.45 up by Rs7.55 or 1.19% from its previous closing of Rs632.90 on the BSE. The scrip opened at Rs637.60 and has touched an intraday high and low of Rs645.25 and Rs637.60 respectively.