CRISIL, Brickwork reaffirm ratings of IDFC First Bank Ltd

CRISIL Ratings Limited ("CRISIL") has reaffirmed the existing rating 'CRISIL AA+ / Stable' in respect of the Tier II Bonds (under Basel III) of the Bank amounting to ₹ 5,000 crore. CRISIL has also re-affirmed CRISIL A1+ rating on the Bank's existing Certificate of Deposits amounting to ₹ 45,000 crore.

Further, Brickwork Ratings has re-affirmed the existing rating 'BWR AA+' in respect of the Non-Convertible Debenture ("NCDs") of the Bank amounting to ₹ 871.60 crore and has placed the rating outlook on 'Rating Watch with Developing Implications'. Brickwork Ratings has also withdrawn the rating outstanding on the matured NCDs amounting to ₹ 1096.80 crore as these are fully redeemed and no amount is outstanding against the same.

The aforesaid revision in Credit Ratings are post taking note of the announcement made by the Bank on July 03, 2023 for the Amalgamation of (a) IDFC Financial Holding Company Limited into and with IDFC Limited; and (b) IDFC Limited into and with IDFC FIRST Bank Limited and their respective shareholders, through a Composite Scheme of Amalgamation.

Shares of IDFC First Bank Limited was last trading in BSE at Rs. 79.24 as compared to the previous close of Rs. 79.65. The total number of shares traded during the day was 1118646 in over 4513 trades.

The stock hit an intraday high of Rs. 80.19 and intraday low of 78.85. The net turnover during the day was Rs. 88807304.00.

Source : Equity Bulls

Keywords

IDFCFirstBank INE092T01019 RatingUpdate Reaffirmed