India Infoline - Press Release
By TMI | January 15, 2008
India Infoline Ltd has informed BSE that ICRA has upgraded the rating to the Rs 20 billion (enhanced from Rs 3.5 billion) Short Term Debt programme of India Infoline Investment Services Ltd (IIISL) from A1 (pronounced A one) to A1+ (pronounced A one plus). ICRA has also assigned an A1+ (pronounced A one plus) rating to the Rs 30 billion Immediate Term Debt programme of IIISL for IPO financing. The rating for the Immediate Term Debt programme is valid till February 15, 2008. The ratings indicate the highest-credit-quality rating assigned by ICRA to short-term debt instruments. Instruments rated in this category carry the lowest credit risk in the short term. The upgrade reflects the groups’ improved net worth over past few months following private equity placements, strengthening institutional braking business, diversified business revenues and improving financial performance. The rating factors in IIISL’s dependence on its parents’ equity broking business, which is prone to cyclical downturns and its foray into highly competitive consumer finance business, a new business area for the group. The rating is supported by the group’s adequate experience in retail braking business, increasing equity broking market share and robust risk management systems.
IIISL is an owned subsidiary (77.5%) of India Infoline Ltd (IIL), one of the leading players in the financial services space. IIISL is registered with the Reserve Bank of India as Systemically Important Non Deposit Holding / Accepting Non Banking Financial Company (”NBFC-ND-SI”). IIISL offers a range of financial products and services such as margin funding, loan against shares, secured and unsecured retail financial products and distribution of third party financial products through itself and its subsidiaries in November 2007, Singapore-based investment institution Orient Global acquired 22.5% stake in IIISL at Rs 3 billion.
IIL alongwith its subsidiaries is engaged in the business of retail equities and commodities broking, investment banking and institutional broking, distribution of home and personal loans, insurance, mutual funds and other small savings products.
Source: BSE
Topics: BSE Announcements |
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