CARE Ratings (CARE) has revised its rating to A+ (credit watch with developing implications) for Reliance Home Finance Ltd's long-term debt programme, market linked debentures, subordinated debt and non-convertible debentures (NCDs) public issue and to A (credit watch with developing implications) for upper Tier-II NCDs. CARE has stated this action is primarily due to revision of rating of the parent company, Reliance Capital Limited and moderation in liquidity profile of the Company.
The Company considers the rating action completely unjustified and inappropriate CARE has, without any rationale or justification, totally disregarded imminent liquidity events that will substantially reduce the overall debt of the Company. The Company also places on record the fact that the rating agency arbitrarily refused to provide the Company an opportunity to meet the external member of the Review Committee and address any concerns. The constitution of the Review Committee is itself totally biased and designed to affirm all proposed rating actions, with the majority being comprised of employees of the rating agency, reporting to a common head, thereby turning the entire review process prescribed by SEBI into a futile, pointless and unfair exercise.
Shares of Reliance Home Finance Ltd was last trading in BSE at Rs.30.6 as compared to the previous close of Rs. 29.15. The total number of shares traded during the day was 197763 in over 381 trades.
The stock hit an intraday high of Rs. 30.6 and intraday low of 29. The net turnover during the day was Rs. 6009649.