CARE reviws ratings of Can Fin Homes Ltd

CARE Ratings Ltd. (CARE) has reviewed the ratings of Secured Redeemable Non-Convertible Debentures and Tier II Bonds (Sub-ordinated Bonds) and vide their Press Release dated 29/09/2020 CARE has reaffirmed the rating "CARE AAA; Negative" (Triple A; Outlook: Negative) and Rating Action - 'Removed from credit watch with developing implications'.

Rating rationale: The rating of various instruments of the Company were earlier placed under credit watch with developing implications' due to ongoing amalgamation process of Syndicate Bank with Canara Bank (principal shareholder of CFHL). Post conclusion of the merger and assessment of the combined financials and business risk profile, rating watch on Canara Bank was resolved. Accordingly, watch on various instruments and facilities of CFHL has been removed and Negative outlook is assigned following similar rating action on Canara Bank.

Shares of CAN FIN HOMES LTD. was last trading in BSE at Rs.420 as compared to the previous close of Rs. 421.35. The total number of shares traded during the day was 38037 in over 1024 trades.

The stock hit an intraday high of Rs. 421.35 and intraday low of 411.2. The net turnover during the day was Rs. 15880170.

Source : Equity Bulls

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