Credit rating agency, ICRA has assigned A1+ rating to the Rs 500 crore Short Term Debt programme of Gruh Finance. The rating agency also has ratings outstanding of AA+ with ‘Stable’ outlook for the Rs 1,785 crore (outstanding amount Rs 141.7 crore; yet to be placed amount Rs 543.30 crore) Non Convertible Debenture programme and Rs 115 crore Subordinated debt programme of the company. The company has received the said rating on the back of its strong franchise and brand image in the western part of India (especially in the states of Gujarat and Maharashtra), its demonstrated track record of reporting superior earnings and good asset quality indicators.
Gruh Finance is primarily engaged in the business of providing long term finance to individuals for construction, purchase, extension, repair and renovation of their homes. It also provides loans to professionals for office premises.
