IFCI Limited , a government undertaking, has had its credit ratings reaffirmed by Brickwork Ratings, a prominent credit rating agency. The ratings for IFCI's debt instruments maintain a negative outlook, reflecting concerns about the company's financial health.

Rating Details

The reaffirmed ratings for IFCI Limited's debt instruments are as follows:

Implications of the Ratings

The 'BWR B+' rating for Non-Convertible Debentures/Bonds and Proposed NCDs indicates that these instruments carry considerable credit risk. The negative outlook suggests that Brickwork Ratings believes there is a possibility of further downgrades in the near to medium term if IFCI Limited's financial position does not improve.

For the Proposed Commercial Papers, the 'BWR A4' rating implies a minimal degree of safety regarding timely payment of financial obligations. This rating suggests that IFCI Limited's ability to meet its short-term debt obligations may be susceptible to adverse changes in business, economic, or financial conditions.

Validity and Implications

The reaffirmed ratings are valid for twelve months until November 04, 2026. This timeframe provides an opportunity for IFCI Limited to address its financial challenges and potentially improve its credit profile.

As a government undertaking, IFCI Limited's rating performance may have broader implications for the public sector financial landscape. Investors and stakeholders will likely monitor the company's efforts to strengthen its financial position over the coming year.

The maintenance of a negative outlook underscores the importance for IFCI Limited to focus on improving its financial health, managing risks effectively, and enhancing its overall credit profile to potentially secure better ratings in future assessments.

IFCI Limited has published a newspaper notice regarding its special initiative for shareholders who previously faced difficulties with physical share transfers. This move comes in response to the Securities and Exchange Board of India (SEBI) Circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated July 02, 2025.

Key Details of the Special Window

Process and Submission Details

IFCI has outlined a clear process for shareholders to follow:

1. Eligibility: The special window applies to transfer requests that were originally lodged before the April 1, 2019 deadline but were rejected, returned, or not attended to due to deficiencies in documents, process, or otherwise.
2. Submission Options: Eligible shareholders can submit their re-lodgement requests via email to the company's compliance officer at complianceofficer@ifciltd.com or to the Registrar and Share Transfer Agent (MCS Share Transfer Agent Limited) at helpdeskdelhi@mcsregistrars.com .
3. Demat Requirement: Shares will only be issued in demat mode, emphasizing the shift towards dematerialized holdings.
4. Transfer-cum-Demat: The company has assured that due process will be followed for transfer-cum-demat requests.

Official Documentation and Access

The company has made the SEBI circular accessible through multiple channels:

Company Information

This initiative by IFCI Limited demonstrates a commitment to addressing historical issues with physical share transfers and aligning with SEBI's directives. The newspaper publication notice, dated December 15, 2025, ensures wide dissemination of this information to shareholders. It provides an opportunity for shareholders to resolve past transfer issues and move towards dematerialized holdings, which is in line with the broader trend in the Indian securities market.

Shareholders of IFCI Limited should take note of this special window and act within the specified timeframe if they have any pending physical share transfer issues from before April 1, 2019.