Fund houses ICICI Prudential Mutual Fund and SBI MF are staring at mark-to-market losses after rating company CrisilBSE 0.19 % downgraded non-convertible debentures of Essel Mining & Industries to AA- and put the Aditya Birla group company on a rating watch list.
Mutual funds of ICICI Prudential and SBI are the two biggest bond subscribers of Essel Mining whose total outstanding via bond sales stands at Rs 844.50 crore, according to data from Crisil and mutual fund analytics firm Value Research. ICICI Prudential, the country’s top fund house, has a subscription of about Rs 455 crore, showed the data updated till July end. SBI MF's exposure is about Rs 133 crore.
