Edelweiss Financial To Raise Rs 200 Crore Via Retail Sales Of Bonds
The effective annual interest yield on the NCDs ranges from 9.5% per annum to 11% per annum. The issue opened on July 8 and will close on July 22.
Edelweiss Financial Services Ltd. is raising Rs 200 crore through the public issue of secured redeemable non-convertible debentures. The issue opened on July 8 and will close on July 22.
The NCD issue, with a face value of Rs 1,000 apiece, has a base amount of Rs 100 crore and a green shoe option of up to Rs 100 crore, the company said in an exchange filing on Monday.
The NCD consists of 12 series carrying fixed coupons and maturing in 24 months, 36 months, 60 months, and 120 months with annual, monthly, and cumulative interest payment options. The effective annual interest yield on the NCDs ranges from 9.5% per annum to 11% per annum, the statement said.
At least 75% of the funds raised through this issue will be used for the purpose of repayment or prepayment of interest and principal on existing borrowings, it said. The balance would be utilised for general corporate purposes.
The proposed NCDs by Edelweiss Financial Services have been rated 'CRISIL A+/ Watch Negative' ratings by Crisil Ratings.
Trust Investment Advisors Pvt. and Nuvama Wealth Management Ltd. are the lead managers for the issue, which will be listed on BSE Ltd.
Shares of the company fell as much as 1.46% during the day to Rs 64 apiece on the NSE. It was trading 1.08% lower at Rs 64.25 apiece, compared to a 0.06% decline in the country's benchmark Nifty 50 as of 2:43 p.m.
