Srei Equipment Finance's public issue of secured, redeemable, non-convertible debentures (NCD) base issue of Rs 250 crore has been subscribed 1.65-times and received bids of Rs 412.87 crore as per stock exchanges bidding data, The company said according to a release.

Commenting on it, Sunil Kanoria, JMD, Srei Equipment Finance, said: "We are delighted with the successful closure of the NCD issue. The oversubscription indicates a growing demand for secured investment products. We remain positive about the opportunity in the infrastructure sector and the proceeds of this issuance will be used to grow our business."

The issue had opened for subscription on April 9 and closed on April 30.

The company had filed the prospectus with ROC, West Bengal, BSE, NSE and SEBI, for raising Rs 250 crore with the option to retain oversubscription up to additional Rs 250 crore total aggregating Rs 500 crore.

The retail portion was subscribed by 1.19 times, it said in a release.

Edelweiss Financial Services and Srei Capital Markets are the lead managers to the issue.

Karvy Computershare is the registrar to the Issue. Axis Trustee Services is the debenture trustee.

The NCD would be listed on BSE and NSE. The Issue has been rated “CARE AA” by CARE and “BWR AA” by Brickwork,the company stated in its release.

Srei Equipment Finance is a non-banking financing companies in the organized equipment financing sector in India. It is a 50:50 joint venture between Srei Infrastructure Finance Limited and BNP Paribas Lease Group.

The company has a pan-India presence in approximately 19 states and manages assets of over Rs 180,514.20 million as on September 30, 2014.

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