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Aditya Birla Finance Limited, a subsidiary of Aditya Birla Capital Limited, is set to launch its inaugural public issue of Non-Convertible Debentures (NCDs), aiming to raise up to ₹2,000 crore. The issuance will consist of secured, rated, listed, and redeemable NCDs with a face value of ₹1,000 each. The subscription window will open on September 27, 2023, and is slated to close on October 12, 2023, with an option for early closure.
The issuance operates on a first-come-first-serve basis, with a minimum application size of ₹10,000 (10 NCDs) across all series collectively, and subsequent multiples of ₹1,000.
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The NCDs are to be allocated and allotted in accordance with the terms specified in the prospectus. The company intends to allocate Series III NCDs in cases where applicants have not indicated their preference for the relevant NCD series. Proceeds from the issue will primarily be directed towards lending, financing, and servicing existing borrowings, with up to 25 per cent of the net proceeds allocated for general corporate purposes.
Trust Investment Advisors Private Limited, A.K. Capital Services Limited, JM Financial Limited, and Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) will serve as lead managers for the issue.
The shares were down by 0.03 per cent to Rs 175 at 1.11 p.m. on the BSE.
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