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Edelweiss Financial Services Limited’s shares were up by 5.79 per cent after the company disclosed a public issue of Secured Redeemable Non-Convertible Debentures (NCDs) with a total value of ₹200 crore. The NCDs, with a face value of ₹1,000 each, offer a yield of up to 10.46 per cent per annum. They come with a CRISIL rating of AA-/Negative and will be traded only in dematerialized form.
The issue comprises ten series of NCDs with fixed coupons, varying tenures of 24, 36, 60, and 120 months, and options for annual, monthly, and cumulative interest payments. The offer is set to commence on October 6, 2023, and conclude on October 19, 2023.
A minimum of 75 per cent of the raised funds will be allocated for the repayment or prepayment of the Company’s existing borrowings, while the remaining 25 per cent will be allocated for general corporate purposes, in compliance with SEBI NCS Regulations. Investors holding previously issued debentures/bonds by the Company or affiliated entities, or who are equity shareholders, may be eligible for an additional incentive of up to 0.20 per cent per annum.
The shares were up by 5.79 per cent to ₹66.66 at 12.44 p.m. on the BSE.
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