Edelweiss Financial Services plans to raise ₹400 crore through issue of secured redeemable non-convertible debentures.
It has announced a public issue of Secured Redeemable NCDs of the face value of ₹1,000 each, amounting to ₹ 200 crore with an option to retain over-subscription up to ₹200 crore.
The issue will be open for subscription between October 3 and 17 and will be listed on BSE.
There are ten series of NCDs carrying fixed coupon and having tenure of 24 months, 36 months, 60 months and 120 months with annual, monthly and cumulative interest option. Effective annual yield for NCDs ranges from 8.84 per cent to 10.09 per cent.
At least 75 per cent of the funds raised through this issue will be used for repayment and prepayment of interest and principal of existing borrowings of the company and the balance is proposed to be used for general corporate purposes.
An additional incentive of 0.20 per cent per annum will be offered for all Category of Investors in the proposed Issue, who are also holders of NCDs and bonds previously issued by the company and its group.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.