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Edelweiss Broking plans to raise ₹300 crore via Secured Redeemable Non-Convertible Debentures of the face value of ₹1,000 each, aggregating up to ₹150 crore with an option to retain over-subscription of ₹150 crore.
The NCD will carry fixed coupon ranging from 8.75 to 9.95 per cent per annum and have tenor of 24, 36, 60 and 120 months with interest payment options like monthly, annual and cumulative.
The issue will be open for subscription between July 5 and 26 with an option of early closure. The NCDs are proposed to be listed on the BSE to provide liquidity to the investors.
An additional incentive of 0.20 per cent annually will be given to investors who hold NCD(s)/Bond(s) previously issued of group companies or equity shareholders of Edelweiss Financial Services on the deemed date of allotment.
At least 90 per cent of the net proceeds of the issue will be used for working capital purpose and the rest for general corporate purposes, subject to such utilisation not exceeding 10 per cent of the amount raised in the issue.
The NCD is rated as “CRISIL AA-” and “ACUITE AA”.
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