Money & Banking

KLM Axiva Finvest announces new NCD issue

Our Bureau Kochi | Updated on August 29, 2019

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KLM Axiva Finvest Ltd, a Kerala based non-baking financial company (NBFC), has announced its debenture issue with a target to raise a capital of Rs 125 crore.

The issue which opened on August 28 with a face value of Rs 1000 and minimum ticket size of Rs 5000, will close on September 26. There will be 10 different schemes offering returns with interest rates varying from 11 to 12 per cent. The issue is in demat format and there will be no TDS deduction for the interest amounts.

According to J Alexander, Chairman, KLM Axiva Finvest Ltd, the company plans to utilise the capital from NCD to accelerate growth as well as to increase its footprint across the country. The previous non-convertible debentures (NCD) issues were well received in the market and were oversubscribed.

KLM Axiva Finvest has witnessed a massive growth last year in terms of turnover and profit. The company targets to achieve Rs 5000 crore business in next couple of years and the number of branches to be increased to 1000. The micro finance business will be the main focus area in future for which, the company will be investing Rs 1000 crore in the next 5 years, he said.

Published on August 29, 2019

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