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The company announced a public issue of secured redeemable non-convertible debentures (NCDs) of a face value of Rs 1,000 each, amounting to Rs 100 crore, with an option to retain oversubscription up to Rs 100 crore, aggregating to a total of Rs 200 crore.
The NCDs offer an effective yield (cumulative) of 9.95% p.a. for 120 months tenure, 9.35% p.a. for 36 months tenure and up to 9.80% p.a. for 60 months tenure.
Edelweiss said that 75% of the funds raised through this issue will be used for the purpose of repayment /prepayment of interest and principal of existing borrowings of the company and the balance is proposed to be utilized for general corporate purposes, subject to such utilization not exceeding 25% of the amount raised in the issue.
CARE Ratings has rated the offering "CARE A+ with a stable outlook and Brickwork Ratings India has rated it as BWR AA-/Stable (Assigned)".
Edelweiss Financial Services is engaged in providing investment banking and advisory services, and holding activities/investments. The company's segments include agency business, capital-based business and life insurance.
Shares of Edelweiss Financial Services were down 1.99% at Rs 71.25.
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