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Nido Home Finance, formerly Edelweiss Housing Finance, announced a public offering of non-convertible debentures (NCDs) amounting to Rs 50 crore ("base issue size"), with a green shoe option of up to Rs 50 crore, aggregating to Rs 100 crore.
There are ten series of NCDs carrying fixed coupons and having a tenure of 24 months, 36 months, 60 months, and 120 months with monthly and annual interest options. Investors can earn effective yields ranging from 9.50% p.a. to 10.75% p.a.
The issue opened for subscription on 13 June 2024, and will close on 27 June 2024.
The funds raised through this issuance will be primarily used for onward lending and for repaying the company's existing borrowings. A portion of the proceeds will also be allocated for general corporate purposes.
The NCDs proposed to be issued under this issue have been rated "CRISIL A+/ Watch Negative" (placed on rating watch with negative implications). While such securities carry low credit risk, the rating watch reflects an emerging situation, which may affect the credit profile of the rated entity.
Nido Home Finance, part of the Edelweiss Group, is a National Housing Bank (NHB) registered housing finance company. Established in 2008, the company offers various loan products such as home loans, loans against property, and construction finance. As of March 31, 2024, Nido Home Finance has a presence in 67 cities across India with a loan book of Rs 3104.40 crore.
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