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Edelweiss Financial Services announced the opening of the public issue of secured redeemable non-convertible debentures ("NCDs") of the face value of Rs 1,000 each for an amount up to Rs 100 crore ("base issue size"), with a green shoe option of up to Rs 100 crore, cumulatively aggregating up to Rs 200 crore ("issue limit”).
The issue has 12 series of NCDs carrying fixed coupons and having a tenure of 24 months, 36 months, 60 months, and 120 months with annual, monthly, and cumulative interest options. Effective annual interest yield on the NCDs ranges from 9.50% p.a. to 11.00% p.a.
The issue is open between 8th and 22nd July 2024. At least 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 amount would be utilized for general corporate purposes, subject to such utilization not exceeding 25% of the amount raised in the issue.
The NCDs proposed to be issued under the Issue have been rated "CRISIL A+/ Watch Negative" (placed on 'Rating Watch with Negative Implications'). The NCDs will be listed on BSE to provide liquidity to the investors.
Edelweiss Financial Services through its subsidiaries has diversified its businesses to include credit including retail and corporate credit, asset management including mutual fund and alternatives asset management businesses, asset reconstruction, insurance both life and general insurance business.
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