Edelweiss Financial Services Limited in the present day introduced the general public challenge of its secured redeemable non-convertible debentures of the face worth of ₹1,000 every, amounting to ₹200 crore, with an choice to retain over-subscription as much as ₹ 200 crore to ₹ 400 crore.
There are ten sequence of NCDs carrying mounted coupon and having tenure of 24 months, 36 months, 60 months and 120 months with annual, month-to-month and cumulative curiosity choice. Effective annual yield for NCDs ranges from 8.99% to 10.46%*.
At least 75% of the funds raised by way of this Issue will probably be used for the aim of reimbursement /prepayment of curiosity and principal of current borrowings of the corporate and the stability is proposed to be utilized for normal company functions, topic to such utilization not exceeding 25% of the quantity raised within the Issue, in compliance with the Securities and Exchange Board of India (Issue And Listing Of Non-Convertible Securities) Regulations, 2021.
An extra incentive of 0.20% p.a. will probably be provided for all class of traders within the proposed tranche I challenge, who’re additionally holders of NCD/bonds beforehand issued by the corporate, or group firm, ECL Finance Limited, Nuvama Wealth & Investment Limited, Edelweiss Housing Finance Limited, Edelweiss Retail Finance Limited and Nuvama Wealth Finance Limited.
The NCDs proposed to be issued below this tranche I Issue have been rated “CRISIL AA-/Negative (pronounced as CRISIL double A minus ranking with Negative outlook)” and “ACUITE AA-/Negative” (pronounced as ACUITE double A minus).
Equirus Capital Private Limited is the Lead Manager of this NCD challenge. The tranche I Issue opens on Tuesday and closes on 23 January with an choice of early closure. The NCDs will probably be listed on BSE Limited to offer liquidity to the traders.
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