Edelweiss Financial Services has launched a Rs 100-crore public issue of redeemable non-convertible debentures with a face value of £1,000. The issue also comes with a greenshoe option to hold an additional Rs 10,000 crore in case of oversubscription.
The issue has 12 series of NCDs with fixed coupons, holding periods of 24 months, 36 months, 60 months and 120 months, with annual, monthly and cumulative interest options. NCD’s effective annual yield ranges from 9.50% to 11% per annum, it said in a release.
Stocks opened on Tuesday will close on January 20th.
At least 75% of the funds raised through this issuance will be used for the purpose of interest and principal repayment/prepayment of the Company’s existing borrowings, and the remaining amount will be used for general corporate purposes.
The NCDs proposed to be issued under this issue are rated ‘CRISIL A+/Negative’ (read as CRISIL A+ rating with negative outlook).
