Edelweiss Financial Services (EFSL) on Monday said it will raise up to Rs 200 crore through issuance of secured redeemable non-convertible debentures (NCDs).
Base size
The base size of the issue is Rs 100 crore, with an option to retain over-subscription up to Rs 100 crore
Subscription date
The issue will open on December 23, 2020, and close on January 15, 2021, with an option of early closure.
The bond will be listed on BSE.
Yield and Tenure
The bonds are offering an effective yield (cumulative) of 9.95 per cent per annum for 120 months tenure.
And 9.35 per cent per annum for 36 months tenure and,
Up to 9.80 per cent per annum for 60 months tenure.
Additional Incentives
An additional incentive maximum of 0.20% p.a. will be offered for all Category of Investors in the proposed Issue, who are also holders of NCD(s)/Bond(s) previously issued by our Company, and/ or our group company.
The group companies includes,
- ECL Finance Limited,
- Edelweiss Housing Finance Limited,
- Edelweiss Retail Finance Limited,
- Edelweiss Finance & Investments Limited
Fund Utilisation
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.
The balance 25% is proposed to be utilized for general corporate purposes.
Credit Ratings
CARE Ratings Limited has rated the offering “CARE A+; (Single A Plus; Outlook: Stable)”
Brickwork Ratings India Private has rated it as BWR AA-/Stable (Assigned).
Lead Manager
The lead manager to the issue is Equirius Capital Private.
Stock Market Impact
Edelweiss Financial Services was trading at Rs72 per piece down by Rs0.7 or 0.96% from its previous closing of Rs72.70 on the BSE, at around 12.23pm.
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