Effective annual interest yield on the NCDs ranges from 9.50% p.a. to 11.00% p.a.
FinTech BizNews Service
Mumbai, July 08, 2024: Edelweiss Financial Services Limited (“EFSL”/ “Company”), today announced the opening of the public issue of Secured Redeemable Non-Convertible Debentures (“NCDs”) of the face value of ₹ 1,000 each for an amount up to ₹ 1,000 million (“Base Issue Size”), with a green shoe option of up to ₹ 1,000 million, cumulatively aggregating up to ₹ 2,000 million ("Issue Limit”) (“Issue”).
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 scheduled to open on July 08, 2024 and close on July 22, 2024.
➢Effective Yield of up to 11.00 % per annum*
➢Credit Rating: CRISIL A+/ Watch Negative (placed on ‘Rating Watch with Negative Implications’)
➢Trading in dematerialized form only
➢Allotment, in consultation with BSE Limited (the “Designated Stock Exchange”), shall be made on the basis of the date of upload of the application into the electronic book of BSE Limited. However, on the date of oversubscription and thereafter, the allotment shall be made to the applicants on a proportionate basis
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, in compliance with the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021, as amended from time to time (“SEBI NCS Regulations”).
The NCDs proposed to be issued under the Issue have been rated “CRISIL A+/ Watch Negative (placed on ‘Rating Watch with Negative Implications’).
Trust Investment Advisors Private Limited and Nuvama Wealth Management Limited# are the Lead Managers to the Issue. The NCDs will be listed on BSE Limited to provide liquidity to the investors.
#Nuvama Wealth Management Limited is deemed to be an associate of the Issuer, as per the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, as amended (Merchant Bankers Regulations). Further, in compliance with the provisions of Regulation 21A and explanation to Regulation 21A of the Merchant Bankers Regulations, Nuvama Wealth Management Limited would be involved only in marketing of the Issue and as per Regulation 25 (3) of SEBI NCS Regulations and shall not issue a due diligence certificate.
