Edelweiss Financial launches ₹100-crore NCD issue

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Edelweiss Financial Services has launched a ₹100-crore non-convertible debentures issue with a green shoe option of another ₹100 crore, cumulatively aggregating up to ₹200 crore. 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 per cent to 11 per cent, it said in a release.

The issue is scheduled to close on July 22.

At least 75 per cent of the funds raised will be used for repayment/prepayment of interest and principal of existing borrowings of the company and the balance for general corporate purposes.

The NCDs have been rated “Crisil A+/Watch Negative (placed on ‘Rating Watch with Negative Implications’).

Trust Investment Advisors Private Ltd and Nuvama Wealth Management are the Lead Managers to the Issue. The NCDs will be listed on BSE.