MUMBAI: The Rs 400 crore public issue of secured redeemable non-convertible debentures (NCDs) of was oversubscribed on Monday with the offer getting more than 17,000 applications.
The issue has seen significant demand in the retail segment with a total collection of Rs 279 crore, said the company in a press release. Retail category oversubscribed by 1.74 times and almost 50 per cent of the total issue size got subscribed for 5-year and 10-year tenure, as investors seek to subscribe for long term. Earlier this year, the company raised Rs 400 crore.
Commenting on the success Rashesh Shah, chairman & managing director said “We are delighted with the encouraging response to our NCD issue. The issue has been oversubscribed which shows the faith that investors across categories have in our diversified model and the appetite for high-quality financial papers that offer competitive interest rates”
The NCD issue has seen interest from investors across series and tenures offering annual, monthly, and cumulative interest options with the effective annual yield ranging from 9.09 per cent to 9.70 per cent.
The NCDs have been rated “Acuite AA (read as ACUITE double A) (Outlook: Negative)” for an amount of ₹ 4,000 million by Acuite Ratings and Research Limited and “[ICRA]A+ (Negative)” for an amount of ₹ 4,000 million by
Equirus Capital Private Limited is the Lead Manager to the NCD issue. The Issue opened on August 17, 2021, and closed on September 6, 2021. The NCDs will be listed on BSE Limited to provide liquidity to the investors.
Edelweiss has a diversified and fast-growing retail businesses with strong Customer franchisees – managing over Rs 3,00,000 crore of client assets across businesses.