will launch its public sale of local bonds on September 23 as it seeks to raise up to Rs 500 crore. The subscription window is likely to close on October 14, the company said in a release.
“This public issuance will continue to help us diversify our borrowing and investor mix,” said Vishal Kampani, managing director, JM Financial Products Ltd. The company has maintained strong liquidity buffers.”
“Our strong balance sheet, well-capitalised and diverse set of businesses position us to drive sustainable value for our stakeholders,” he said.
JM Financial Products Limited, the flagship non-banking finance arm of the JM Financial Group will be issuing those securities, known as non-convertible debentures in market parlance.
Local rating companies –
and rated those papers with AA (Stable outlook). Bonds will offer up to 8.30 percent. Maturities are spread across 39 months to 100 months.
Investors can also avail an option for floating interest rate, which will be calculated after adding a mark-up or spread of 315 basis points over the 91-day Treasury Bill, shorter duration sovereign instrument.