NEW DELHI: on Wednesday said its public issue of secured redeemable non-convertible debentures (NCDs) will open on August 17, 2021. The issue will close on September 6, 2021 with an option of early closure.
There are eight series of NCDs carrying fixed coupons and having tenures of 36 months, 60 months and 120 months with annual, monthly and cumulative interest options. Effective annual yield for NCDs ranges from 9.09 per cent to 9.70 per cent.
An additional incentive maximum of 0.2 per cent per annum will be offered for all category of investors in the proposed issue, who are also holders of NCDs/bonds previously issued by Edelweiss Financial Services or its group companies, The same will be offered to shareholders of Edelweiss Financial Services on the deemed date of allotment.
Edelweiss said it seeks to raise Rs 200 crore from the issue with an oversubscription option of another Rs 200 crore. This takes the total issue size to Rs 400 crore. The face value of NCDs will be Rs 1,000 each.
“At least 75 per cent 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 is proposed to be utilized for general corporate purposes,” the company said in a statement.
Acute Ratings and Research has rated the issue AA with negative outlook. has an A+ rating with a negative outlook.