Edelweiss Financial Services Limited announced the public offering of Secured Redeemable Non-Convertible Debentures having a face value of $1,000 apiece, totaling 2,000 million, with an option to retain up to 2,000 million in over-subscription, totaling 4,000 million.
There are eight NCD series with set coupons and terms of 24 months, 36 months, 60 months, and 120 months, with annual, monthly, and cumulative interest possibilities. NCDs have an effective yearly yield ranging from 8.94% to 10.46%.
The Tranche II Issue will be available on April 6, 2023, and will end on April 21, 2023.
In accordance with the Securities and Exchange Board of India (Issue And Listing Of Non-Convertible Securities) Regulations, 2021, as amended from time to time, at least 75% of the funds raised through this Issue will be used to repay/prepay interest and principal on the Company’s existing borrowings, and the balance is proposed to be used for general corporate purposes, subject to such utilisation not exceeding 25% of the amount raised in the Issue.
The additional incentive will be a maximum of 0.20% p.a. for all Category of Investors in the proposed Tranche II Issue who are also holders of NCD(s)/Bond(s) previously issued by our Company, and/or ECL Finance Limited, Nuvama Wealth & Investment Limited, Edelweiss Housing Finance Limited, Edelweiss Retail Finance Limited, and Nuvama Wealth Finance Limited, as the case may be, and/or are equity shareholder(s)
The NCDs intended to be issued under this Tranche II Offering have been rated “CRISIL AA-/Negative (pronounced as CRISIL double A minus rating with Negative outlook)” by CRISIL and “ACUITE AA-/ Negative” by Acuite.
Equirus Capital Private Limited is the Lead Manager of this NCD issue. The Tranche II Issue opens on April 6, 2023 and closes on April 21, 2023 with an option of early closure**. The NCDs will be listed on BSE Limited to provide liquidity to the investors.
Equirus Capital Private Ltd is the issue’s Lead Manager. The Tranche II Issue will be available on April 6, 2023, and will close on April 21, 2023, with an option for early closure. The NCDs would be listed on BSE Limited to offer investors with liquidity.
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