Edelweiss Financial Services Limited (EFSL) on Tuesday said it is looking to raise up to ₹500 crore through issuance of secured redeemable non-convertible debentures (NCDs).
The base size of the issue is ₹200 crore with an option to retain over-subscription up to ₹300 crore, the company said in a release.
There are 10 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 yield for NCDs ranges from 8.75% to 9.70% per annum, the release said.
The company said at least 75% of the funds raised will be used for the purpose of repayment/prepayment of interest and principal of its existing borrowings.
The balance is proposed to be utilized for general corporate purposes, it said.
The issue opens for subscription on December 6 and will close on December 27 with an option of early closure.
The bonds proposed to be issued under this tranche I issue have been rated Crisil AA-/Negative and Acuite AA/Negative.
Source: Mint