Edelweiss Financial Services’ board on Tuesday approved raising up to Rs2,000 crore through various modes, including bonds, rights issue or qualified institutional placement (QIP).
The company, however, did not give any timeframe for the fundraiser. “The board of directors of the company at its meeting held today approved raising of funds by way of issue of securities including but not limited to equity shares…for an aggregate amount of up to Rs2,000 crore,” it said in a regulatory filing.
The company said the money can be raised through American depository receipts (ADR) or global depository receipts (GDR) or any other securities convertible into equity shares or non-convertible debentures with or without warrants.
The equity capital can be raised through QIP/preferential issue/rights issue or through any other permissible mode or a combination, the company added.
Edelweiss did not specify how it intends to utilise the funds. A diversified financial services company, Edelweiss is engaged in credit business, real estate finance, distressed assets credit, housing finance, loan against property, agri finance and rural finance, among others.
It is also into non-credit business like wealth management, capital markets, assets management and agri services. Stock of the company closed 9.04% up at Rs278.10 on BSE on Tuesday.
Source: Mint