Edelweiss Financial Services Limited on Monday announced that it has allotted 45,62,472 NCDs 456.24 crore from issue of secured non-convertible debentures. The financial services company received over 16,000 applications across India.
The company has decided to close the issue early on 22 December 2021 as against the scheduled closure on 27 December.
Edelweiss Financial Services had launched the NCD issue on 6th December with face value 1,000 each, for the purpose of increasing 200 crore (Base issue), with option to retain oversubscription 300 crores, in total 500 crores.
The issue has seen significant demand in the Retail and High Net Worth Individuals (HNI) segments, which have a total collection of Rs. 361.97 crores. There was also good interest from existing investors in this issue.
About 46% of the total issue size was subscribed for tenures of five years and 10 years.
Commenting on the issue, Rashesh Shah, Chairman, Edelweiss Group, said, “Consistently positive response to our NCD issues assures us about the confidence given by the investors. The subscription to the issue was very good and we closed it earlier than planned.”
The issue has witnessed investor interest across all series and tenors offering yearly, monthly and cumulative interest options.
There were 10 series of NCDs with fixed coupon tenures of 24 months, 36 months, 60 months and 120 months with annual, monthly and cumulative interest options. The effective annual yield for NCDs ranged from 8.75% to 9.70% p.a.
The NCDs have been rated AA with negative outlook by rating agency CRISIL Ltd and AA with negative outlook by Acuite Ratings & Research Ltd.
Equirus Capital Private Limited acted as the Lead Manager of the issue. NCDs are listed on BSE Limited.
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