Updated January 5th, 2024 at 14:59 IST

Edelweiss Financial Services to raise funds worth Rs 250 crore via NCDs

The Issue is scheduled to open on January 09 and close by January 22, 2024

Reported by: Business Desk
Edited by: Tanmay Tiwary
Edelweiss Financial Services | Image:Official website
Advertisement

Edelweiss Financial Services to raise funds worth Rs 250 crore via NCDs

Mumbai-based investment and financial services company Edelweiss Financial Services Limited has announced the public issue of redeemable Non-Convertible Debentures (NCDs) worth Rs 250 crores, the company said Wednesday.

Advertisement

The Issue is scheduled to open on January 09, 2024 and close on January 22, 2024, as per an exchange filing.

At least 75 per cent of the funds raised through the issue will be used for repayment or prepayment of interest and principal of existing borrowings of the Company. The balance is proposed to be utilised for general corporate purposes, not exceeding 25 per cent of the amount raised in the issue in compliance with the Securities and Exchange Board of India (SEBI).

Advertisement

Trust Investment Advisors Private Limited and Nuvama Wealth Management Limited  are the Lead Managers of this NCD Issue.

The secure debentures were issued on the face value of Rs 1,000 each for Rs 125 crores as the base issue size.

Advertisement

The amount will be a green shoe option, a provision in an IPO underwriting agreement that grants the underwriter the right to sell more shares than originally planned of up to Rs 125 crore.

The debentures will be cumulatively aggregating up to Rs 250 crore, which is the issue limit.

Advertisement

The NCDs will be listed on BSE Limited to provide liquidity to the investors.

The company has a market cap of Rs 7380 crore. As of 1.57 pm, shares of Edelweiss Financial Services were trading 0.58 per cent lower at 78.24 per share.

In the second quarter, the company’s net profit jumped 45 per cent to Rs 3233 crores with consolidated revenues up 19 per cent to Rs 51,024 crore.

Advertisement

Published January 5th, 2024 at 14:59 IST