Edelweiss Financial Services Ltd (EFSL) announced on Monday that it has raised over Rs 456 crore through public issuance of Non-Convertible Debentures (NCDs). EFSL stated that it successfully completed the issuance and allotted 45,62,472 NCDs with the face value of Rs 1,000 each, amounting to Rs 456 crore.
The financial services firm mentioned in a statement that it decided on an early closure on December 22, as against the scheduled closure on December 27.
Edelweiss stated that it received over 16,000 applications from across the country. Almost 46 per cent of the total issue size got subscribed for 5 years and 10 year tenures, indicating that investors are looking to subscribe for long term. It saw interest from investors across series and tenures with annual, monthly and cumulative interest options with the effective annual yield ranging from 8.75-9.70 per cent per annum.
The issue saw a significant demand in the retail and HNI segments with a total collection of Rs 361 crore. There was good interest from existing investors, it added.
Rashesh Shah, Chairman, Edelweiss Group said, “The consistent positive feedback to our NCD issues reassures us of the faith bestowed by the investors. The subscription to the Issue was very good and we closed it earlier than planned.” Rating agency CRISIL rated these NCDs ‘AA-’ with a negative outlook, while Acuite Ratings rated it ‘AA’ with a negative outlook.
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