New Delhi [India], Mar 8 (ANI): Edelweiss Retail Finance Limited (ERFL), the retail lending arm of Edelweiss Group, on Thursday announced the public issue of Non Convertible Debentures (NCDs) of face value of Rs. 1000 each, aggregating up to Rs. 2500 million.
Further, there is an option to retain over-subscription up to Rs. 2500 million, aggregating a total of Rs. 5000 million.
Axis Bank Limited and Edelweiss Financial Services Limited are the Lead Managers to this NCD issue.
The issue opens on March 7, 2018 and closes on March 22, 2018, with an option to close early if it receives complete subscription.
"The credit needs of the SME sector have not been adequately addressed thus far. This is a significant opportunity which we are addressing through our rapidly expanding reach and customized product offerings in ERFL," said head, Edelweiss Retail Finance, Anil Kothuri.
The public issue of NCDs offers investors an opportunity to lock in at attractive yields ranging from 8.75 percent p.a. to 9.25 percent.
The NCDs also offer a tenure varying from three years to 10 years, with an option to receive interest monthly or annually.
Moreover, the NCDs to be issued have received "CRISIL AA/Stable" rating by CRISIL Limited and "[ICRA]AA" rating with a stable outlook by ICRA Limited, for an amount of Rs. 5000 million each, indicating that the instruments have the highest degree of safety regarding timely servicing of financial obligations, and carry very low credit risk. (ANI)