Edelweiss Financial Services’ board has approved a public issue for raising up to Rs 1,000 crore through non-convertible debentures, half of which will be mopped up in the first tranche.
A meeting of the debenture fundraising committee of the company’s board of directors held on Monday (November 29) considered and approved the public issue of secured, redeemable non-convertible debentures (NCDs), the company said in a filing on Tuesday.
The NCDs of a face value of Rs 1,000 each are for an amount up to Rs 200 crore (base issue size) with an option to retain over subscription up to Rs 300 crore, aggregating up to Rs 500 crore (tranche I issue), which is within the shelf limit of Rs 1,000 crore, Edelweiss said in the regulatory filing. The company said the NCDs proposed to be issued by it have been rated AA/negative by Crisil with a negative outlook for an amount up to Rs 1,000 crore. While ACUITE has rated the bonds AA/negative with a negative outlook for an amount up to Rs 1,500 crore.
The NCDs are proposed to be listed on the BSE. The deemed date of allotment of the bonds is to be decided by the board of directors or the debenture fundraising committee. Shares of Edelweiss Financial Services on Tuesday closed at Rs 66.65 apiece on the BSE, down 2.98 per cent from the previous close.
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