Edelweiss Retail Finance (ERFL), the retail lending arm of Edelweiss Group, today said it is planning to raise up to Rs 500 crore through issuance of non convertible bonds (NCDs) of various maturities. The public issue of NCDs of face value of Rs 1,000 each, aggregating up to Rs 250 crore, with an option to retain over-subscription of up to Rs 250 crore. The NCDs offer investors yields ranging from 8.75 per cent to 9.25 per cent per annum.
The tenure of the bonds vary from three years to 10 years, with an option to receive interest monthly or annually. "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 customised product offerings in ERFL," Edelweiss Retail Finance head, Anil Kothuri, said in the release here. The issue opened today and will close on March 22, 2018, with an option to close early if it receives complete subscription. The lead managers to the NCD issue are Axis Bank and Edelweiss Financial Services. The NCDs will be listed on the BSE and the NSE.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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