Navi Finserv Rs 300 crore debt bond lists with 1.65 times subscription

Sachin Bansal's Navi Finserv Limited (NFS), a wholly-owned subsidiary of Navi Technologies Limited, announced on Friday that it has successfully listed its public issuance of Secured Redeemable Non-Convertible Debentures on the BSE and NSE.

Co-founded by Flipkart's Sachin Bansal and Ankit Agarwal, the Navi Group provides a variety of financial services and products, including personal loans, home loans, retail health insurance, and mutual funds.

The NCD issuance, which was concluded 8 days ahead of schedule on Thursday, June 2, 2022, had an issue size of Rs.300 crore, with a green shoe option of Rs.300 crore, totalling Rs.600 crore. It was 65 per cent oversubscribed compared to the basic issue size, resulting in a total collection of Rs.495 crore. 

This NCD was given an IND A/Stable rating by India Ratings & Research Pvt Ltd. In the 18-month tenure category, the issue earned the most subscriptions.

“It’s great to see the response to our maiden public NCD issuance from both retail and institutional investors. Our goal was to diversify our borrowing profile, and with more than 5000 retail and HNI investors participating in the issue, the market has shown its confidence in our company’s strong fundamentals and robust business model,” Chairman and CEO of Navi Finserv Limited, Sachin Bansal commented on the development.

Under the "Navi" brand, NFS provides personal loans and house loans to consumers in 84 per cent of Indian pin codes. The GNPA and NNPA for the quarter ended March'22 were 0.9 per cent and 0.04 per cent, respectively, while the AUM for loan business increased by 67 per cent from Rs.1758.5 crore in December'21 to Rs.2949.21 crore in March'22.

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