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Edelweiss Financial Services to Raise Up to INR3 Billion Through NCD Issue

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Edelweiss Financial Services (NSE:EDELWEISS, BOM:532922) launched a public issue of secured redeemable non-convertible debentures (NCDs) to raise up to 3 billion Indian rupees, comprising a base issue of 1.5 billion rupees and a greenshoe option of up to 1.5 billion rupees, according to a Monday filing on Indian bourses.

The issue opens on June 8 and close on June 19, the company said in the filing.

The NCDs will be offered across 10 series with tenures of 24 months, 36 months, 60 months and 120 months, along with annual, monthly and cumulative interest payment options, the filing said.

At least 75% of the proceeds will be used for repayment or prepayment of existing borrowings, while the balance will be utilized for general corporate purposes, it added.

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