ECL Finance, the non-banking finance company arm of Edelweiss Financial Services, announced on Thursday that it is seeking to raise R500 crore through its public issue of non convertible debentures with a maximum monthly coupon rate of 11.85%.
The base size of the issue is R250 crore with a green shoe option of R250 crore. The NCDs will have tenures of three and five years and will open on January 16 and the issue is expected to close on January 27. Investors looking at the three year maturity option will get a monthly coupon of 11.60% with a cumulative annual yield of 12.24%, while the five year maturity option will attract a monthly coupon rate of 11.85% and a annual yield of 12.52%. The issue is rated AA by ratings agencies Care and Brickwork. The lead managers are ICICI Securities, Axis Capital and Edelwiess Financial Services. The issue will be listed on the BSE.
Previously in December, Manappuram Finance and Srei Infrastructure hit the market with their public issue of NCDs and have raised bid quantities of R166 crore and R28 crore respectively at the day’s close, according to BSE.