New Delhi: Edelweiss Broking Limited on Tuesday launched secured redeemable non-convertible debentures (NCDs) of face value. 1,000 each, in total 150 crores, with an option to retain the over-subscription up to Rs. 150 crores, taking into account the total issue size 300 million.
The company stated that at least 90% of the net income shall be used for working capital purpose and the remaining amount shall be used for general corporate purposes, subject to such utilization not exceeding 10% of the amount.
NCDs have a fixed coupon of 8.75% to 9.95% p.a. and tenors of 24 months/36 months/60 months/120 months are available with various interest payment options like monthly, yearly and cumulative.
The additional incentive will be maximum 0.20% p.a. for all categories of investors in the proposed issue.
NCD is rated CRISIL AA-/Negative and ACUITE AA with negative outlook.
The NCD issue will close on July 26. NCDs are proposed to be listed on BSE.
Equirus Capital Pvt Ltd and Edelweiss Financial Services Ltd are the principal managers of the issue.