The NCD issue of Sachin Bansal-led Navi Finserve, which was launched on May 23, 2022, will close on Thursday, June 2, 2022, eight days ahead of schedule. The issue was earlier planned to be closed on June 10 with an option to close. early closure or expansion.
The first public NCD issue of Navi was launched on 23 May 2022. The Management has decided to close the issue of aggregate secured, rated, listed and redeemable Non-convertible Debentures (NCDs) at the earliest. 600 crores, including the original issue of 300 million. It also comes with an option to maintain over-subscription of another 300 million.
By 11 a.m. on June 1, Navi Finserve’s NCD issue Retail category is subscribed 0.34x, Institutions 2.54x, Corporate 0.34x and HNI 0.41x booked 0.80x.
The objective of the NCD issue is to raise funds for further lending and financial purposes, to diversify the borrowing profile and to add more retail investors to its portfolio to complement our wide base of institutional partners. Navi Finserve Told.
“It is a secure instrument with an A (stable) rating, low application size and effective returns of up to 9.80%*,” said Ankit Agarwal, Managing Director, Navi Finserve.
The company had said that the proposed NCDs have an A (Stable) rating by India Ratings and Research Pvt Ltd. “This rating is considered to be adequate protection in respect of timely servicing of financial obligations. Such instruments have low credit risk.”
Investors can participate under various series for tenures of 18 months and 27 months, which offer an effective yield of up to 9.80% for a monthly payout option of 27 months, and minimum application sizes. 10,000.
Sachin BansaK Navi Finserve’s AUM increased 2,949 crore as of March 2022, a growth of 66% in a quarter, from 1771 crore as of December 2021 before impairment loss. In the last quarter of the financial year 2012 (January-March), the losses were reduced to almost break-even figures. 4 crore from last quarter’s loss 75.5 crores.