News
Edelweiss Housing plans to raise up to Rs 500 cr via NCDs
Edelweiss Housing Finance is planning to raise up to Rs 500 crore through non-convertible debentures (NCDs), the company said on Friday.
According to a PTI report, the proceeds will be used for lending activities and other general corporate purposes, as per the draft prospectus filed with the Securities and Exchange Board of India (Sebi).
The prospectus is for a “public issue of secured redeemable NCDs of face value of Rs 1,000 each up to Rs 250 crore with an option to retain over subscription up to Rs 250 crore aggregating to Rs 500 crore”.
The issue is being managed by SBI capital markets and Edelweiss Financial services.
NCDs are loan-linked bonds that cannot be converted into stock and usually offer higher interest rates than convertible debentures.
The report said, the firm, which is in the business of housing finance, has loan book of Rs 23,87. 26 crore as on March 31, 2016.
During the first two months of the current fiscal, as many as four companies have raised Rs 1,900 crore through retail issuance of NCDs to meet their business needs.
This is on top of the Rs 33,812 crore garnered in the last fiscal.
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