Edelweiss Broking to raise Rs 300 cr through NCD
In order to meet its working capital needs, Edelweiss Broking announced on Tuesday that it would issue non-convertible debentures to the general public in an amount up to Rs 300 crore.
According to a statement from the corporation, the issue will start on July 5 and end on July 26 with the possibility of an early closure.
Secured redeemable non-convertible debentures (NCDs) or bonds would be issued in the public market with a face value of Rs 1,000 apiece. The issue’s base issue size is Rs 150 crore, and there is an option to keep up to Rs 150 crore in oversubscription, for a total of Rs 300 crore.
The proceeds from the offering will be applied to working capital needs.
These bonds will be available in tenors of 24, 36, 60, and 120 months, with different interest payment choices, including monthly, yearly, and cumulative. Investors can expect to receive effective returns that vary from 8.75 to 9.95 percent annually.
The issue is being managed by Equirus Capital and Edelweiss Financial Services as lead managers. It is planned that these bonds be listed on the BSE.