Navi Finserv, owned by Sachin Bansal, will use NCDs to raise Rs 600 crore.
moneycontrol.com
India
13-02-2024
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Crisil Ratings has given the secured NCDs a 'A' rating and a 'Stable' outlook. With tenors of 18, 27, and 36 months, the offering will provide effective yields ranging from 10.47 to 11.19% annually.
The Navi Finserv group, managed by Sachin Bansal, intends to raise up to Rs 600 crore by issuing new bonds that are non-convertible debentures (NCDs). A green shoe option of up to Rs 300 crore will be included in the total bond issuance size in order to maintain oversubscription.
The subscription period for the issue will run from February 26 to March 7, 2024, with the allocation process taking place on a first-come, first-served basis.
It has been assigned 'A' to the secured NCDs.
Crisil Ratings has given the secured NCDs a 'A' rating and a 'Stable' outlook. The issuance will offer effective yields ranging from 10.47 percent to 11.19 percent annually across tenors of 18, 27, and 36 months. The money obtained by the new bond offering will go toward financing, loan repayment, subsequent lending, and general business needs.