The issue also comes with an option to retain over- subscription up to Rs 200 crore, aggregating to a total of Rs 400 crore.
ECL Finance Ltd, the NBFC arm of Edelweiss Financial Services , today announced the public issue of unsecured redeemable non-convertible debentures (NCDs) of face value of Rs 1,000 each, aggregating to Rs 200 crore.
The issue also comes with an option to retain over- subscription up to Rs 200 crore, aggregating to a total of Rs 400 crore.
The NCDs, which will open for subscription on June 17 and close on July 2, are in the nature of subordinated debt with a tenure of 70 months.
The funds raised through the issue will be used for financing activities, including lending and investments, to repay existing loans and for business operations like capital expenditure and working capital requirements, Edelweiss Financial said in a statement here.
The NCDs offer investors an opportunity to lock in at interest rate of 12 percent per annum with monthly, annual and cumulative options. The effective yield in monthly option works out to 12.68 percent for 70 months tenure and under cumulative option, investors will get 2.01 times of the invested amount at maturity, it said.
"With a decisive and a pro-reform Government and RBI signalling a dovish policy outlook, the interest rate scenario has been on a softening trajectory.
"NCDs, with their attractive returns, offer a better yielding opportunity for retail investors amongst the other comparable options in debt. NCDs also provide liquidity as they are listed on the stock exchanges," Edelweiss Financial Services Chairman & CEO Rashesh Shah said.
Edelweiss stock price
On June 12, 2014, Edelweiss Financial Services closed at Rs 59.95, up Rs 5.45, or 10.00 percent. The 52-week high of the share was Rs 61.25 and the 52-week low was Rs 24.90.
The company's trailing 12-month (TTM) EPS was at Rs 0.94 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 63.78. The latest book value of the company is Rs 17.40 per share. At current value, the price-to-book value of the company is 3.45.
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