ECL Finance (ECLF) will be raising funds up to Rs.2,000 crore, via a public issue of bonds.
ECLF is the NBFC arm of Edelweiss Financial Services. Its parent firm stated ECLF will go for, “the public issue of secured redeemable non-convertible debentures (NCDs) of the face value of Rs.1,000 each, aggregating to Rs.5,000 million, with an option to retain over-subscription up to Rs.15,000 million aggregating to a total of Rs.20,000 million.”
The NCDs will offer interest rate of 9.45% per annum for 36-month tenure; 9.65% for 60 months and 9.85% for 10 years. Furthermore, the funds raised by this issue will be used for onward lending purposes, for refinancing the existing borrowing and general corporate purposes.