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JM Financial Credit Solutions is planning to raise up to Rs.2,000 crore through its maiden bond issue, to fund growth and repay debt.
These bonds will have a maturity of three to seven years and will be listed on the BSE and issued in two tranches. The first tranche will possibly open by the end of this month,
As per the draft shelf prospects filed by the company, “Nearly, 75% of the proceeds will be used for onward lending, financing, and for repayment or prepayment of interest and principal of existing borrowings.” The remaining proceeds will be used for the company’s general corporate purposes.
Furthermore, lead managers for the issue are AK Capital Services, JM Financial, Edelweiss Financial Services and Trust Investment Advisors.
