Srei Infrastructure Finance (Srei), one of India's largest private sector holistic infrastructure institutions, is proposing a public issue of secured redeemable non-convertible debentures (NCDs) of face value Rs 1000 each amounting up to Rs 200 crore (base issue size) with an option to retain oversubscription up to the residual shelf limit of Rs 706.63 crore. The issue opens on January 30, 2017 and closes on February 23, 2017.
The NCDs have a credit rating of ‘BWR AA+’ (Outlook: Stable) by BRICKWORK. The highest coupon is 9.50% p.a. for investors of all categories for tenor of five years. For all categories of investors for tenor of three years, the coupon is 9.25% p.a. and for tenor of 400 days, the coupon is 8.50% p.a. An additional coupon of 0.25% will be offered to individual category investors who are existing shareholders of Srei, NCDs/bondholders of both Srei and Srei Equipment Finance (SEFL) and senior citizens. Additional coupon is not applicable for series of 400 days tenor. The NCDs are proposed to be listed on the NSE and BSE.
