ECL Finance, the non-banking finance company arm of Edelweiss Financial Services is planning to raise Rs 500 crore through the public issue of secured redeemable Non Convertible Debentures (NCDs) of face value of Rs 1,000 each. This aggregates to Rs 250 crore with an option to retain over-subscription of up to Rs 250 crore, which comes to a total of Rs 500 crore.
The NCDs with a tenure ranging from 36 months to 60 months will pay an interest of up to 11.85% per annum. The issue will open from January 16 and shall close on January 27, 2014.
The company will use the raised fund for financing activities including lending and investments, other business operations including capital expenditure and working capital requirements.
Edelweiss Financial Services is India’s leading diversified financial services company. It is engaged in the business of investment banking, brokerage services, asset management and financing.
