New Delhi: Reliance Home Finance, part of Reliance Capital, plans to raise up to Rs3,500 crore through non-convertible debentures (NCDs).
The company plans a public issue of secured redeemable NCDs aggregating up to Rs3,000 crore and unsecured NCDs worth Rs50,000 lakh totalling up to Rs3,500 crore, draft papers filed with markets regulator Sebi showed.
"The NCDs will be issued in one or more tranches subject to the shelf limit," it added. NCDs are loan-linked bonds that cannot be converted into stock and usually offer higher interest rates than convertible debentures. Proceed of the issue will be utilised for lending, financing, repayment of existing borrowings of the company and for other general corporate purposes.
Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, loan against property and construction finance. The issue is being manged by Edelweiss Financial Services Ltd, A K Capital Services Limited and Axis Bank. Parent firm Reliance Capital is present across various businesses including life and general insurance, asset management, mutual fund, consumer finance, broking, wealth management, distribution of financial products and asset reconstruction. PTI
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.