Navi Finserv raises Rs600 crore through public issuance of NCDs
1 min read 17 May 2022, 07:19 PM ISTThe issue will be open from 23 May to 10 June with an option of early closure or extension
PremiumNavi Finserv, the on Tuesday announced the public issue of secured, rated, listed and redeemable Non-Convertible Debentures (NCDs) totalling to ₹600 crore, which includes a base issue of ₹300 crore. It also comes with an option to retain over-subscription of another ₹300 crore.
The issue will be open from 23 May to 10 June with an option of early closure or extension.
The company said that the proposed NCDs have A (Stable) rating by India Ratings & Research Pvt Ltd. “This rating is considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk," the company said in its statement.
“The upcoming NCD issue aims to raise funds for onward lending and financing purposes, This will further diversify our borrowing profile and add more retail investors to our portfolio to complement our wide base of Institutional partners. This is a secured instrument with A (stable) rating, a low application size and an effective yield of upto 9.80%*," said Ankit Agarwal, managing director, Navi Finserv.
Investors can participate under various series for tenure of 18 months and 27 months offering an effective yield of up to 9.80%, which is for 27 months monthly payment option, and a minimum application size of ₹10,000.
“At Navi, our mission is to provide financial products that are simple, affordable and accessible. I believe that our customer centric and technology first approach along with our robust underwriting and collections capabilities adds value to Navi Finserv’s maiden public debt issue," said Sachin Bansal, chairman and CEO, Navi Finserv.
