The public issue of the non-convertible debentures (NCDs) was oversubscribed on the second day of issue today, as institutional buyers bid for 1.80 times the debentures on offer, sources said.
According to the prospectus filed with Sebi, the company would raise Rs 250 crore with the option of retaining another Rs 250 crore as over-subscription.
Retail investors portion was subscribed 83 per cent with total bid amount of Rs 250.41 crore, sources said.
The amount subscribed by institutional buyers and corporates were Rs 180 crore and 71 crore, respectively.
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ECL Finance, a non-deposit-taking NBFC, would use the issue proceeds for financing activities, meeting capital expenditure and working capital requirements.
The NCDs would be listed on the BSE. The issue has been rated 'AA' by rating agency Care which indicates a high degree of safety.
In the first half of the current fiscal, ECL Finance has reported a net profit of Rs 102 crore and a total income of Rs 427 crore.
It provides loans to retail individuals, corporates and SME sector, among others.