Non-Banking Finance Company (NBFC), Religare Finvest— a wholly owned subsidiary of Religare Enterprises aims to raise upto Rs 800 crore including greenshoe option of Rs 400 crore through public issue of Secured Redeemable Non Convertible Debentures (NCDs) of face value of Rs 1,000 each.
The issue is scheduled to open on September 9 and close for subscription on September 26, 2011 with an option for early closure or extension. Applicants of the NCDs will be allocated on first come first serve basis. The NCDs are proposed to be listed on Bombay Stock Exchange.
The proceeds of the issue will be used for lending and investments, to repay its existing debt and towards its business operations including capital expenditure and working capital requirements, the company said in a statement today.
The debt instruments have been rated ‘[ICRA] AA-(stable)’ by ICRA for an amount of up to Rs 1,000 crores and ‘CARE AA-’ by CARE for an amount of upto Rs 800 crores. A K Capital, Axis Bank, YES Bank and Religare Capital Markets are the lead managers to the issue, while Link Intime India is the Registrar to the issue.
The shares of Religare Enterprises were trading at Rs 415, down by 0.02% on Bombay Stock Exchange at 1505 hrs today.
