03-Jan-2024
2 mins read
Edelweiss Financial Services announced its plan to initiate a public offering of secure, redeemable, non-convertible debentures (NCDs) valued at Rs 1,000 starting on January 9, 2024.
Edelweiss Financial Services Product Portfolio
Founded in November 1995, Edelweiss Financial Services Limited (EFSL), headquartered in Mumbai, operates as an investment banking and merchant banking entity. The organisation offers a range of services, including both retail and corporate lending, asset management encompassing mutual funds and alternative asset management, asset reconstruction, and life and general insurance through its various subsidiaries. As of June 30, 2023, the Edelweiss Group is composed of 28 subsidiary companies.
With a widespread presence, the company boasts a network of 242 offices across India, 3 international offices and a workforce of over 6,062 employees as of June 30, 2023. Edelweiss has been listed on the stock market since 2007, trading under the ticker symbols NSE: EDELWEISS and BSE: 532922.
Financial Performance of Edelweiss Financial Services Limited (In Rs Crore)
| Period Ended | 30-Mar-23 | 30-Mar-22 |
| Assets | 44,064.27 | 43,279.78 |
| Revenue | 8,632.59 | 7,212.59 |
| Profit After Tax | 405.56 | 212.07 |
| Net Worth | 5,000.22 | 4,125.99 |
| Total Borrowing | 2,588.65 | 2,788.65 |
Important Dates for Edelweiss Financial Services NCD
| Issue Open | January 9, 2024 – January 22, 2024 |
| Security Name | Edelweiss Financial Services Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 125 Crores |
| Issue Size (Shelf) | Rs 250 Crores |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE |
| Credit Rating | “CRISIL A+/Stable by by CRISIL Ratings Limited and “[ICRA] A+ ” by ICRA Limited |
| Tenor | 24, 36, 60 and 120 Months |
| Series | Series I to X |
| Payment Frequency | Monthly and Annually |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Beacon Trusteeship Limited |
Allocation Ratio of Edelweiss Financial Services NCD
| Category | NCD’s Allocated |
| Institutional | 10% |
| Non-Institutional | 10% |
| HNI | 40% |
| Retail | 40% |
Coupon rates for Edelweiss Financial Services NCD
| # | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 | Series 8 | Series 9 | Series 10 |
| Frequency of Interest Payment | Annual | NA | Monthly | Annual | NA | Monthly | Annual | NA | Monthly | Annual |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 24 Months | 24 Months | 36 Months | 36 Months | 36 Months | 60 Months | 60 Months | 60 Months | 120 Months | 120 Months |
| Coupon (% per Annum) | 8.95% | NA | 9.20% | 9.60% | NA | 9.67% | 10.10% | NA | 10.00% | 10.45% |
| Effective Yield (% per Annum) | 8.94% | 8.95% | 9.59% | 9.59% | 9.60% | 10.10% | 10.09% | 10.10% | 10.46% | 10.44% |
| Amount on Maturity (In Rs) | Rs 1,000.00 | Rs 1,187.30 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,317.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,618.70 | Rs 1,000.00 | Rs 1,000.00 |
NCD Rating of Edelweiss Financial Services NCD
The Non-Convertible Debentures (NCDs) intended to be issued in this offering have received a CRISIL A+/Stable rating from CRISIL Ratings Limited and an ICRA A+ (Stable) rating from ICRA Limited, indicating a stable outlook for both ratings.
Company Promoters of Edelweiss Financial Services NCD
Rashesh Shah, Venkatchalam Ramaswamy, Vidya Shah, and Aparna T.C. are the company’s promoters.
The Objective of the Edelweiss Financial Services NCD
The company plans to allocate the net proceeds from the issuance for specific purposes. These include using the funds for further lending and financing activities and for the repayment of the principal and interest on the company’s existing debts. Additionally, a portion of the funds will be directed towards general corporate objectives.
Lead Managers for Edelweiss Financial Services NCD
The lead manager(s) for Edelweiss Financial Services NCD are Trust Investment Advisors Private Limited and Nuvama Wealth Management Limited.
How to Apply for Edelweiss Financial Services NCD
Wait for the NCD to open for subscription, then click on this link to apply for the Edelweiss Financial Services NCD with Bigul: https://ncd.bonanzaonline.com/.
How to Check the Allotment Status of Vivriti Capital Limited NCD
The Edelweiss Financial Services NCD registrar is Kfin Technologies Limited. To check your allotment status, please click on this link: https://kosmic.kfintech.com/ipostatus/
FAQs
- What are the details of the Edelweiss Financial Services NCD issue?
The Edelweiss Financial Services NCD issue opens on January 9, 2024, and closes on January 22, 2024. It involves secured, redeemable, non-convertible debentures with a base issue size of Rs 125 Crores and a shelf option of Rs 250 Crores, priced at Rs 1,000 per NCD. The NCDs will be listed on the BSE and have a credit rating of CRISIL A+/Stable and ICRA A+ (Stable).
- How has Edelweiss Financial Services Limited performed financially?
As of March 30, 2023, Edelweiss Financial Services Limited reported assets of Rs 44,064.27 Crore, a revenue of Rs 8,632.59 Crore, a profit after tax of Rs 405.56 Crore, a net worth of Rs 5,000.22 Crore, and total borrowings of Rs 2,588.65 Crore.
- Who are the promoters of Edelweiss Financial Services?
The company’s promoters include Rashesh Shah, Venkatchalam Ramaswamy, Vidya Shah, and Aparna T.C.
- How can investors apply for the Edelweiss Financial Services NCD?
Investors interested in the Edelweiss Financial Services NCD can apply online once the subscription opens using the link https://ncd.bonanzaonline.com/.
- What is the purpose of the Edelweiss Financial Services NCD?
The proceeds from the Edelweiss Financial Services NCD will be used for onward lending, financing, and repayment of principal and interest of existing borrowings, as well as for general corporate purposes.
- How can investors check the allotment status of the Edelweiss Financial Services NCD?
To check the allotment status of the Edelweiss Financial Services NCD, investors can visit the Kfin Technologies Limited website at https://kosmic.kfintech.com/ipostatus/.