New Delhi, Jul 11 Leading construction and mining equipment financier Srei Equipment Finance Limited (SEFL) today said it has decided to raise Rs 1000 crore through a public issue of unsecured, subordinated, redeemable non-convertible debentures.
The issue opens on July 17, 2017 and will close on July 31, 2017, with an option of early closure. The NCDs offer an annualised coupon of up to 9.55 per cent per annum, the company said in a statement.
Commenting on the proposed NCD issue, Devendra Kumar Vyas, CEO, SEFL said, “SEFL has successfully established itself as one of the market leader in financing construction and mining equipment in the country. Our key strength is our ability to offer holistic asset life cycle solutions to our customers as per their needs. This sets us apart as the preferred financier of the construction and mining equipment industry.”
The issue is proposed to be listed on the BSE Limited (“BSE” or “Designated Stock Exchange”) and the National Stock Exchange of India Limited (“NSE” and together with “BSE” referred to as “Stock Exchanges”).
“NCDs have been gaining popularity in the investment portfolio of retail investors. With annualised coupon of up to 9.55% per annum, SEFL NCDs offer returns for retail investors compared to similar investment products. The proposed issue will also help expand our investor base and diversify our funding source,” he added.
The object of the proposed issue is to raise funds for various lending activities, to repay a part of the company’s existing loans and general corporate purpose.