Navi Finserv Plans to Raise Rs 600 cr

Navi Finserv Limited (NFS), a wholly owned subsidiary of Navi Technologies Limited (Navi), announced today the public offering of Rs 600 crore in Secured, Rated, Listed & Redeemable Non-Convertible Debentures (NCDs), with a base issue of Rs 300 crore and an option to retain over-subscription of another Rs 300 crore. 

The issue will begin on Monday, May 23, 2022, and will end on Friday, June 10, 2022, with the option of an early closing or extension.

India Ratings & Research Pvt Ltd has given the proposed NCDs an A (Stable) grade. This rating is judged to have an appropriate level of safety in terms of meeting financial obligations on time. Credit risk is low with these securities. 

Investors can invest in secured NCDs in a variety of series with terms ranging from 18 to 27 months, an effective yield of up to 9.80%*, and a minimum application size of $10,000.

Speaking about the NCD issue, Ankit Agarwal, Managing Director of NFS said, “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 percent.