Edelweiss Financial Services’ subsidiary – ECL Finance has issued unsecured non-convertible subordinated perpetual bonds to further strengthen the company’s Capital Adequacy Ratio which stood at 16.14% as on March 31, 2017. This issue is the largest among NBFCs in the last 3 years.
The company issued its maiden unsecured Perpetual debt aggregating to Rs 300 crore, in the nature of debentures of face value of Rs 10 lakh each with an annual coupon of 10.25%, through private placement. These debentures are listed on the WDM segment of BSE.
The issue received a ‘AA’ rating by accredited rating agencies and was well received by a wide investor base which included mutual funds, provident funds, Corporate treasuries as well as Primary dealers.
Edelweiss Financial Services is primarily engaged in the business of rendering merchant banking services. The company operates in two segments – agency business and holding company activities.