India’s Edelweiss Financial unit plans Rs. 2.5 billion debentures

By Sarah Lizee

Olympia, Wash., Dec. 6 – Edelweiss Financial Services Ltd.’s subsidiary, ECL Finance Ltd., will issue Rs. 2.5 billion of secured redeemable nonconvertible debentures with a greenshoe of up to Rs. 7.5 billion, according to a press release.

The debentures offer an effective yield of 10.2% for 39 months, 10.42% for 60 months and 10.64% for 120 months.

The issue will open on Dec. 13 and close on Jan. 11, with an option of early closure.

Proceeds will be used for onward lending, financing and for repayment/prepayment of interest and principal of existing borrowings, as well as for general corporate purposes.

IIFL Holdings Ltd., Edelweiss Financial Services Ltd., Axis Bank Ltd. and Trust Investment Advisors Pte. Ltd. are lead managers for the issue.

The debentures will be listed on BSE Ltd. and National Stock Exchange of India Ltd.

ECL Finance is a Mumbai, India-based provider of wholesale and retail financing and treasury and investment options.

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