NEW DELHI: Dewan Housing Finance has sought markets regulator SEBI’s approval to raise up to Rs 15,000 crore through debentures to support its lending activities.
This NCD issuance will be in one or more tranches, according to the draft paper filed with Securities and Exchange Board of India (SEBI).
NCDs are loan-linked bonds that cannot be converted into stocks and usually offer higher interest rates than convertible debentures.
In the draft papers, Dewan Housing said it has proposed public issue of “up to 15 crore secured redeemable non-convertible debentures (NCDs) of face value of Rs 1,000 each aggregating up to Rs 15,000 crore”.
Proceeds of the issue will be utilised towards onward lending, financing, and for payment of existing borrowings of the company and for other general corporate purposes.
Edelweiss Financial Services, A K Capital Services, Axis Bank, Green Bridge Capital Advisory, ICICI Bank, ICICI Securities, IIFL Holdings, IndusInd Bank, SBI Capital Markets, Yes Securities and Trust Investment Advisors will mange the public issue.
Source: Press Trust of India