India's Edelweiss Retail to offer up to Rs. 5 billion of debentures

By Tali Rackner

Minneapolis, March 7 – Edelweiss Retail Finance Ltd. announced a public issue of up to Rs. 5 billion of secured redeemable non-convertible debentures.

The company will offer Rs. 2.5 billion of debentures with an up to Rs. 2.5 billion oversubscription option, according to a press release.

The debentures will have a term ranging from three to 10 years and will have an interest rate of 8¾% to 9¼%, payable monthly or annually.

Axis Bank Ltd. and Edelweiss Financial Services Ltd. are the lead managers for the issue.

The offering opens on March 7 and closes on March 22, with an option of early closure.

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

"The credit needs of the SME sector have not been adequately addressed thus far. This is a significant opportunity which we are addressing through our rapidly expanding reach and customized product offerings in ERFL,” Edelweiss Retail head Anil Kothuri said in the release.

Edelweiss is a financial services organization based in Mumbai.

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