NEW DELHI: Srei Infrastructure Finance Tuesday opened its bond issue to raise up to ₹500 crore for on-lending and meeting general corporate needs. The first tranche of the company's non-convertible debentures (NCDs) is slated to close on May 9, the company said in a release. The issue is of a face value ₹1,000 each amounting up to ₹100 crore (base issue) with an option to retain over subscription of up to ₹400 crore, totalling up to ₹500 crore (tranche 1 issue size) within the shelf limit of ₹1,500 crore (tranche 1 issue), Srei said. Srei said it would offer an additional coupon of 0.25% to all category of existing bondholders of both Srei and Srei Equipment Finance and senior citizens. The company intends to utilise up to 75% of the net proceeds from the issue for lending or repayment of loan, while up to 25% would be for meeting general corporate purpose.

Source: Mint April 09, 2019 11:15 UTC