Navi Finserv, a wholly owned subsidiary of Navi Technologies.
Navi Technologies has announced the public issue of Non-Convertible Debenture NCDs for Rs 600 crores, with a starting issue of Rs 300 crores and the option to keep the over-subscription amount of Rs 300 crores.
The issue will be opened on May 23, 2022 and closed on June 10, 2022 and will have a possibility of closure earlier or an extension.
Secured, graded, and listed redeemable NCDs are rated an “IND A/stable“ by India Ratings Research. The rating indicates that they provide a high degree of security regarding the prompt servicing of financial obligations.
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NAVI Finserv NCD Product Note
| Security Name | Navi Finserv Limited |
|---|---|
| Symbol | NFLNCD |
| Issue Size | The Company is proposing a public issue of Secured Redeemable Non Convertible Debentures of face value of ₹1,000 each (“NCDs”), for an amount aggregating to ₹ 3,000 million (“Base Issue Size”) with an option to retain oversubscription up to ₹ 3,000 million (“Green Shoe Option”) aggregating up to ₹ 6,000 million. |
| Issue Price | Rs. 1,000 per NCD |
| Face Value | Rs. 1,000 per NCD |
| Minimum Lot Size | 10 (Ten) NCDs |
| Min Application Size | Rs, 10,000 (10 NCDs) |
| Credit Rating | IND A/stable by India Rating |
| Mode of Allotment & Trading | Dmat only |
Interest Rate Chart
| Series | I | II | III | IV |
|---|---|---|---|---|
| Tenor | 18 Month | 18 Month | 27 Month | 27 Month |
| Interest Payment | Monthly | Annual | Monthly | Annual |
| Coupon | 9.20% | 9.50% | 9.40% | 9.75% |
| Yield | 9.59% | 9.57% | 9.80% | 9.77% |
| Maturity Amt | 1,000 | 1,000 | 1,000 | 1,000 |
Subscription Details
| Category | Subscription |
|---|---|
| Category I | 5.12 |
| Category II | 0.61 |
| Category III | 0.23 |
| Category IV | 0.89 |
| Total | 1.48 |
Base Issue Size 300 Cr. 444.08 Cr Subscribe.
Green Shoe Option 600 Cr.
