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ECL Finance raises Rs 300 crore via NCDs

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New Delhi: Edelweiss Group Sunday said its NBFC arm ECL Finance Limited has raised over Rs 300 crore by issuing non-convertible debentures.

“The public issue of secured redeemable non-convertible debentures by ECL Finance Ltd (ECLF), the NBFC arm of Edelweiss Group has been fully subscribed,” Edelweiss Financial Services Ltd said in a BSE filing.

The first tranche of issue opened on May 10 and was scheduled to close on June 7.

The base size of the issue was Rs 150 crore with an option to retain over-subscription of up to Rs 150 crore, aggregating to a total of Rs 300 crore.

“The tranche I issue has seen a keen interest from retail investors with the retail bucket being oversubscribed by 2.36 times with total collection of Rs 2,120 million,” the filing said, adding that the issue received close to 15,827 applications.

ECL Finance Limited (ECLF) is a wholly-owned subsidiary of Edelweiss Financial Services Ltd (EFSL).

“The overwhelming response to our NCD issue reflects the investor appetite for quality financial instruments,” said Rujan Panjwani, Executive Director, Edelweiss Financial Services Ltd.

ECLF is primarily engaged in the business of corporate lending, providing finance to industrial enterprises, SMEs and individuals, and investment in other securities.

Source: Economic Times