Edelweiss Financial share price rises 4% after subsidiary raises Rs 500 cr

Edelweiss

Shares of Edelweiss Financial Services gained 4 percent intraday on November 25 after its subsidiary successfully raised Rs 500 crore through NCD issue.

The stock rallied 30 percent in the last one month. It was quoting at Rs 125.65, up Rs 3.10, or 2.53 percent on the BSE at 1026 hours IST.

“The public issue of secured redeemable non-convertible debentures by ECL Finance (ECLF), the NBFC arm of the Edelweiss Group, has been fully subscribed. The Tranche II issue has successfully mobilized over Rs 515 crore,” Edelweiss said in its BSE filing.

The tranche II issue was opened for subscription during November 4-22, 2019. The base size of the issue was Rs 100 crore with a green-shoe option of up to Rs 400 crore.

“The issue has seen significant demand in the retail, HNI and corporate segments with the issue receiving over 16,000 applications. Each of the categories has been oversubscribed with the retail segment being oversubscribed nearly 1.5 times, against the expected issue size,” the company said.

ECL Finance is a non-deposit taking NBFC, with a focus on offering a broad suite of secured corporate and retail loan products, which are customized to suit the needs of its corporate, small and medium-sized enterprises (SME) and individual customers.

News Source: moneycontrol

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