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The secured NCDs have been assigned 'A' rating with a 'Stable' outlook by Crisil Ratings. The issue will come with tenors of 18, 27, and 36 months and offer effective yields of 10.47-11.19% per annum.
The NBFC is offering NCDs with four tenure options of two years, three years, five years and 10 years with yields ranging from 9-9.34 percent per annum.
Proceeds of the paper will be used to repay the existing senior debt of ₹1,520 crore, repay the external subordinated debt of ₹227 crore, repay the group-level debt of ₹269 crore and fund capex, according to an indicative term sheet seen by ET.
In FY23, the company’s consolidated revenue from operations stood at ₹77,568.30 crore against ₹76,261.66 crore a year ago, on the back of increase in interest income on loans and other operating income. Consolidated net profit was at ₹21,178.59 crore as against ₹18,768.21 crore last year.
The proceeds will be used to pare debt and for general corporate purposes, the company informed the exchanges through a filing on Wednesday