The Public Issue of Secured Redeemable Non-Convertible Debentures by ECL Finance Ltd (ECLF), the NBFC arm of the Edelweiss Group, has been fully subscribed. The Tranche II issue has successfully mobilized over INR 515 crore.
The Tranche II Issue opened on November 4th, 2019 and closed on November 22nd, 2019. The base size of the issue was INR 100 crores with a green-shoe option of up to INR 400 crores.
The Tranche II 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 Tranche II Issue also saw heightened interest from existing NCD investors with over 2000 applications being received in this segment.
*The above subscription figures and data are based on information available on the bidding platform of the Stock Exchange
Deepak Mittal, MD & CEO of ECL Finance, said, "The response to our non-convertible debenture issue has been very encouraging, both from Non-Institutional and retail investors. The overwhelming response to our NCD Tranche I and Tranche II issues, is a validation of the faith of investors in high quality financial paper."
ECL Finance's current Tranche II Issue has received a positive reaction from investors, despite the current investor environment. Mobilizing over INR 500 crores and touching over 16000 applications, despite prevalent challenges, is a significant achievement for ECL Finance.
Shares of Edelweiss Financial Services Ltd. was last trading in BSE at Rs.122.55 as compared to the previous close of Rs. 124.3. The total number of shares traded during the day was 794791 in over 1487 trades.
The stock hit an intraday high of Rs. 125.65 and intraday low of 119.95. The net turnover during the day was Rs. 98984269.