Rs500 cr ECL Finance’s NCD issue oversubscribed

MUMBAI: The public issue of the secured redeemable Non-Convertible Debentures (NCDs) by ECL Finance Ltd (ECLF), the NBFC arm of the Edelweiss Group, has been fully subscribed.

The Tranche II issue has successfully mobilized over Rs 515 crore. The Tranche II Issue opened on November 4, 2019 and closed on November 22, 2019. The base size of the issue was Rs100 crore with a green-shoe option of up to Rs 400 crore. 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.

The Tranche II Issue also saw heightened interest from existing NCD investors with over 2000 applications being received in this segment as per the subscription figures and data available the stock exchange

Deepak Mittal, MD & CEO of ECL Finance, said the response to the 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,” Mittal said.

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