Navi Finserv to raise up to Rs 600 Cr via bond issue
The total issue includes a green shoe option of up to Rs 300 crore to retain oversubscription.
NBFC firm Navi Finserv plans to raise up to Rs 600 crore through the issue of non-convertible debentures (NCDs).
The total bond issue includes a green shoe option of up to Rs 300 crore to retain oversubscription, said the company.
The issue will open for subscription on February 26, 2024, and the funds raised will be used for lending, financing, loan repayment, and business growth, Navi Finserv said in a press statement.
The secured, rated, and listed NCDs will be available with tenures of 18, 27, and 36 months, providing annual effective yields ranging from 10.47% to 11.19%, said the company.
"Being a tech-driven financial products and services company, we believe our digital lending process is one of the key differentiators driving business growth," said Sachin Bansal, CEO and Executive Chairman of Navi Finserv, in the statement.
"Our long-term focus is on utilising technology and data science capabilities to enhance our customer experience, offering them an integrated ecosystem of financial services, while we also continue to increase reach across India and foray into new product lines," he added.
Navi Finserv has raised over Rs 950 crore over the last two issuances: Rs 495 crore in FY23 and Rs 481 crore in FY24.
Navi Finserv is a unit of , a tech financial products and services company that operates a mobile-first, app-only model for personal and home loans. It was co-founded by Bansal and Ankit Agarwal.
The copy was updated to correct a typo.
Edited by Swetha Kannan
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