Srei Equipment Finance to raise up to Rs. 500 Crore through Public Issue of Secured Redeemable NCDs

Srei Equipment Finance Limited, a wholly-owned subsidiary of SREI Infrastructure Finance Limited is proposing a public issue of Secured Redeemable Non-Convertible Debentures of face value of Rs. 1000 each amounting to up to Rs. 500 Crores. The issue opens on January 3, 2017 and will close on January 20, 2017 (with an option of early closure).

The Secured Redeemable NCDs offer an annualized coupon of up to 9.75% p.a. with a credit rating og "BWR AA+" (Outlook: Stable) by BRICKWORK and "SMERA AA/Stable" (SMERA Doube A/Stable) by SMERA. Instruments with such ratings are considered to have a high degree of safety regarding timely servicing of financial obligations. The issue is proposed to be listed with the BSE Limited and the National Stock Exchange of India Limited.

The object of the proposed issue is to raise funds for various financing activities, to repay the company's existing loans and business operations etc. The lead managers to the issue are Edelweiss Financial Services Limited, Trust Financial Consultancy Services Pvt. Ltd., A.K. Capital Services Limtied, Karvy Investor Services Limited and SREI Capital Markets Limited.

Shares of SREI INFRASTRUCTURE FINANCE LTD. was last trading in BSE at Rs.70.85 as compared to the previous close of Rs. 74.05. The total number of shares traded during the day was 49376 in over 980 trades.

The stock hit an intraday high of Rs. 73.75 and intraday low of 70.85. The net turnover during the day was Rs. 3555025.

Source : Equity Bulls

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