This story is from May 18, 2018
DHFL to pay 1% extra on some NCDs
Mumbai: It’s not only the high rate of interest of up to 9.10% compared with 7.5% that some banks are offering for fixed deposits, mortgage lender DHFL is also offering a loyalty bonus of up to 1% to investors who remain invested in its non-convertible debentures (NCDs) that open on May 22. On Thursday DHFL said its AAA-rated NCD offering for Rs 3,000 crore, with a green shoe option of Rs 9,000 crore, is part of its Rs 50,000-crore fund-raising plan for FY19.
DHFL will use the funds for onward lending and for repayment or prepayment of interest and principal of existing borrowings. The fund-raising could be spread over more than one tranche, according to the prospectus filed with Sebi.According to DHFL CMD Kapil Wadhawan, the mortgage lender will pay an additional one-time incentive of up to 1% on maturity to retail investors (category III) and to high net worth individuals or HNIs (category IV) investing in NCDS of 5-year, 7-year and 10-year tenures. It is also paying an additional interest of 0.10% on initial subscription amount to senior citizens. The NCDs would be listed on the BSE and the NSE.
Edelweiss Financial Services, A K Capital Services, Axis Bank, Green Bridge Capital Advisory, ICICI Bank, ICICI Securities and IIFL Holdings are among the managers to the NCD issue.
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Edelweiss Financial Services, A K Capital Services, Axis Bank, Green Bridge Capital Advisory, ICICI Bank, ICICI Securities and IIFL Holdings are among the managers to the NCD issue.
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