Indel Money to raise up to Rs 500-cr via NCDs

New Delhi: Indel Money, a non-deposit taking non-banking finance company, on Wednesday said it proposes to raise up to Rs 500 crore through public issue of non-convertible debentures (NCDs) of face value of Rs 1,000 each.

The issue opens on August 18 and closes on August 31 with an option of early closure, subject to relevant approvals, Indel Money said in a statement.

Investors may make one or more applications for the NCDs, subject to a minimum application size of Rs 10,000 across all series collectively and in multiples of Rs 1,000 thereafter, it said.

The public issue comprises a base issue of Rs 250 crore, with an option to retain oversubscription of similar amount aggregating an overall issue size of up to Rs 500 crore.

The net proceeds of the issue will be utilised for onward lending, financing or refinancing of existing debt and/or debt servicing, including payment of interest and/or repayment or prepayment of interest and principal of existing borrowings of the company, and for general corporate purposes.