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Religare Enterprises Ltd's Religare Finvest To Raise INR500 Crore (INR5 Billion) Via NCSs, Issue Opens On September 14, 2012-The Economic Times


Thursday, 13 Sep 2012 08:31am EDT 

The Economic Times reported that Religare Finvest, a wholly-owned NBFC subsidiary of Religare Enterprises, said it is planning to raise up to INR500 crore (INR5 billion)through retail issuance of non-convertible debentures (NCDs) to support its financing activities. The company will raise NCDs aggregating up to INR250 crore (INR2.5 billion) with an option to raise an equal amount in case of over-subscription, aggregating to a total of up to INR500 crore (INR5 billion),Religare Finvest Chief Executive Kavi Arora said here. The NCDs issue, which opens September 14, 2012 for subscription, will have a coupon of 12.25% for various tenors with yield ranging from 12.25% to 12.62% per annum. The issue closes on September 27, 2012. The proceeds of the issue would be used for its various financing activities, including lending and investments. In addition, funds would be used to repay the company's existing debt and to meet its capital expenditure and working capital requirements. The NBFC raises around 65 per cent of its fund from banking sources and rest from capital market and through commercial papers (CPs). 

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