Sachin Bansal’s Navi Finserv plans raising Rs 600 cr

BENGALURU: Navi Finserv Limited (NFS), a wholly owned subsidiary of Navi Technologies Limited (Navi), has announced the public issue of secured, rated, listed and redeemable non-convertible debentures (NCDs) amounting to Rs 600 crore with a base issue of Rs 300 crore and an option to retain over-subscription of another Rs 300 crore.

The issue will open on May 23 and is scheduled to close on June 10 with an option of early closure or extension. The proposed NCDs have a rating of A (Stable) by India Ratings & Research Pvt Ltd. This rating is considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.