.JPG "Edelweiss announces Public Issue of Secured Redeemable Non-Convertible Debentures (NCDs)")
Sharing his thoughts on the announcement, Mr. Rashesh Shah, Chairman & CEO, Edelweiss Financial Services Ltd. said, “At close to 30% of GDP, India has one of the highest savings rates in the world. Yet, we are not a nation of investors. A large chunk of savings are either being held in low-yielding bank deposits or being channelized into non-financial assets like real estate and gold. Our latest NCD, with its attractive returns offer an opportunity for retail investors to make better investments”
The NCD Offering has received ‘CARE AA’ (Double A) and ‘BWR AA (Outlook: Stable)’ rating indicating high degree of safety for timely servicing of financial obligations and carries very low credit risk (please see footnote on CARE and Brickwork).
ECLF recorded a Total Revenue of `6,506.40 million and PAT of `1,211.69 million in FY13 and in H1 of FY14 has recorded a total income of `4,270.69 million and PAT of `1,023.22 million. The Loan Book witnessed a significant Growth with a CAGR of 49.01% from FY2011 to FY2013. The Loan Book was `48,394 million as of September 30, 2013.
ICICI Securities Limited, Axis Capital Limited, and Edelweiss Financial Services Limited are the lead managers for this NCD Issue. The issue opens on January 16, 2014 and closes on January 27, 2014 with an option of early closure. The NCDs will be listed on BSE.
**The subscription list for the Issue shall remain open for subscription upto 5 p.m. with an option for early closure or extension by such period, as may be decided at the discretion of the Board subject to necessary approvals. In the event of such early closure of the Issue or extension of the Issue, our Company shall ensure that notice of such early closure or extension of the Issue is given as the case may be on such date of closure through advertisement/s in a leading national daily newspaper.
About ECL Finance Limited:
· Incorporated in July, 2005
· Established brand and parentage of Edelweiss Group with a professional and experienced senior management team.
· Minimize Concentration risk by diversifying the product portfolio and expanding the customer base
· Built on a scalable platform for our SME finance business
· Products include Corporate & SME loans, Loans against property, loan against marketable securities, Real Estate Finance Loans, Public Issue financing, Funding against Hedged Commodities & ESOP financing
· Network of 10 branches with an employee strength of 329, as on Nov 30, 2013
About Edelweiss Group:
The Edelweiss Group is one of India’s prominent financial services organizations having businesses around four broad lines – Credit including Retail Finance and debt capital markets; Commodities; Financial Markets including Asset Management and Life Insurance services. The product/services portfolio of the Edelweiss Group caters to the diverse investment and strategic requirements of over 460,000 clients across corporate, institutional, high net worth individuals and the retail space. The Edelweiss Group presence extends across geographies with 207 offices in 113 cities in India including offices in New York, Mauritius, Dubai, Singapore and Hong Kong. The Group has recently been adjudged “Business Superbrand 2010/11”, voted “India's Best Midcap Company-2013” by readers of Finance Asia and awarded the “Best Corporate Governance, India, 2013” from the London, UK, based Capital Finance International jury.
