Srei Infra to raise up to Rs 1,500 crore through bonds

This is the first tranche and net proceeds raised through it will be used for the purpose of lending/repayment of loan

Srei Infrastructure Finance is set to raise up to Rs 1,500 crore through secured, redeemable, non-convertible debentures (NCDs). The base issue size is of Rs 250 crore with an option to retain over-subscription up to the shelf limit of Rs 1,500 crore. This is the first tranche of the Rs 1,500 crore shelf limit.

The NCDs have been given a credit rating of 'AA-' by CARE and 'BWR AA' by Brickwork. The NCDs have maturity tenures of two, three and five years with annual coupon payout in the range of 10.75 to 11.75%. Monthly coupon payment options are available for tenures of three and five years.

Earlier this fiscal the company had raised Rs 150 crore through NCDs. Existing NCD holders and/or equity shareholders and/or senior citizens belonging to individual category are eligible for an additional coupon of 0.25% per annum over and above the specified coupon rate.

The net proceeds raised through the tranche 1 will be used for the purpose of lending/repayment of loan and for general corporate purposes. The issue opens today and shall close on October 31 with an option for early closure or extension by such period that may be decided by the board.

ICICI Securities, AK Capital Services, Edelweiss Financial Services, SPA Capital Advisors and Srei Capital Markets are the lead managers to the issue.