Srei Infra NCDs subscribed 58% on day 1

Srei Infrastructure Finance's public issuance of non-convertible debentures (NCDs) for raising up to Rs 707 crore were subscribed 58 per cent today, the first day of the issue.
The offer received bids for 11,69,217 NCDs against the total base size of 20 lakh NCDs worth Rs 200 crore, garnering a subscription of 58 per cent, according to the latest update available with National Stock Exchange (NSE).
The issue has an option to retain over-subscription up to Rs 506.63 crore aggregating up to shelf limit of Rs 706.63 crore.
The face value of one bond is Rs 1,000 and the minimum application value is Rs 10,000 (10 NCDs either taken individually or collectively across all series).

The bidding of the issue opened today and closes on February 23.
The net proceeds of the issue will be utilised for repayment of loans and for general corporate purposes.
The highest coupon rate is 9.30 per cent for investors of all categories for a tenure of five years. For all categories of investors with a tenure of three years, the rate is 9.25 per cent, and for 400 days, the coupon is 8.50 per cent per annum.
ICICI Securities, A K Capital Services, Yes Securities Edelweiss Financial Services, IIFL Holdings, Karvy Investor Services, Srei Capital Markets and Trust Investment Advisors Pvt Ltd are the lead managers to the issue.