Navi Finserv plans to raise up to Rs 600 cr via bond issue to fund growth

NBFC firm Navi Finserv on Monday said it plans to raise up to Rs 600 crore through issuance of Non-Convertible Debentures (NCDs) to fund business growth.

The total issue size includes a green shoe option of up to Rs 300 crore to retain oversubscription.

The secured, rated, listed NCDs will have tenors of 18, 27, and 36 months and offer effective yields between 10.47-11.19 per cent per annum, the company said in a statement.

The issue would open for subscription from February 26 onwards, it said.

The funds raised through the bond issue will be used for onward lending, financing, loan repayment, and general corporate purposes, it said.

This is the third capital raise through NCDs in the last two years by Sachin Bansal-led Navi Finserv.