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InCred Financial looking to raise up to Rs 350 crore via NCDs

The issue will open on January 9 and close on January 27

January 05, 2023 / 01:24 PM IST

InCred Financial Services Ltd, formerly KKR India Financial Services, on January 5 announced public issue of non-convertible debentures (NCDs) worth Rs 350 crore. The issue includes a greenshoe option of Rs 175 crore, the company said.

The issue will open on January 9 and close on January 27. The NCDs have two tenors—27 months and 39 months at a coupon rate between 9.45 and 10 percent with quarterly and annual options.

"A key component of our growth so far has been the success of our liabilities strategy and this public issuance of NCDs will play a role in further diversifying and strengthening our borrowing mix," InCred Financial Services Ltd chief executive officer Bhupinder Singh said.

The non-banking finance company (NBFC) will use 75 percent of the funds for onward lending, financing and repaying borrowings. The balance will be used for general corporate purposes.