April 16, 2019 / 15:01 IST
The non-banking finance company (NBFC) arm of JM Financial Services group is looking to raise Rs 1,000 crore via it's maiden issuance of secured non-convertible debentures (NCDs) that has 40 percent of the issue reserved for retail investors and high net worth individuals each.
JM Financials Products is offering coupon rates ranging between 9.9 percent and 10.5 percent across six series maturing in two, three and five years. There is a call option of two years on the three-year series and three years on the five-year series of the issue.
The issue opens for subscription on April 22 and closes on May 21, with an option of early closure or extension. The NCDs have been rated AA/Stable by CRISIL and ICRA ratings.
Vishal Kampani, Group MD, JM Financial Services, said the NBFC may look at more such issuances over the course of the current fiscal. The company has room under the shelf limit of Rs 2,000 crore for more tranches going forward.
The allotment is on first-come, first-serve basis and investors can apply only in demat form. The issue attracts no tax deducted at source (TDS). These NCDs will be listed on BSE for trading.
AK Capital Services, Trust Investment Advisors and JM Financial are the lead managers to the issue.
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