Navi Finserv Rs 300 crore debt bond lists with 1.65 times subscription

Navi Finserv debt bond got listed on Friday following 1.65 times subscription of the base issue of Rs 300 crore, the company said.

bond markets
Photo: Bloomberg
Press Trust of India New Delhi
2 min read Last Updated : Jun 10 2022 | 11:02 PM IST

Navi Finserv debt bond got listed on Friday following 1.65 times subscription of the base issue of Rs 300 crore, the company said.

The issue which closed on June 2, eight days ahead of schedule, received total bids worth Rs 495.72 crore which was about 65 per cent higher than the base issue.

The fintech firm's secured, rated, listed and redeemable Non-Convertible Debentures (NCDs) had a total value of Rs 600 crore, including the greenshoe option of Rs 300 crore.

The maximum bid for the Navi Finserv (NFS) issue came from Qualified Institutional Buyers (QIB) followed by HNIs (High Net-worth Individuals) and retail investors.

"It's great to see the response to our maiden public NCD issuance from both retail and institutional investors. Our goal was to diversify our borrowing profile, and with more than 5,000 retail and HNI investors participating in the issue, the market has shown its confidence in our company's strong fundamentals and robust business model," NFS chairman and CEO Sachin Bansal said in the statement.

NFS offers personal loans and home loans under the "Navi" brand and claims to have approved personal loans to customers across 84 per cent of Indian pin codes.

While the asset under management for loan business grew by 67 per cent from Rs 1,758.5 crore as of December 2021 to Rs 2,949.21 crore by March 2022, the company's Gross Non-Performing Assets (GNPA) and Net non-performing assets (NNPA) stood at 0.9 and 0.04 per cent, respectively, for the quarter ending March 2022.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Topics :global debt burdenbase year changePrivate debt

First Published: Jun 10 2022 | 11:02 PM IST

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