360 One Prime aims to raise ₹1,000 crore via debt issuance

livemint.com:

₹1,000 crore through maiden public issue of secured, rated, listed, redeemable Non-Convertible Debentures (NCDs). The first tranche of the issue is set to be listed on the BSE, which is scheduled for subscription starting January 11, featuring a base issue size of ₹200 crore and the flexibility to retain oversubscription of up to ₹800 crore, as stated by the company.

Also read: Equity fuels MF inflows in Dec; debt sees ₹75,559.93 cr outflows The NCDs would be issued at face value of ₹1,000 each, aggregating up to ₹1,000 crore. The public issue opens on Thursday, 11th January, 2024 and closes on Wednesday, 24th January, 2024, with an option of early closure or extension in compliance with Securities and Exchange Board of India Issue.

The allotment will be made on a first come first served basis. The funds generated from the offering will be allocated for advancing loans, financing or refinancing current debts, covering interest payments on existing borrowings, and fulfilling various general corporate needs.

The company presents an attractive coupon rate ranging from 8.91% to 9.66% per annum, determined by the chosen tenor (18, 24, 36, and 60 months). These offerings include both monthly and annual interest payment options and span across eight distinct series, as highlighted by Karan Bhagat, the Founder, and Chief Executive of the company.