Sachin Bansal's Navi Finserv to raise Rs 600 crore through NCDs
Sachin Bansal promoted Navi Finserv is looking to raise Rs 600 crore through non-convertible debentures (NCDs), the company said in a press release on Monday.
The new bonds which will be issued by the lending startup will have tenors of 18, 27 and 36 months with effective yields ranging from 10.4% to 11.19%, the company added.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitNCDs are fixed income long tenure instruments through which large companies raise public money.
The company had raised around Rs 950 crore through two tranches of NCDs previously. This tranche will go live on February 26, 2024.
Also read | Home loan, insurance business drag Sachin Bansal’s Navi into slow lane
“Being a tech-driven financial products and services company …our long-term focus is on utilising technology and data science capabilities to enhance our customer experience, offering them an integrated ecosystem of financial services, while we also continue to increase reach across India and foray into new product lines,” said Sachin Bansal, chief executive officer, Navi Finserv.
According to latest filings available in the public domain, Navi Finserv reported a net profit of Rs 172 crore in FY23, on a total income of Rs 1,377 crore. Its total managed assets stood at Rs 9,788
