According to a statement issued by the company on Monday, Navi Finserv, which is led by Sachin Bansal, a co-founder of Flipkart, intends to raise Rs 600 crore through the public offering of non-convertible debentures (NCDs).
The money raised will go toward financing, lending, loan paybacks, and other general business needs.
The NCDs, according to Navi, will have maturities of 18 months, 27 months, and 36 months and yields between 10.47% and 11.19%. The statement states that the issue’s subscription will open on February 26.
On February 26, the next tranche is expected to go live.
“Being a tech-driven financial products and services company… our long-term focus is on utilizing 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,” Bansal, chief executive officer, Navi Finserv.
In the past, the business had raised about Rs 950 crore by selling two tranches of NCDs.
Navi reported operating revenue of Rs 421.5 crore for the quarter ending in September 2023, or Q2 FY24, with a steady top line. The company posted earnings of Rs 10.86 crore for the quarter on its website, based on its unaudited financial statement.
