Navi Finserv, led by entrepreneur Sachin Bansal, announced plans to raise Rs 600 crore through non-convertible debentures (NCDs), reportedly disclosed in a press release on Monday. The forthcoming bonds, with tenors of 18, 27 and 36 months, promise effective yields ranging from 10.4 per cent to 11.19 per cent.
NCDs serve as fixed-income instruments for long-term fundraising by major corporations. This initiative follows the company's successful procurement of approximately Rs 950 crore through two previous NCD tranches. The latest tranche is set to commence on February 26, 2024.
Recent public filings reveal Navi Finserv's robust financial performance in FY23, with a net profit of Rs 172 crore on a total income of Rs 1,377 crore. Additionally, the company's total managed assets reached Rs 9,788 crore by the end of the fiscal year, reflecting its steady growth trajectory.