R ARIVANANTHAM
CHENNAI, AUG 11
Vivriti Capital Ltd., which is registered with the RBI as a non-deposit taking systemically important non-banking financial company, has announced on Friday a public issue of secured, rated, listed, redeemable, non-convertible debentures (NCD) of face value of ₹1,000 each for an amount up to ₹250 crore with an option to retain oversubscription up to ₹250 crore cumulatively aggregating up to ₹500 crore.
- The public issue comprises a base issue size of up to ₹250 crore and a green shoe option of up to ₹250 crore
- The NCDs will have five options with different tenures and interest payout options
- Issue opens on Friday, August 18 and closes on Thursday, August 31, 2023 with an option of early closure
- The minimum application size for each application for NCDs would be ₹10,000 across all series collectively and in multiples of ₹1,000 thereafter.
- The proposed NCDs’ Public Issue have been rated [ICRA] A (Stable) by ICRA Limited; CARE A Positive by CARE Ratings Limited
- Investors can get an effective yield from 9.98% to 10.49%* on across Series I to Series V with different tenure of interest payment and coupon rates
The public issue is scheduled to open on August 18 and close on August 31 with an option of early closure.
Vineet Sukumar, Founder and Managing Director, Vivriti Capital Ltd., said, “The maiden public issue of NCDs is a milestone in our growth journey. We manage a portfolio of ₹5,835.80 crore and have provided debt solutions to over 194 mid-corporates across various sectors. While we have grown our loan book strongly in the last few years, we have continued to maintain a healthy asset quality till date.”
Parth Sanghani, Chief Treasury Officer, Vivriti Capital Limited, added, “We benefit from a large and diversified mix of lenders, which has increased over the years and included 218 institutional lenders/investors as of March 31, 2023, comprising a range of financial institutions and corporates, as well as 1,740 individual investors to meet our capital requirements. We believe that we have been able to access a wide range of lenders due to our good corporate governance, stable credit ratings, conservative risk management policies, strategic liability management and transparent communication. We plan to continue diversifying our funding mix and further optimize our cost of funds.”
The company proposes to utilise at least 75 % of the total amount from net proceeds from the issue towards onward lending, financing and for repayment of interest and principal of existing borrowings of the company and maximum up to 25% of the total amount from net proceeds from the issue towards general purpose expenses.
The NCDs will have five options with different tenures and interest payout options. The effective yield on the debt instruments range between 9.98 per cent and 10.48 per cent (on a pre-tax basis).
- Series I has a tenor of 18 months and coupon rate of 9.57% per annum (payable monthly) and an effective yield of 9.98% per annum.
- Series II has a tenor of 18 months and coupon rate of 10% per annum (payable annually) and an effective yield of 10.06% per annum.
- Series III has a tenor of 24 months and coupon rate of 9.65% per annum (paid on a quarterly basis) and an effective yield of 9.98% per annum.
- Series IV has a tenor of 24 months and coupon rate of 10.03% per annum (payable monthly) and an effective yield of 10.49% per annum.
- Series V has a tenor of 24 months and coupon rate of 10.5% per annum (payable annual) and an effective yield of 10.48% per annum.
JM Financial Limited is the lead manager to the issue and the BSE is the designated stock exchange for the issue.
