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Mumbai, Nov 30 (PTI) Edelweiss Financial Services Limited (EFSL) on Tuesday said it is looking to raise up to Rs 500 crore through issuance of secured redeemable non-convertible debentures (NCDs).

The base size of the issue is Rs 200 crore with an option to retain over-subscription up to Rs 300 crore, the company said in a release.

There are 10 series of NCDs carrying fixed coupons and having a tenure of 24 months, 36 months, 60 months and 120 months with annual, monthly and cumulative interest options.

Effective annual yield for NCDs ranges from 8.75 per cent to 9.70 per cent per annum, the release said.

The company said at least 75 per cent of the funds raised will be used for the purpose of repayment/prepayment of interest and principal of its existing borrowings.

The balance is proposed to be utilized for general corporate purposes, it said.

The issue opens for subscription on December 6 and will close on December 27 with an option of early closure.

The bonds proposed to be issued under this tranche I issue have been rated Crisil AA-/Negative and Acuite AA/Negative. PTI HV RUJ RUJ