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  1. JM Financial arm’s NCD issue can offer up to 9.75% returns

JM Financial arm’s NCD issue can offer up to 9.75% returns

JM Financial Credit Solutions, the NBFC arm of the JM Financial Group, will issue secured-rated, listed redeemable non-convertible debentures (NCDs) from May 28.

By: | Mumbai | Published: May 23, 2018 1:40 AM
NCDS, CASH The NCDs have been rated AA Stable and IND AA Stable; for an amount up to Rs 2,000 crore by Icra and India Ratings.

JM Financial Credit Solutions, the NBFC arm of the JM Financial Group, will issue secured-rated, listed redeemable non-convertible debentures (NCDs) from May 28.

The issue comes with an option of different structures in which the effective yield per annum varies in the range of 9.26% to 9.49% and the tenor is between 3 and 10 years.

This issue, which is for an amount of Rs 300 crore, has an option to retain over subscription of up to Rs 450 crore, aggregating up to `750 crore. The NCD has interest rate of up to 9.75% per annum.

“JM Financial Credit Solutions’ Public Issue of NCDs has the distinction of being the first from JM Financial group, an established financial services group with a recognized and trusted brand. Our Company has a track record of stable and sustainable financial performance reflected in our consistent growth in revenues and profitability coupled with a conservative debt equity ratio and strong asset quality,” said Shaswat Belapurkar, CEO at JM Financial Credit Solutions.

The NCDs have been rated AA Stable and IND AA Stable; for an amount up to Rs 2,000 crore by Icra and India Ratings. Crisil expects NBFCs assets to grow by 20% to 25% CAGR from FY17 to FY22.

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