By 121 News
Chandigarh 02nd April:- Srei Equipment Finance Limited announced that its public issue of secured, redeemable, non-convertible debentures ("NCD") base issue of Rs 250 crore has been oversubscribed by 1.65-times and received bids of Rs 412.87 Crore as per stock exchanges bidding data.
Commenting on announcement, Sunil Kanoria, JMD, Srei Equipment Finance Limited, said that we are delighted with the successful closure of the NCD issue. The oversubscription indicates a growing demand for secured investment products. We remain positive about the opportunity in the infrastructure sector and the proceeds of this issuance will be used to grow our business. The issue had opened for subscription on April 09, 2015 and closed on April 30, 2015. The Company had filed the Prospectus with ROC, West Bengal, BSE, NSE and SEBI, for raising Rs 250 Crore with the option to retain oversubscription up to additional Rs 250 Crore total aggregating to Rs 500 Crore. The retail portion was subscribed by 1.19 times.
Speaking on the issue closure, D K Vyas, CEO, Srei Equipment Finance Limited said that we are overwhelmed by the response to our maiden NCD issue. The oversubscription reflects investors' confidence in our business model. We would like to thank the investors, who have placed their trust in us.
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