● Issue was oversubscribed 1.65 times of the Base Issue Size, with total allotment of approx. ₹495 crores
● Issue was closed early on Jun 2, 2022, 8 days ahead of scheduled closure
Bengaluru, June 10, 2022: Navi Finserv Limited (NFS), a wholly owned subsidiary of Navi Technologies Limited, today announced that its public issue of Secured Redeemable Non-Convertible Debentures has been successfully listed on BSE and NSE.
The NCD issue which was closed on Thursday, June 2, 2022, 8 days ahead of its scheduled closure, had an issue size of ₹300 crore, with a green shoe option of ₹300 crore aggregating to ₹600 crore. It was oversubscribed by 65% above the base issue size and has collected ₹495 crore in total. India Ratings & Research Pvt Ltd had rated this NCD with IND A/Stable rating. The issue received its maximum subscription in the 18 months tenure category.
Sachin Bansal, Chairman & CEO of NFS said, “It’s great to see the response to our maiden public NCD issuance from both retail and institutional investors. Our goal was to diversify our borrowing profile, and with more than 5000 retail and HNI investors participating in the issue, the market has shown its confidence in our company’s strong fundamentals and robust business model.”
NFS offers personal loans and home loans under the “Navi” brand and has approved personal loans to customers across 84% of Indian pin codes. While the AUM for loan business grew by 67% from ₹1758.5 Cr as of Dec’21 to ₹2949.21 Cr by March’22, the GNPA & NNPA stood at 0.9% and 0.04% respectively for the quarter ending March’22.