Edelweiss Financial’s action zooms in by 8% as the company raises Rs 456 cr via MNT

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Shares of Edelweiss Financial Services Ltd (EFSL) rose nearly 8% today after the company said it raised more than 456 crore rupees through the public issuance of non-convertible debentures (NCDs). Edelweiss Financial Services shares opened with a gain of 2.92% at Rs 74 against the previous close of Rs 71.90 on BSE.

The action rose 7.79% to an intraday high of Rs 77.5 on BSE. The stock is trading above the 5-day, 20-day, and 50-day moving averages but below the 100-day and 200-day moving averages. The stock has gained 9.26% in one year and is up 5% since the start of this year.

The stock has climbed 7.7% in the past two days. In total, 2.06 lakh shares of the company changed hands, representing turnover of Rs 1.55 crore on BSE.

The company’s market capitalization reached Rs 7,223 crore on the BSE. The stock reached a 52-week high of Rs 100.80 on July 14, 2021 and fell to a 52-week low of Rs 56.70 on May 3, 2021.

EFSL said it had successfully completed the issue and awarded 45 62,472 NCDs with a face value of Rs 1,000 each, or Rs 456 crore. The financial services company said in a statement that it had decided on an early shutdown on December 22, against the shutdown scheduled for December 27.

Edelweiss said it has received more than 16,000 requests from across the country. Almost 46% of the total issue size has been written for terms of 5 and 10 years, indicating that investors are looking to subscribe for the long term. The show saw significant demand in the retail and HNI segments with a total collection of Rs 361 crore. There was good interest from existing investors, he added.

Rashesh Shah, Chairman of Edelweiss Group, said: “The consistent positive feedback on our MNT issues reassures us about the confidence placed by investors. The subscription to the show was very good and we closed it earlier than expected.

CRISIL rating agency rated these MNTs “AA-” with a negative outlook, while Acuite Ratings rated them “AA” with a negative outlook.


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