Navi Finserv NCD Sees Early Closure On High Subscription

When the NCD issue was floated, the offer period was decided as May 23 to June 10, 2022. Nevertheless because of high subscription, the issued will be closed earlier.

As per the company, the Rs. 600 crore issue shall be wrapped up on Thursday. As per the details with the BSE, the public issue of the entity i.e. its NCD has been booked 1.4 times. Navi Finserv is a subsidiary of Sachin Bansal-owned financial services firm Navi Technologies.

The quota reserved for QIB was subscribed 5.08 times with the investors bidding for 30.5 lakh NCDs. The portion reserved for corporates was subscribed 0.52 times with the investors making bids for 3.1 lakh NCDs. The company reserved 6 lakh NCDs for QIBs and corporates each.

For high networth individuals (HNI) and retail investors each, the company has reserved 9 lakh NCDs. HNIs made bids for 1.95 lakh NCDs as their portion of the issue was subscribed 0.22 times. The retail portion was subscribed 0.72 times with investors making bids for 6.48 lakh NCDs.

The fund raising has been initialised by the company to expand its home loan and personal loan portfolios.