Chennai: Financial solutions provider, JM Financial Products Limited, has proposed to open tranche II on 6 August, a public issue of secured, rated, listed, redeemable, non-convertible debentures (Secured NCDs) of face value of Rs 1,000 each with a base issue size of Rs 100 crore.
The tranche will come with an option to retain oversubscription up to Rs 400 crore aggregating upto Rs 500 crore, which is within the shelf limit of Rs 2,000 crore, said a release.
The Issue is scheduled to close on 4 September with an option of early closure or extension as decided by the board of directors of the firm or the NCD Public Issue Committee constituted by the board of directors.
MD, JM Financial Group, Vishal Kampani, said, “The company has demonstrated a consistent track record of profitable growth. Its key strengths are diversified product portfolio and a strong credit profile. The company’s gross NPA as of Q1 FY20 stood at 0.1 per cent of the loan book. The company will persist with its focus on risk –adjusted profitability. Our public issue of NCDs will further diversify our borrowing and investor mix.”
The minimum application amount is Rs 10,000 collectively across all series of NCDs and in multiples of one (1) NCD of face value of Rs 1,000 each after the minimum application, stated the firm in its release.