Navi Finserv to raise Rs500 cr via NCDs

Mumbai: Navi Finserv, the NBFC arm of Navi Technologies, on Monday hit the debt market with a plan to raise up to Rs500 crore through a public issue of non-convertible debentures. The issue will close on July 21, the Bengaluru-based company said in a statement. The issue offers five series of investment options with tenures of 18, 27 and 36 months with yields ranging from 10.18 per cent to 11.01 per cent. There is an option of coupon payments monthly or annually, barring the third and fifth series for which payments will be made every year. Sachin Bansal, cofounder of the Navi Group, said this was the company’s second public debt issue meant to further diversify the borrowings profile.