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The public issue of secured redeemable non-convertible debentures opened for subscription on November 4 and closed on November 22. The base size of the issue was Rs 100 crore with a green-shoe option to raise up to Rs 400 crore.
The Tranche II of the issue saw strong demand in the retail, HNI and corporate segments, drawing over 16,000 applications. The retail quota was oversubscribed nearly 1.5 times. The issue also received over 2,000 applications from existing NCD investors.
Deepak Mittal, MD & CEO of ECL Finance, said, “The response to our non-convertible debenture issue has been very encouraging, both from non-institutional and retail investors. The overwhelming response to our NCD Tranche I and Tranche II issues, is a validation of the faith of investors in high quality financial paper.’’
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