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Aavas Financiers climbs 2% as board approves raising ₹200 crore via NCDs
What led to a rally in Aavas Financiers shares?
The northward movement in Aavas Financiers shares came after the company informed investors, after market hours on Wednesday, that its board has approved the issuance of up to 20,000 Non-Convertible Debentures (NCDs) having face value of ₹1,00,000 each, of the aggregate nominal value of up to ₹200 crore.
The tenure of the instrument is 60 months from the deemed date of
allotment. The payment of interest is scheduled every quarter from the date of allotment.
Meanwhile, the principal amount of the debentures will be repaid by the company to the holders in 20 equal quarterly installments of ₹5,000 per debenture starting from the allotment date. Track LIVE Stock Market Updates
What are NCDs?
Non-convertible debentures are a type of debt instrument issued by companies to raise funds from the public or institutional investors. They are fixed-income securities that offer a fixed interest rate and are typically issued for a specific tenure.
Why do companies issue NCDs?
The company issues NCDs to raise capital and to lower the cost of borrowing as for some companies, issuing NCDs may be a cheaper alternative to borrowing from banks.
About Aavas Financiers
The company was incorporated as a private limited company in Jaipur, Rajasthan, under the Companies Act, 1956 on February 23, 2011. The company formally started its operations in March 2012. The company is engaged in the business of providing housing loans, primarily, in the un-served and un-reached markets which include Rajasthan, Maharashtra, Gujarat, Madhya Pradesh, Haryana, Uttar Pradesh, Chhattisgarh, Uttarakhand, Punjab, Himachal Pradesh, Delhi, Odisha, Karnataka and Tamil Nadu. Currently, it is operating in 14 states with a total of 397 branches.
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