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Edelweiss Fin Services up about 4% after backup raises support

Edelweiss Financial Services shares energized about 4 percent on Monday after NBFC arm of Edelweiss Group raised Rs 515 crore through non-convertible debentures.

On the BSE, the stock rose 3.87 percent to Rs 127.30.

The scrip was exchanging at Rs 127.50, up 3.78 percent, on the NSE.

ECL Finance Ltd (ECLF), the NBFC arm of Edelweiss Group, brought Rs 515 crore up in tranch II of open issue of verified redeemable non-convertible debentures, Edelweiss Financial Services said in a BSE documenting on Sunday.

Tranch II issue has risen over Rs 500 crore with retail, HNI and corporate classes being oversubscribed, it included.

“The Public Issue of Secured Redeemable Non-Convertible Debentures by ECL Finance Ltd (ECLF), the NBFC arm of the Edelweiss Group, has been completely bought in. The Tranche II issue has effectively assembled over Rs 515 crore.”

ECL Finance Ltd furnishes with corporate and retail advance items which incorporate organized collateralized credit, discount home loans, SME’s and others, ESOP and edge subsidizing advances, advances against property and agro credit.

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