➢ Effective Yield of up to 10.46 % per annum*
➢ Credit Rating: “CRISIL AA-/Negative” by CRISIL Ratings Limited (“CRISIL”) and “[ICRA] A+ (Stable)” by ICRA Limited (“ICRA”)
➢ Trading in dematerialized form only
➢ Allotment on a date priority basis, i.e., on a first-come, first -serve basis, based on the date of upload of each application into the electronic system of the Stock Exchange, in each Portion subject to the Allocation Ratio.
Mumbai, August 29, 2023: Nido Home Finance Limited (formerly known as Edelweiss Housing Finance Limited) (“Nido”/”Company”) announced the public issue of NCDs of face value ₹1000 each, amounting to ₹ 750 million (INR 75 cr) (“Base Issue Size”), with a green shoe option of up to ₹ 750 million (INR 75 cr) aggregating to ₹ 1500 million. (INR 150 cr).
There are ten series of NCDs carrying fixed coupons and having a tenure of 24 months, 36 months, 60 months, and 120 months with annual, monthly, and cumulative interest options. Effective yield for NCDs ranges from 8.94% p.a. to 10.46% p.a.
The Issue is scheduled to open on Wednesday, August 30, 2023 and close on Tuesday, September 12, 2023**
At least 75% of the funds raised through this Issue will be used for the purpose of onward lending, financing and repayment /prepayment of interest and principal of existing borrowings of the Company. The balance is proposed to be utilized for general corporate purposes, subject to such utilization not exceeding 25% of the amount raised in the Issue, in compliance with the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021, as amended from time to time (“SEBI NCS Regulations”).
The additional incentive will be a maximum of 0.20% p.a. for all Category of Investors in the proposed Issue who are also holders of NCD(s)/Bond(s) previously issued by our Company and/ or ECL Finance Limited, Edelweiss Financial Services Limited, Edelweiss Retail Finance Limited as the case may be, and/or are equity shareholder(s) of the Edelweiss Financial Services Limited as the case may be, on the deemed date of allotment.
The NCDs proposed to be issued under this Issue have been rated “AA-/Negative” by CRISIL and “A+/Stable” by ICRA.
Trust Investment Advisors Private Limited, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited), and Tipsons Consultancy Services Private Limited are the Lead Managers of this NCD issue. The Issue opens on Wednesday, August 30, 2023, and closes on Tuesday, September 12, 2023, with an option of early closure**. The NCDs will be listed on BSE Limited to provide liquidity to the investors.
About Nido Home Finance Limited:
Our Company is a non-deposit taking Housing Finance Company focused on offering secured loan products to suit the needs of the individuals, including small ticket loans to our customers in the affordable housing category. We are a part of Edelweiss group which is one leading diversified financial services groups in India. Our Company was incorporated on May 2, 2008. Our Company has obtained a Certificate of Registration dated May 19, 2023 bearing registration no. DOR - 00081 issued by the Reserve Bank of India under Section 29A of the National Housing Bank Act, 1987 pursuant to the change in the name of the Company from Edelweiss Housing Finance Limited to Nido Home Finance Limited to commence/carry on the business of a housing finance institution without accepting public deposits subject to the conditions mentioned in the certificate of registration.
We offer customers a range of mortgage-related loan products, including:
· Home Loans, which includes offering secured loans to salaried individuals, self-employed individuals, and others for purchase/ construction/ renovation of residential properties, against mortgage of the same property
· Non-Housing Loans including loan against property (LAP), is a loan facility majorly offered to self-employed individuals, against an unencumbered property, where the end use may be towards deployment of working capital, purchase of property or any other purpose.
· Construction Finance, is a loan facility offered to real estate developers towards the cost of the construction of residential project. Construction Finance includes offering loans for construction of residential projects, against mortgage of the same property and/or other collateral
As on June 30, 2023 we have 67 offices in 67 cities in India. Over the past several years, we have diversified and expanded our presence into markets that are of greater relevance to the products we offer. Our offices aim at providing quick and seamless customer experience with emphasis on a single window interface for the customer. Our Branch Operations have significant technology architecture to ensure industry leading customer experience. Our operations are supported by 598 employees as on June 30, 2023.
*For further details refer to section titled “Issue Related Information” on page 211 of the Prospectus dated August 25, 2023.
***Allotment in the public issue of debt securities should be made on the basis of date of upload of each application into the electronic book of the stock exchange. However, on the date of oversubscription and thereafter, the allotments should be made to the applicants on proportionate basis.
**The Issue shall remain open for subscription on Working Days from 10 a.m. to 5 p.m. (Indian Standard Time) during the period indicated in the Prospectus, except that the Issue may close on such earlier date or extended date as may be decided by the Board of Directors of the Company or the Operations Committee, subject to relevant approvals (subject to a minimum period of three working days and a maximum period of 10 working days from the date of opening of the Issue). In the event of an early closure or extension of the Issue, the Company shall ensure that notice of the same is provided to the prospective investors through an advertisement in an English daily national newspaper with wide circulation and a regional daily with wide circulation where the registered office of the Company is located (in all the newspapers in which pre-issue advertisement for opening of the Issue has been given on or before such earlier or initial date of Issue closure). On the Issue Closing Date, the Application Forms will be accepted only between 10 a.m. and 3 p.m. (Indian Standard Time) and uploaded until 5 p.m. (Indian Standard Time) or such extended time as may be permitted by the Stock Exchange. Further, pending mandate requests for bids placed on the last day of bidding will be validated by 5 p.m. on one Working Day post the Issue Closing Date. For further details please see refer to the section titled “Issue Related Information” on page 211 of the Prospectus.
Nido Home Finance Limited (formerly known as Edelweiss Housing Finance Limited) (“Company”), subject to market conditions, and other considerations, is proposing a public issue of secured redeemable non-convertible debentures (“NCDs”) and has filed a prospectus dated August 25, 2023 (“Prospectus”) with the Registrar of Companies, Maharashtra at Mumbai (“RoC”), BSE Limited (“BSE”) and Securities and Exchange Board of India (“SEBI”). The Prospectus is available on the website of the Company at https://www.nidohomefin.com, on the website of BSE at www.bseindia.com, on the website of the lead managers at www.trustgroup.in, www.nuvama.com and www.tipsons.com and on the website of SEBI at www.sebi.gov.in. Investors proposing to participate in the Issue should invest only on the basis of the information contained in the Prospectus. Investors should note that investment in the NCDs involves a high degree of risk and for details in relation to the same, refer to the Prospectus, including the section titled “Risk Factors” and “Material Developments” beginning on page 16 and 146 respectively of the Prospectus.
Capitalised terms not defined herein shall have the same meaning as assigned to such terms in the Prospectus.
DISCLAIMER: Investors proposing to participate in the Issue should note that investment in the NCDs involves a high degree of risk and for details in relation to the same, refer to the Prospectus dated August 25, 2023, including the sections titled “Risk Factors” and “Material Developments” beginning on pages 16 and 146 respectively of the Prospectus. The Issuer and the Lead Managers accept no responsibility for statements made otherwise than in the Prospectus or in the advertisement or any other material issued by or at the instance of the Company and that anyone placing reliance on any other source of information would be doing so at their own risk.
ADDITIONAL INCENTIVE NOTE:
^All Category of Investors in the proposed Issue who are also holders of NCD(s)/Bond(s) previously issued by our Company, and/ or ECL Finance Limited, Edelweiss Financial Services Limited and Edelweiss Retail Finance Limited as the case may be, and/or are equity shareholder(s) of Edelweiss Financial Services Limited as the case may be, on the Deemed Date of Allotment and applying in Series I, Series III, Series IV, Series VI, Series VII, Series IX and/or Series X shall be eligible for additional incentive of 0.20% p.a. provided the NCDs issued under the proposed Issue are held by the investors on the relevant Record Date applicable for payment of respective coupons, in respect of Series I, Series III, Series IV, Series VI, Series VII, Series IX and/or Series X.
For all Category of Investors in the proposed Issue who are also holders of NCD(s)/Bond(s) previously issued by our Company, and/ or ECL Finance Limited, Edelweiss Financial Services Limited and Edelweiss Retail Finance Limited as the case may be, and/or are equity shareholder(s) of Edelweiss Financial Services Limited as the case may be, on the Deemed Date of Allotment applying in Series II, Series V and/or VIII, the maturity amount at redemption would be ₹ 1,191.70 per NCD, ₹ 1,324.10 per NCD and/or ₹ 1,633.50 per NCD respectively provided the NCDs issued under the proposed Issue are held by the investors on the relevant Record Date applicable for redemption in respect of Series II, Series V and/or Series VIII.
The additional incentive will be maximum of 0.20% p.a. for all Category of Investors in the proposed Issue, who are also holders of NCD(s)/Bond(s) previously issued by our Company, and/ or ECL Finance Limited, Edelweiss Financial Services Limited and Edelweiss Retail Finance Limited as the case may be, and/or are equity shareholder(s) of Edelweiss Financial Services Limited as the case may be, on the deemed date of allotment.
On any relevant Record Date, the Registrar and/or our Company shall determine the list of the Primary holder(s) of this Issue and identify such Investor/ NCD Holders, (based on their DP identification and /or PAN and/or entries in the Register of NCD Holders) and make the requisite payment of additional incentive.
The additional incentive will be given only on the NCDs allotted in this Issue i.e. to the Primary holder(s). In case if any NCD is bought/acquired from secondary market or from open market, additional incentive will not be paid on such bought/acquired NCD.
In case the Primary holder(s) sells/gifts/transfer any NCDs allotted in this Issue, additional incentive will not be paid on such sold/gifted/transferred NCD except in case where NCDs are transferred to the Joint holder/Nominee in case of death of the primary holder.
DISCLAIMER CLAUSE OF BSE: It is to be distinctly understood that the permission given by BSE should not in anyway be deemed or construed that the Prospectus has been cleared or approved by BSE nor does it certify the correctness or completeness of any of the contents of the Prospectus. The investors are advised to refer to the Prospectus for the full text of the disclaimer clause of the BSE.
DISCLAIMER CLAUSE OF USE OF BSE ELECTRONIC PLATFORM: It is to be distinctly understood that the permission given by the BSE to use their network and software of the Online system should not in any way be deemed or construed as compliance with various statutory requirements approved by the Exchange; not does it in any manner warrant, certify or endorse the correctness or completeness of any of the compliance with the statutory and other requirements; nor does it take any responsibility for the financial or other soundness of this Company, its promoters, its management or any scheme or project of this Company.
DISCLAIMER STATEMENT OF CRISIL
CRISIL Ratings Limited (CRISIL Ratings) has taken due care and caution in preparing the material based on the information provided by its client and / or obtained by CRISIL Ratings from sources which it considers reliable (Information). A rating by CRISIL Ratings reflects its current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL Ratings. CRISIL Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by CRISIL Ratings is not a recommendation to buy, sell, or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. The Rating is not a recommendation to invest / disinvest in any entity covered in the Material and no part of the Material should be construed as an expert advice or investment advice or any form of investment banking within the meaning of any law or regulation. CRISIL Ratings especially states that it has no liability whatsoever to the subscribers / users / transmitters/ distributors of the Material. Without limiting the generality of the foregoing, nothing in the Material is to be construed as CRISIL Ratings providing or intending to provide any services in jurisdictions where CRISIL Ratings does not have the necessary permission and/or registration to carry out its business activities in this regard. Nido Home Finance Limited (formerly known as Edelweiss Housing Finance Limited) will be responsible for ensuring compliances and consequences of non-compliances for use of the Material or part thereof outside India. Current rating status and CRISIL Ratings’ rating criteria are available without charge to the public on the website, www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL Ratings, please contact Customer Service Helpdesk at 1800-267-1301.
Disclaimer Statement of ICRA
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA Ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA’s current opinion on the relative capability of the Issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest information on ICRA Ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable, including the rated Issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies may have provided services other than rating to the Issuer rated. all information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents.
DISCLAIMER CLAUSE OF NHB
The NHB does not accept any responsibility or guarantee about the present position as to the financial soundness of the Company or for the correctness of any of the statements or representations made or opinions expressed by the Company and for repayment of deposits/ discharge of liability by the Company.