InvestorQ : Why did Navi close its NCD ahead of schedule?
rhea Babu made post

Why did Navi close its NCD ahead of schedule?

Riya Dwivedi answered.
1 year ago

Navi Finserv, which is the Financial services company floated by Sachin Bansal of Flipkart fame, has closed its Rs300 crore NCD issue nearly eight days ahead of schedule. Instead of the close on 10-June, the company decided to close the NCD issue on 02-June itself. The Rs300 crore NCD issue also had a green issue to retain an additional Rs300 crore.

In terms of subscriptions a day ahead of the closure, QIBs had bid 5.08 times, corporates 0.52 times, HNIs 0.22 times and retail investors bid 0.71 times their available quota. If you look at the Navi Finserv NCD issue overall, it got subscribed 1.40 times, which would have substantially increased by close on Thursday. In the latest quarter, Navi has managed to narrow losses significantly. Navi provides credit to low-income groups with limited access to formal channels of credit.