New Delhi, Mar 31 (PTI) Edelweiss Financial Services on Wednesday announced the public issue of Secured Redeemable Non-Convertible Debentures (NCDs) for Rs 400 crore and the proceeds will be mainly used to retire high-cost debt.

There are seven series of NCDs carrying fixed coupon and having tenures ranging from 36 months, 60 months and 120 months with annual, monthly and cumulative interest option, Edelweiss Financial Services said in a statement.

Effective annual yield for NCDs having fixed interest rates ranges from 9.09 per cent to 9.70 per cent, it said.

According to the statement, at least 75 per cent of the funds raised through the issue will be used for the purpose of repayment/ pre-payment of interest and principal of existing borrowings, and the balance is proposed to be utilised for general corporate purposes.

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