Navi Tech arm NCD issue subscribed 1.4 times; co advances issue closure

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The public issue of Navi Finserv’s non-convertible debentures (NCD) was subscribed 1.40 times as of June 1, according to data available on the Bombay Stock Exchange (BSE).

The Rs 600-crore issue closes on Thursday, the company said. At the time of the announcement, the company had declared May 23 as the opening day and June 10 as the closing day for the issue. Navi Finserv is a subsidiary of Sachin Bansal-owned financial services firm Navi Technologies.

The portion of the NCD issue allotted to the qualified institutional buyers (QIB) was subscribed 5.08 times with the investors making bids for 30.5 lakh NCDs. The portion reserved for corporates was subscribed 0.52 times with the investors making bids for 3.1 lakh NCDs. The company reserved 6 lakh NCDs for QIBs and corporates each.

For high networth individuals (HNI) and retail investors each, the company has reserved 9 lakh NCDs. HNIs made bids for 1.95 lakh NCDs as their portion of the issue was subscribed 0.22 times. The retail portion was subscribed 0.72 times with investors making bids for 6.48 lakh NCDs.

Navi Finserv had announced the fundraising earlier this month for expanding its personal and home loans portfolio.