Navi Finserv Raises Rs 150 Cr Through NCDs

Navi Finserv, a financial services platform led by Sachin Bansal, has successfully raised Rs 150 crore via non-convertible debentures (NCDs) from six individual investors, including key figures from the Dadachanji Group.

Regulatory filings with the Registrar of Companies reveal that Navi’s board approved a special resolution to issue 15,000 NCDs at Rs 1,00,000 each.

The investment breakdown shows Kairus Shavak Dadachanji, Pervin Kairus Dadachanji, and Rishad Kairus Dadachanji collectively contributing Rs 110 crore, while Rohit Kapadia, Sandhya Kapadia, and Yash Kapadia invested Rs 40 crore.

Kairus Shavak Dadachanji is the chairman of Dadachanji Group, which operates various companies including Kaisha Packaging, Kaisha Lifesciences, and Sovereign Pharma.

Earlier in February, Navi announced plans to raise Rs 600 crore through a public issue of NCDs, offering maturities of 18, 27, and 36 months with yields ranging from 10.47% to 11.19%. The newly raised funds will be allocated for lending, financing, loan repayments, and general corporate purposes.

A report from The Morning Context indicated that Navi turned to crowdfunding to raise Rs 250 crore after failing to secure equity capital at a desired valuation. The company has been leveraging NCDs for fundraising over the past few years, raising Rs 600 crore in May 2022 and an additional Rs 500 crore in July 2023.

Navi filed its draft red herring prospectus (DRHP) with SEBI in March 2022 to raise up to Rs 3,350 crore. However, the IPO was delayed due to unfavorable market conditions, despite receiving regulatory approval. Following the delay, Navi laid off nearly 200 employees.

For the quarter ending September 2023 (Q2 FY24), Navi reported Rs 421.5 crore in revenue from operations and a profit of Rs 10.86 crore, according to its unaudited financial statements. Sachin Bansal holds approximately a 98% stake in the company.

Source: Entrackr

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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