JM Financial Credit Solutions to issue bonds worth Rs 1,250 crore

JM Financial Credit Solutions, the non-bank arm of the JM Financial Group, Wednesday said it plans to raise up to Rs 1,250 crore through bonds. This base issue of the second tranche is Rs 250 crore, with an option to retain oversubscription up to Rs 1,000 crore, the company said in a release.

In the first tranche, the company had raised Rs 750 crore in June 2018. The issue will open on November 20 and close of December 20. The issue has six structures of various tenors and offering a coupon in the range of 9.67 per cent to 10.25 per cent.

The bonds are proposed to be listed on BSE. The lead managers to the issue are A K Capital, JM Financial, Edelweiss Financial Services and Trust Investment Advisors Private.

JM Financial Credit Solutions is a wholesale finance NBFC and provides integrated financial solutions to real estate developers with a focus on residential project financing such as funding real estate developers at various stages in the life cycle of a real estate project.

For FY18, its loan book stood at Rs 7,338.88 crore as compared to Rs 5,658.15 crore as of FY17. Its product portfolio consists of project finance, loans against property, loans against shares, a project at early stage loans, and loans against land.