The Board of Directors of Avendus Finance Private Ltd (AFPL), on Saturday, approved the issuance of non-convertible, market-linked debentures, aggregating up to ₹150 crore on private placement basis.
The non-convertible debenture (NCD) issuance will comprise of base size of up to ₹75 crore and a greenshoe option of up to ₹75 crore, per an exchange filing by the company. The debentures will be rated, listed, secured, redeemable and principal protected.
In March 2021, AFPL’s Board of Directors had approved the issuance of NCDs including Market Linked Debentures or Equity Linked Debentures in one or more tranches up to a total amount of ₹1,250 crore, during the financial year 2021-22.
AFPL, which was established in 2016, is the private credit business arm (wholly-owned subsidiary) of Avendus Capital Private Ltd (ACPL). The non-banking finance company provides debt financing solutions like promoter funding, corporate finance, customised structured debt solutions, and acquisition finance to businesses, entrepreneurs and private equity sponsors.
Kohlberg Kravis Roberts (KKR) is the dominant shareholder of ACPL, having about 64 per cent stake.