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JM Financial Credit to raise up to Rs 2,000 cr via bonds

Wholesale finance non-banking financial company JM Financial Credit Solutions is looking to raise up to Rs 2,000 crore through its maiden bond issue, to fund growth and repay debt.

The bonds with maturities of three to seven years will be listed on the BSE and issued in two tranches. The first tranche is likely to open by the end of this month.

“Nearly, 75 per cent of the proceeds will be used for onward lending, financing, and for repayment or prepayment of interest and principal of existing borrowings,” according to the draft shelf prospects filed by the company.

The balance will be used for the company’s general corporate purposes.

Lead managers for the issue are AK Capital Services, JM Financial, Edelweiss Financial Services and Trust Investment Advisors.

The NBFC arm of JM Financial Group provides financial solutions to real estate developers with a focus on housing project financing.

Its product portfolio consists of project finance, loans against property, loans against shares, project at early stage loans and loans against land.

In the year ended March this year, the company’s loan book stood at Rs 7,338.88 crore, compared with Rs 5,658.1 crore in the year-ago period.

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