Vivriti Capital Limited, which is registered with the RBI as a non-deposit taking systemically important non-banking financial company (NBFC-ND-SI), is proposing to open a public issue of secured, rated, listed, redeemable, non-convertible debentures of face value of ₹ 1,000 each for an amount up to ₹ 250 crore with an option to retain oversubscription up to ₹ 250 crore, cumulatively aggregating up to 50 lakh NCDs for an aggregate amount of up to ₹ 500 crore. The Public Issue of NCDs is scheduled to open on August 18, 2023 and close on August 31, 2023, with an option of early closure.
- Issue Opens: Friday, August 18, 2023
- Issue Closes: Thursday, August 31, 2023
- The Public Issue includes a Base Issue size of up to Rs. 250 crore and a Green Shoe Option of up to Rs. 250 crore.
- Each application should be for a minimum of 10 NCDs across all series collectively and multiples of 1 NCD thereafter (for all series of NCDs taken individually or collectively).
- The minimum application size for each application for NCDs would be ₹10,000 across all series collectively and in multiples of ₹1,000 thereafter.
- The proposed NCDs’ Public Issue have been rated [ICRA] A (Stable) by ICRA Limited; CARE A Positive by CARE Ratings Limited
- Investors can get an effective yield from 9.98% to 10.49% on across Series I to Series V with different tenure of interest payment and coupon rates
The Public Issue comprises Series I to Series V with different tenure of interest payment and coupon rates. Series I has a tenor of 18 months and coupon rate of 9.57% per annum (payable monthly) and an effective yield of 9.98% per annum. Series II has a tenor of 18 months and coupon rate of 10% per annum (payable annually) and an effective yield of 10.06% per annum. Series III has a tenor of 24 months and coupon rate of 9.65% per annum (paid on a quarterly basis, relevant interest will be paid on the same date of relevant month of each quarter from the Deemed Date of Allotment on the principal outstanding along with the Redemption Amount of the NCDs as per the #Principal Redemption Schedule and Redemption Amounts for Series III NCDs as provided in Prospectus) and an effective yield of 9.98% per annum -. Series IV has a tenor of 24 months and coupon rate of 10.03% per annum (payable monthly) and an effective yield of 10.49% per annum. Series V has a tenor of 24 months and coupon rate of 10.50% per annum (payable annually) and an effective yield of 10.48% per annum.
The Company proposes to utilize at least 75 % of the total amount from net proceeds from the issue towards onward lending, financing and for repayment of interest and principal of existing borrowings of the Company and maximum up to 25% of the total amount from net proceeds from the issue towards general purpose expenses.
About Vivriti Capital Ltd.
Vivriti Capital Limited (formerly known as Vivriti Capital Private Limited) is registered with the RBI as a non-deposit taking systemically important non-banking financial company (NBFC-ND-SI). The company was incorporated on June 22, 2017, in Chennai, India. Vivriti Capital is backed by marquee institutional investors such as the Creation Investments, Lightrock and TVS Capital which provide their expertise to operations, including through their representatives on the company’s Board. Vivriti offer lending products to mid-corporates. Such products include term loans, working capital demand loans, co-lending with financial partners, securitisation of receivables, direct assignment of receivables, supply chain finance and subscription to bonds and commercial paper.
They cover a diversified demographic of clients through our lending products and provide access to financial services by leveraging technology and offering customized financial solutions to clients. The target clients comprise entities which are either unrated or have ratings that do not permit their clients to have easy access to banking finance, and primarily hailing from urban/ semi-urban areas. Their products comprise of term loans, working capital demand loans, investments in bonds issued by the borrower, subscription to commercial papers issued by the borrowers. The company extend debt finance to mid-corporates across sectors including, without limitation, companies in the business of healthcare, pharma, logistics, retail, trading, steel, auto, manufacturing, financial services and fast-moving consumer goods.
The company focusses on ticket size of loans ranging from ₹ 0.10 lakh to ₹ 8,000 lakh, average ticket size of less than ₹ 350.00 lakh. As of March 31, 2023, the company had total outstanding loan assets of ₹ 450,873.24 lakh and investments in bonds, securitisations and commercial paper of ₹ 132,706.77 lakh. For the Financial Years ended March 31, 2023, March 31, 2022 and March 31, 2021, its portfolio yield representing interest income as a percentage of average outstanding of loan and investment assets for the same period was 14.19%, 13.79% and 14.00%, respectively. The company had an AUM of ₹ 583,580.01 lakh as of March 31, 2023 and ₹ 381,686.09 lakh as of March 31, 2022 across 194 mid-corporates and 13.21 lakh borrowers/ clients through co-lending arrangements and 24 Anchors covering 183 MSME and non-MSME counterparties for supply chain finance as of March 31, 2023. As of March 31, 2023, Vivriti has five regional offices in India in the states of Tamil Nadu, Maharashtra, Karnataka, Rajasthan, and Delhi.
