The finance committee of the board of directors of the company has approved the allotment of NCDs with a face value of Rs 1,00,000 each, totalling Rs 150 crore through private placement, the regulatory filing showed.
Among the investors are Dadachanji Group chairman Kairus Shavak Dadachanji, Pervin Kairus Dadachanji, and Rishad Kairus Dadachanji, investing Rs 110 crore. Also, individual investors including Rohit Kapadia, Sandhya Kapadia, and Yash Kapadia have invested Rs 40 crore.
NCDs serve as fixed-income long-term instruments enabling large companies to raise public funds.
In February, Navi Finserv announced plans to raise Rs 600 crore through NCDs, offering tenors of 18, 27, and 36 months with effective yields ranging from 10.4% to 11.19%.
A company spokesperson confirmed with ET that this fundraising round has been completed.
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Prior to this fundraise, Navi raised around Rs 950 crore through two tranches of NCDs. On April 4, ET reported that Navi was in discussions for external funding at a valuation of around $2 billion, aiming to raise $200-300 million from private investors.
Navi, which provides services including home loans, personal loans, health insurance, and mutual funds, had previously filed for an IPO, receiving approval from stock market regulator Sebi in late 2022, although the listing didn’t proceed as planned.
The company reported a net profit of Rs 172 crore in FY23, with a total income of Rs 1,377 crore and managed assets worth Rs 9,788 crore at the end of the last fiscal year.
