Is Religare Finvest’s NCD worth investing in?
Rising bad loans and negative cash flows of the past three years do not inspire confidence
Religare Finvest, a subsidiary of Religare Enterprises with its focus on SME financing and retail capital market financing, is looking at raising a corpus of Rs500 crore through an issue of non-convertible debentures. The NCD issue offers debentures of five types, termed as series I to series V and the tenure and coupon rate vary across categories in the following sequence:
Is it worth investing in this issue? The issue enjoys a rating of AA- from CARE and ICRA, similar to what the NCD issue of India Infoline holds, with an interest rate of 12.75%. Higher interest rate is attractive but remember higher the interest rate, the higher is the risk.
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