The group raised funds from private credit investors, including Cerberus Management, Davidson Kempner, and Varde Partners, and foreign banks such as Deutsche Bank, Standard Chartered, and Nomura Holdings.
There was significant subscription from high-net-worth individuals too because of the attractive yield, one of the people cited above said, requesting anonymity.
"The book was more than covered," the person added.
The listed non-convertible debentures (NCDs) were raised fully in rupees and promised an enticing yield of 18.75%, presenting a very attractive but risky investment opportunity.
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