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India's ECL Finance raises over 3B rupees in debt issue

ECL Finance Ltd. closed the issuance of secured redeemable nonconvertible debentures within eight days of opening, raising more than 3 billion Indian rupees.

The issue was oversubscribed. The issue opened May 10 and was scheduled to close June 7.

The company will use the issuance's proceeds for onward lending, financing, the repayment and prepayment of interest and principal of the company's existing borrowings and general corporate purposes.

ECL Finance is a unit of Edelweiss Financial Services Ltd.

As of May 17, US$1 was equivalent to 70.31 Indian rupees.