The non-convertible debentures have a face value of Rs. 1,000 each, and the company could raise anywhere between Rs 250 cr or Rs. 1,000 cr, depending on demand.
The move comes at a time when non-banking finance companies are facing difficulty raising debt from institutional channels like banks.
The secured debentures will offer an effective yield of 10.20% per year for the 39 month tenure, 10.42% per year for 60 month tenure and 10.64% for 120 month tenure.
In July, the company had offered NCDs of tenures between 3-10 years with interest of 9.25% to 9.85%.
The NCDs will be listed on BSE Limited and National Stock Exchange of India.
The funds raised through this Issue will be used for purpose of onward lending, financing, and for repayment and prepayment of interest and principal of existing borrowings of the company and for general corporate purpose, said ECL Finance.
The Public Issue opens on 13 December, 2018 and closes on 11 January 2019.
CRISIL has rated the offering AA/Stable and ICRA has given it a AA Stable.
ECL Finance Ltd. had net revenue of Rs 1,988 cr and net profit of Rs 256 cr for the first half of the current financial year.