October 12, 2024
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Indel Money NCD October 2024 Details & Guidance
NCD Issue Opens on 21 October 2024
NCD Issue Closes on 4 November 2024
# NCD Review/Guidance is given at the bottom of the post
About the Company:
Founded in 1986, Indel Money Limited is a non-deposit-taking non-banking finance company (NBFC) registered with the Reserve Bank of India (RBI). Specializing in the gold loan sector, the company provides financing against the pledge of household gold jewelry, alongside offering loans against property, business loans, and personal loans.
Geographical Presence
Indel Money operates across several states, including Haryana, Uttar Pradesh, Delhi, Madhya Pradesh, Odisha, Maharashtra, Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, Telangana, as well as the Andaman and Nicobar Islands, Gujarat, and the Union Territory of Puducherry.
Gold Loan Portfolio
As of June 30, 2024, the company reported a gold loan portfolio of ₹91,481.95 lakhs. The figures for previous fiscal years were ₹87,376.26 lakhs in 2023, ₹57,923.24 lakhs in 2022, and ₹42,275.76 lakhs in 2021, representing percentages of total loans and advances of 85.70%, 84.64%, 79.35%, and 80.51%, respectively.
Customer Base and Branch Network
The company primarily serves customers from rural and semi-urban areas. As of August 31, 2024, Indel Money operates a network of 320 branches in Kerala, Tamil Nadu, Karnataka, Odisha, Maharashtra, and Telangana, as well as the Union Territory of Puducherry. A web-based centralized IT platform efficiently manages loan operations and related information across all branches. Additionally, the company has launched web applications on the Google Play Store and iOS App Store, along with a web-based payment portal called E-Connect, enhancing operational efficiency.
Workforce
As of August 31, 2024, Indel Money employed a total of 1,731 staff members.
Get more details about the company @
NCD Promoter:
The Promoters of the company are i) Gautam S. Adani and (ii) Rajesh S. Adani,
NCD Rating
The NCDs proposed to be issued under this Issue have been rated CRISIL BBB+/Stable by CRISIL Ratings Limited. With this rating, they are considered to have a moderate degree of safety and moderate credit risk
| Indel Money NCD October 2024 Detail | |
| Issue Open | October 21, 2024 – November 4, 2024 |
| Security Name | Indel Money Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 75.00 Crores |
| Issue Size (Oversubscription) | Rs 75.00 Crores |
| Overall Issue Size | Rs 150.00 Crores |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE |
| Credit Rating | CRISIL BBB+/Stable by by CRISIL Ratings Limited |
| Tenor | 366 days, 18, 30, 60 and 66 months |
| Series | Series I to VII |
| Payment Frequency | Monthly and Cumulative |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Vistra Itcl India Limited |
| NCD Allocation Ratio | |
| Category | NCD’s Allocated |
| Institutional | 10% |
| Non-Institutional | 40% |
| Retail | 50% |
| Category 4 | % |
| Indel Money Limited NCD Coupon Rates | |||||||
| # | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 |
| Frequency of Interest Payment | Monthly | Cumulative | Monthly | Monthly | Cumulative | Monthly | Cumulative |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 366 Days | 366 Days | 18 Months | 30 Months | 30 Months | 60 Months | 66 Months |
| Coupon (% per Annum) | 10% | NA | 10.50% | 11% | NA | 12% | NA |
| Effective Yield (% per Annum) | 10.47% | 10% | 11.02% | 11.57% | 11% | 12.68% | 13.44% |
| Amount on Maturity (In Rs.) | Rs 1,000 | Rs 1,100.29 | Rs 1,000 | Rs 1,000 | Rs 1,298.1 | Rs 1,000 | Rs 2,000.85 |
Indel Money NCD October 2024 Details & Guidance
Objects of the Issue
The Company proposes to utilize the funds towards funding the following objects:
1.For the purpose of onward lending, financing, and for repayment/prepayment of principal and interest on borrowings of the Company
2.General corporate purposes.
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| Company Financials | |||
| Indel Money Limited (Restated Consolidated) | |||
| Period Ended | 31.03.24 | 31.03.23 | 31.03.22 |
| Assets | 1,244.93 | 1,005.45 | 736.79 |
| Revenue | 291.13 | 187.3 | 123 |
| Profit After Tax | 39.86 | 20.54 | 2.11 |
| Net Worth | 211.18 | 161.63 | 100.48 |
| Amount in Rs Crore | |||
Address of the Company
Indel Money Limited
Office No.301, Floor No.3,
Sai Arcade N.S Road,
Mulund West, Mumbai – 400 080
NCD Lead Managers
Vivro Financial Services ltd
NCD Registrar
Linkintime India Pvt. Limited
Indel Money NCD October 2024
Subscription Status on October 21, 2024, 5.00 pm
| Category | Subscription |
| Retail | 0.00 X |
| HNI | 0.00 X |
| Non-Institutional | 0.00 X |
| Institutional | 0.00 X |
| Total | 0.00 X |
Indel Money NCD October 2024
Indel Money NCD October 2024Review by Paresh Gordhandas, CA & Research Analyst
1. Indel Money specializes in the gold loan sector, providing financing against the pledge of household gold jewelry, as well as offering loans against property, business loans, and personal loans.
2. The company carries some risk, as reflected by its CRISIL rating of BBB+/Stable from CRISIL Ratings Limited. This rating indicates a moderate degree of safety and credit risk. However, the company has a strong track record of successfully implementing projects and effectively managing large-scale initiatives. Additionally, its debt-to-equity ratio is reasonable given the rapid growth of the group.
3. To offset the CRISIL BBB+/Stable rating, the company offers slightly higher interest rates.
4. We recommend small investment in this NCD.
