April 25, 2025
admin
ICL Fincorp Limited NCD April 2025 Details & Guidance
NCD Issue Opens on 25 April 2025
NCD Issue Closes on 9 May2025
# NCD Guidance is given at the bottom of the post
About the Company:
ICL Fincorp Limited is a non-deposit taking and a base layer non-banking finance company (“NBFC”) in the gold loan sector lending money against the pledge of household gold jewellery (“Gold Loans”) in the states of Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Odisha, Gujarat and Maharashtra. It also provides loans against property, business loans and personal loans. Its Gold Loan portfolio (excluding off-balance sheet assets) for the nine-month period ended December 31, 2023and Fiscals 2023, 2022, 2021 amounted to Rs. 40,44,323.98 thousand and Rs. 39,29,396.08 thousand, Rs. 33,56,287.79 thousand, Rs. 28,04,706.01 thousand which is 98.65%, 99.20%, 97.51% and 92.98% of its total loans and advances (excluding off-balance sheet assets) as on such specific dates, on standalone basis. As on December 31, 2023, it had a network of 277 branches with major presence in the southern states.
Get more details about the company @ https://www.iclfincorp.com/
NCD Promoters:
Kuzhuppilly Govinda Menon Anilkumar and Umadevi Anilkumar are the company’s promoters.
NCD Rating
CRISIL BBB-/Stable (pronounced as CRISIL triple B minus rating with Stable outlook) for an amount of Rs. 40,00,000 thousand by CRISIL vide rating letter dated July 08, 2024, for the NCDs proposed to be issued under this Issue.
| ICL Fincorp Limited NCD April 2025 Detail | |
| Issue Open | April 25, 2025 – May 9, 2025 |
| Security Name | ICL Fincorp Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 50.00 Crores |
| Issue Size (Oversubscription) | Rs 50.00 Crores |
| Overall Issue Size | Rs 100.00 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 CRISIL. |
| Tenor | 13, 24, 36, 60 and 68 Months |
| Series | Series I to X |
| Payment Frequency | Monthly, Annual and Cumulative |
| Basis of Allotment | First Come First Serve Basis |
| Coupon Incentive | |
| Debenture Trustee/s | Mitcon Credentia Trusteeship Services Limited |
| NCD Allocation Ratio | |
| Category | NCD’s Allocated |
| Institutional | 5% |
| Non-Institutional | 1% |
| HNI | 30% |
| Retail | 64% |
| ICL Fincorp Limited NCD Coupon Rates | ||||||||||
| # | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 | Series 8 | Series 9 | Series 10 |
| Frequency of Interest Payment | Monthly | Monthly | Monthly | Monthly | Cumulative | Cumulative | Cumulative | Annual | Annual | Cumulative |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 13 Months | 24 Months | 36 Months | 60 Months | 13 Months | 24 Months | 36 Months | 24 Months | 36 Months | 68 Months |
| Coupon (% per Annum) | 11% | 11.50% | 12% | 12.50% | NA | NA | NA | 11.75% | 12.25% | NA |
| Effective Yield (% per Annum) | 11.57% | 12.13% | 12.68% | 13.24% | 11.50% | 12% | 12.50% | 11.75% | 12.25% | 13.01% |
| Amount on Maturity (In Rs.) | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,125.16 | Rs 1,254.4 | Rs 1,423.83 | Rs 1,000 | Rs 1,000 | Rs 2,000 |
ICL Fincorp Limited NCD April 2024 Details & Guidance
Objects of the Issue
The company proposes to utilise the funds which are being raised through the Issue towards funding the following objects
1.For the purpose of onward lending, financing, and for repayment/prepayment of principal and interest on existing borrowings of the Company; and
2. General corporate purposes.
.
| Company Financials | ||||
| ICL Fincorp Limited Financial Information (Restated Consolidated) | ||||
| Year | 24-25 9M | 23-24 | 22-23 | 21-22 |
| Assets | 749.71 | 616.65 | 527.66 | 458.6 |
| Revenue | 44.6 | 143.57 | 112.64 | 89.43 |
| Profit After Tax | 0.74 | 1.9 | 3.04 | 2.71 |
| Net Worth | 85.12 | 78.78 | 70.51 | |
| Amount in Rs Crore | ||||
Address of the Company
ICL Fincorp Limited
Plot No: C308, Door No: 66/40,
4th Avenue, Ashok Nagar,
Chennai – 600 083
NCD Lead Managers
Vivro Financial Services Private Limited
NCD Registrar
Cameo Corporate Services Limited
ICL Fincorp Limited NCD April 2025
Subscription Status on April 25, 2025
| Category | Subscription |
| Retail | 0.00 T |
| HNI | 0.00 T |
| Non-Institutional | 0.00 T |
| Institutional | 0.00 T |
| Total | 0.00 T |
ICL Fincorp Limited NCD April 2025
ICL Fincorp Limited NCD April 2025 Guidance by Paresh Gordhandas, CA & Research Analyst.
-
Credit Rating:
This NCD issue has been rated CRISIL BBB- (Triple B Minus) with a Stable outlook. It is important to note that credit ratings may be revised, suspended, or withdrawn at any time by the rating agency and should not be considered as investment advice. Investors are advised to conduct their own due diligence and not rely solely on these ratings for making investment decisions. -
Profitability and Fundraising History:
The company has reported modest profitability over the past three financial years. In FY 2023–24, it recorded a net profit of only Rs.8 lakh, which is a matter of concern. Additionally, the company has been an active participant in the NCD market, with this being its fourth debt offering since November 2023. The most recent issue was launched in November 2024, highlighting its frequent reliance on debt funding. -
Business Overview:
The company is a non-deposit-taking, systemically important non-banking financial company (NBFC) operating primarily in the gold loan segment. It provides loans against the pledge of household gold jewellery across states such as Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Odisha, Gujarat, and Maharashtra. In addition, it offers loans against property, business loans, and personal loans.As of November 30, 2024, the company operated 294 branches, with a significant presence in the southern and western regions of India. Its loan book stood at Rs.575.71 crore, of which 0.67% (Rs.3.86 crore) comprises unsecured loans. The company’s gross Non-Performing Assets (NPAs) amounted to Rs. 5.75 crore as of September 30, 2024.
-
Investment Consideration:
The company offers higher interest rates to attract investors. While this may appeal to those seeking better returns, potential investors should carefully evaluate the associated risks. Investment in this NCD may be suitable for individuals with a higher risk appetite and a thorough understanding of the company’s financial position.
