January 7, 2025
admin
ICL Fincorp Limited NCD January 2025 Details & Guidance
NCD Issue Opens on 08 January 2025
NCD Issue Closes on 21 January2025
# 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.
|
||
| Issue Open | January 8, 2025 – January 21, 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 | |
| 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% | 11.55% | 12.36% | 13.03% | 11.75% | 12.25% | 13.73% |
| 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 1,000 |
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.
.
Indiabulls Housing Finance Limited Financial Information (Restated)
| Company Financials | |||
| ICL Fincorp Limited Financial Information (Restated Consolidated) | |||
| Period Ended | 03/31/’24 | 03/31/’23 | 03/31/’22 |
| Assets | 637.95 | 527.66 | 458.64 |
| Revenue | 145.69 | 112.64 | 89.43 |
| Profit After Tax | 0.08 | 3.04 | 2.71 |
| Net Worth | 83.3 | 78.32 | 68.19 |
| 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 January 2025
Subscription Status on January 08, 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 January 2025
ICL Fincorp Limited NCD January 2025 Guidance by Paresh Gordhandas, CA & Research Analyst.
1. This NCD issue has been rated CRISIL triple B minus rating with Stable outlook. The ratings provided by CRISIL may be suspended, withdrawn or revised at any time by the assigning rating agency and should be evaluated independently of any other rating. These ratings are not a recommendation to buy, sell or hold securities and Investors should take their own decisions
2. The company has shown meagre profits during the last 3 years. During 2023-24, it earned net profit of Rs. 8 lacs which is significant negative factor. The company has been frequent visitor to the NCD market. This is the 4th debt offer from the company since November 2023. The last debt offer was in November 2024.
3; The company is a non-deposit taking and a systemically important 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.
As of November 30, 2024, it had a network of 294 branches, out of which majority of the branches are located in the southern states of India i.e., Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, Telangana, Odisha and in the western states of India i.e., Gujarat and Maharashtra.
The company has loan book of Rs. 575.71 Crore (Rs.5757103.46 thousand) out of which 0.67% (Rs3.86 crore) is unsecured. Its gross NPA as on 30 September 2024 was Rs. 5.75 crore.
4. In spite of high rate of interest offered by the company, this NCD offer may be avoided.
