November 12, 2024
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ICL Fincorp Limited NCD November 2024 Details & Guidance
NCD Issue Opens on 11 November 2024
NCD Issue Closes on 25 November 2024
# 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 November 2024 Detail | |
| Issue Open | November 11, 2024 – November 25, 2024 |
| Security Name | ICL Fincorp Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 75.00 Crores |
| Issue Size (Oversubscription) | Rs 25.00 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 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.
.
Indiabulls Housing Finance Limited Financial Information (Restated)
| Company Financials | |||
| ICL Fincorp Limited Financial Information (Restated Consolidated) | |||
| ICL Fincorp Limited’s revenue increased by 29.35% and profit after tax (PAT) dropped by -97.34% between the financial year ending with March 31, 2024 and March 31, 2023. | |||
| 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 |
| Reserves and Surplus | 30.44 | ||
| Amount in Rs Crore | |||
Address of the Company
ICL Fincorp Limited
No.61/1, VGP Complex,
First Avenue, Ashok Nagar,
Chennai–600 083, TamilNadu, India
NCD Lead Managers
Saffron Capital Advisors Private Limited
NCD Registrar
Cameo Corporate Services Limited
ICL Fincorp Limited NCD November 2024
Subscription Status on November 11, 2024
| Category | Subscription |
| Retail | 0.08 T |
| HNI | 0.02 T |
| Non-Institutional | 0.00 T |
| Institutional | 0.00 T |
| Total | 0.06 T |
ICL Fincorp Limited NCD November 2024
ICL Fincorp Limited NCD November 2024 Guidance:
1. This NCD issue has been rated ACUITE BBB- by Acuite Ratings
2. The company has shown not so high profits during the last 3 years.
3. On one side the company has not so high profits, on the other side, the NCDs come with higher interest rates to make it attractive.
4. Small, calculated risk be taken and apply
