October 24, 2023
admin
Incred Financial Services October 2023 NCD Details
NCD Issue Opens on 25 October 2023
NCD Issue Closes on 7 November 2023
# NCD Guidance will given at the bottom of the post
About the Company:
The company is a non-deposit taking systemically important NBFC registered with the RBI. The Company caters to lower middle class to middle class Indian households for their personal finance needs like education loans, personal loans. Correspondingly, it also offers secured and unsecured business loans to small businesses, secured loan to K12 Indian schools for their expansion plans, supply chain financing, lending to profitable financial Institutions and micro finance companies and escrow backed lending through its SME vertical.
Post the merger the Company continues to offer personal loans, education loans and MSME loans. As on June 30, 2023and March 31, 2023 its AUM was Rs 6,48,349.9lakh and ? 6,06,244.4 lakh, respectively and the Company catered to 4,18,704and 3,76,879 customers respectively during the said periods. The AUM of Pre-demerger InCred as of March 31, 2022 and 2021was Rs 3,84,375.5lakh and Rs 2,64,464.8 lakh, respectively.
As of March31,2023, its TierICRARwas33.2% and its TierIICRARwas0.5% on a standalone basis, as against the statutory minimum capital adequacy of 15.00% currently prescribed by RBI.
Gross non-performing assets (GNPAs) and net non-performing assets (NNPA) stood at 2.1% and 0.9% as on March 31, 2023, respectively (as against 2.8% and 1.4% respectively as of March 31, 2022). However, GNPA moderated marginally to 2.4% as on June 30, 2023,on the back of interim slippages from the anchor-backed business loan segment.
Get more details about the company @ http://www.incred.com/
NCD Promoter: InCred Holdings Limited, and Bhupinder Singh
NCD Rating
The NCDs proposed to be issued have been rated ‘CRISIL A+/Stable’ by CRISIL Ratings Limited.
| Incred Financial Services October 2023 NCD Detail | |
| Issue Open | October 25, 2023 – November 7, 2023 |
| Security Name | Incred Financial Services Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 150.00 Crores |
| Issue Size (Shelf) | Rs 300.00 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 A+/Stable by CRISIL Ratings Limited. |
| Tenor | 18, 24 and 36 months |
| Series | Series I to V |
| Payment Frequency | Monthly, Quarterly and Annually |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Catalyst Trusteeship Limited |
| NCD Allocation Ratio | |
| Category | NCD’s Allocated |
| Institutional | 5% |
| Non-Institutional | 10% |
| HNI | 40% |
| Retail | 45% |
| Total | 100% |
| NCD’s Offered by Category | |
| Category | NCD’s Reserved |
| Institutional | 75,000 |
| Non-Institutional | 150,000 |
| Retail | 6,00,000 |
| Category 4 | 6,75,000 |
| Total NCD’s | 1500000 |
| Incred Financial Services Limited NCD Coupon Rates | |||||
| Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | |
| Frequency of Interest Payment | Monthly | Quarterly | Monthly | Annual | Monthly |
| Nature | Secured | Secured | Secured | Secured | Secured |
| Tenor | 18 Months | 24 Months | 24 Months | 36 Months | 36 Months |
| Coupon (% per Annum) | 9.48% | 9.55% | 9.66% | 10.30% | 9.84% |
| Effective Yield (% per Annum) | 9.88% | 9.88% | 10.08% | 10.28% | 10.29% |
| Amount on Maturity (In Rs.) | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,000 |
Objects of the Issue
The company proposes to utilize the funds which are being raised through the Issue:
For the purpose of onward lending, financing, and for repayment of interest and principal of existing borrowings of the Company – 75% of the amount raised and allotted in the Issue.
General Corporate Purposes – 25% of the amount raised and allotted in the Issue.
.
.
| Company Financials | |||
| Incred Financial Services Limited Financial Information (Restated Consolidated) | |||
| Period Ended | 31-Mar-23 | 31-Mar-22 | 31-Mar-21 |
| Assets | 6,608.39 | 4,034.65 | 2,804.53 |
| Revenue | 877.45 | 524.27 | 392.48 |
| Profit After Tax | 120.92 | 36.12 | 10.23 |
| Net Worth | |||
| Reserves and Surplus | |||
| Total Borrowing | |||
| Amount in Rs Crore | |||
Address of the Company
AIncred Financial Services Limited
Unit No. 1203, 12th Floor, B Wing, The Capital,
Plot No. C-70, G Block, Bandra Kurla Complex,
Bandra (East), Mumbai – 400 051
NCD Lead Managers
Jm Financial Limited
InCred Capital Wealth Portfolio Managers Pvt ltd
NCD Registrar
Link Intime India Private Ltd
Incred Financial Services October 2023 NCD
Red Herring Prospectus
Analysis & Guidance:
1) Profits in the year 2022-23, subsequent to the merger shows sharp rise. We are unable to comment, whether such rise can be maintained or not.
2) Gross non-performing assets (GNPAs) and net non-performing assets (NNPA) stood at 2.1% and 0.9% as of March 31, 2023, respectively
3) Interest rates are attractive.
Small investment may be made.
| Incred Financial Services October 2023 NCD | |
| Subscription Status | |
| On 25.10.2023 | @ 5.00 pm |
| Category | Subscription |
| Institutional | 0.00 T |
| Non-Institutional | 0.00 T |
| HNI | 0.00 T |
| Retail | 0.00 T |
| Total | 0.00 T |
