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 @

    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

    Incred Financial Services October 2023 NCD

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