June 1, 2023
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Indel Money Tranche 3 NCD Issue Details
# NCD Guidance is given at the bottom of the post
About the Company:
Indel Money Limited, a non-deposit taking and a systemically important NBFC in the gold loan sector, announced the third tranche of public issue of Secured NCDs of face value of Rs. 1,000 each
The company is lending money against the pledge of household gold jewellery (“Gold Loans”) in the states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Odisha, Maharashtra and Telangana and the union territory of Puducherry. It also provides loans against property, business loans and personal loans. Its Gold Loan portfolio for the nine-month ended December 31, 2022, and Fiscal March 31, 2022, March 31, 2021 and March 31, 2020 amounted to Rs 546.80 crore, Rs 42,1.35 crore, Rs 309.94 crore and Rs 295.88 crore which is 80.62%, 80.46%, 77.71%, and 87.99% of our total loans and advances as on such specific dates. It, as on March 31, 2023, had a network of 245 branches spread in the states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Odisha, Maharashtra and Telangana and the union territory of Puducherry.
NCD Promoter: Indel Corporation Private Limited
NCD Rating
The company has received a rating of BBB +/Stable (pronounced as CRISIL triple B plus rating with Stable outlook) by Crisil Ratings Limited for the NCDs proposed to be issued pursuant to this Issue.
| Indel Money Tranche 3 NCD Issue Details | |
| Issue Open | June 6, 2023 – June 19, 2023 |
| Security Name | Indel Money Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 50.00 Crores |
| Issue Size (Shelf) | 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 | BBB +/Stable rating by Crisil Ratings Limited. |
| Tenor | 400 days, 24, 61, and 72 months. |
| Series | Series I to VII |
| Payment Frequency | Monthly and Cumulative |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trusties | Vistra Itcl India Limited |
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| NCDs offered by Category. | |||||||||||||
| Category | NCDs Reserved | ||||||||||||
| Institutional | 100,000 | ||||||||||||
| Non-Institutional | 400,000 | ||||||||||||
| HNI | – | ||||||||||||
| Retail | 500,000 | ||||||||||||
| Total NCD’s | 1,000,000 | ||||||||||||
| Indel Money NCD Coupon Rates | |||||||
| # | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 |
| Frequency of Interest Payment | Monthly | Cumulative | Monthly | Cumulative | Monthly | Cumulative | Cumulative |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 400 Days | 400 Days | 24 Months | 24 Months | 61 Months | 61 Months | 72 Months |
| Coupon (% per Annum) | 9.00% | NA | 10.50% | NA | 11.50% | NA | NA |
| Effective Yield (% per Annum) | 9.38% | 9.00% | 11.02% | 10.75% | 12.13% | 11.50% | 12.25% |
| Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 1,098.75 | Rs 1,000.00 | Rs 1,226.56 | Rs 1,000.00 | Rs 1,738.67 | Rs 2,000.41 |
Objects of the Issue
The Company proposes to utilize the funds towards funding the following objects:
1.For the purpose of onward lending, financing, and
2. for repayment/prepayment of principal and interest on borrowings of the Company
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| Address of the Company Office No.301, Floor No.3, Sai Arcade N.S Road, Mulund West, Mumbai 400 080 NCD Lead Managers Vivro Financial Services Private Limited NCD Registrar Link Intime India Private Ltd |
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Indel Money Tranche 3 NCD Issue Details
Analysis & Guidance:
Will update soon
| Indel Money NCD June 2023 Detail | |
| Subscription Status | |
| Category | Subscription (Times) |
| Institutional | – |
| Non-Institutional | – |
| HNI | – |
| Retail | – |
| Total | – |
