360 ONE Prime NCD opens for subscription on 11 January 2024. The company aims for a base issue size of ₹1000 Crores.
About the company
360 One Prime, a fully-owned subsidiary of 360 ONE WAM Limited, functions as the lending arm within the 360 ONE group. Its product suite predominantly encompasses Loans against Securities (LAS), Loan-against-Property (LAP), and various unsecured lending products. Offering tailored lending solutions, the company extends financing secured against a combination of liquid and illiquid financial assets. This comprehensive approach ensures the fulfillment of all funding needs for its clients in the form of term loans and advances.
360 One Prime has consistently demonstrated robust operational and financial performance. As of FY 2023, its Assets Under Management (AUM) have surged to INR 4,926.79 crore from INR 3,703.25 crore as of FY 2021. Notably, in terms of disbursements, it has witnessed a remarkable growth at a CAGR of 60.47%, soaring from INR 6,796.02 crores as of FY 2021 (excluding the discontinued public issue funding business) to INR 10,905.84 crores as of FY 2023.
In FY 2023, 360 One Prime reported total revenues from operations at INR 673.66 crore, a comparison to INR 782.59 crore (excluding income from the distribution business at INR 188.06 crore) in FY 2021. The profit for the FY 2023 stood at INR 234.52 crore, marking an increase from INR 156.19 crore recorded in the FY 2021.
Objectives of the Issue
- For onward lending, financing /refinancing the company’s existing indebtedness, and debt servicing (payment of interest and repayment/prepayment of interest and principal of existing borrowings of the company.
- General corporate purposes.
360 ONE Prime NCD Details
| Issue Open | January 11, 2024 – January 15, 2024 |
| Security Name | 360 ONE Prime Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | ₹ 1,000.00 Crores |
| Issue Size (Shelf) | ₹ 1,500.00 Crores |
| Issue Price | ₹ 1000 per NCD |
| Face Value | ₹ 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE |
| Credit Rating | “CRISIL AA/Stable” by CRISIL Ratings Limited and “[ICRA]AA (Stable)” by ICRA Limited |
| Tenor | 18, 24, 36 and 60 months |
| Series | Series I to VIII |
| Payment Frequency | Monthly and Annually |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Beacon Trusteeship Limited |
360 ONE Prime NCD Options and Coupon Rates
| Option | Tenure | Interest Payment | Coupon Rate | Effective Yield | Maturity Amount |
| Series 1 | 18 months | Monthly | 8.91% | 9.26% | ₹ 1,000 |
| Series 2 | 18 months | Annual | 9.22% | 9.27% | ₹ 1,000 |
| Series 3 | 24 months | Monthly | 9.03% | 9.40% | ₹ 1,000 |
| Series 4 | 24 months | Annual | 9.41% | 9.40% | ₹ 1,000 |
| Series 5 | 36 months | Monthly | 9.21% | 9.60% | ₹ 1,000 |
| Series 6 | 36 months | Annual | 9.61% | 9.60% | ₹ 1,000 |
| Series 7 | 60 months | Monthly | 9.26% | 9.65% | ₹ 1,000 |
| Series 8 | 60 months | Annual | 9.66% | 9.65% | ₹ 1,000 |
360 ONE Prime NCD Rating
The NCDs proposed to be issued under this Issue have been rated CRISIL AA/Stable by CRISIL Ratings Limited and ICRA AA (Stable) by ICRA Limited with such ratings considered to have a stable outlook.
Company Financials
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 7,052.41 | 7,719.70 | 6,795.83 | 7,056.85 |
| Revenue | 458.31 | 673.66 | 754.58 | 970.81 |
| Profit After Tax | 172.92 | 234.52 | 282.80 | 156.19 |
| Net Worth | 1,452.41 | 1,394.43 | 1,272.30 | 1,693.77 |
360 ONE Prime NCD Allocation Ratio
NCD’s Offered by Category
| Category | NCD’s Reserved |
|---|---|
| Institutional | 400,000 |
| Non-Institutional | 400,000 |
| HNI | 600,000 |
| Retail | 600,000 |
| Total NCD’s | 2,000,000 |
Company Promoters
- 360 ONE WAM Limited
360 ONE Prime NCD Lead Manager
A.K. CAPITAL SERVICES LIMITED
603, 6th Floor, Windsor Off CST Road,
Kalina Santacruz (East), Mumbai – 400 098 Maharashtra
Phone: +91 22 6754 6500
Email: 360oneprime.ncd2023@akgroup.co.in
Website: www.akgroup.co.in
JM FINANCIAL LIMITED
7th Floor, Cnergy, Appasaheb Marathe Marg,
Prabhadevi Mumbai – 400 025
Phone: +91 22 6630 3030
Email: 360oneprime.ncd2023@jmfl.com
Website: www.jmfl.com
IIFL SECURITIES LIMITED
24th Floor, One Lodha Place, Senapati Bapat Marg
Lower Parel (West) Mumbai – 400 013
Phone: +91 22 4646 4728
Email: 360oneprime.ncd@iiflcap.com
Website: www.iiflcap.com
360 ONE Prime Registrar
LINK INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park
L.B.S. Marg, Vikhroli West
Mumbai – 400 083, Maharashtra
Telephone: +91 810 811 4949
Email: 360oneprime.ncd2023@linkintime.co.in
Website: www.linkintime.co.in
Company Contact Details
360 ONE PRIME LIMITED
360 ONE Centre, Kamala City, Senapati Bapat Marg,
Lower Parel, Delisle Road, Mumbai – 400 013, Maharashtra
Phone: +91 22 4876 5600
Email: nbfc-compliance@360.one
Website: www.iiflwealthprime.com
Final Thoughts
Non-convertible debentures (NCDs) are a better investment option for those who are looking for a diversified portfolio. investing in 360 ONE Prime NCD is purely your personal choice. make a good study and analysis before you make the investment decision.
Happy Investing
