ICL Fincorp Limited NCD opens for subscription on 05 April 2024. The company aims for a base issue size of ₹75 Crores.
About the company
ICL Fincorp is a non-deposit-taking and systemically important non-banking finance company (NBFC) in the gold loan sector lending money against the pledge of household gold jewelry (Gold Loans) in the states of Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Odisha, Gujarat, and Maharashtra. It also offers property, business, and new and pre-owned vehicle loans.
The company specializes in providing Gold Loans to individuals, primarily from middle-class families. The Gold Loan portfolio for the nine months ended 31 December 2023, and FY 2023, 2022, 2021 amounted to INR 404.43 crore, and INR 392.94 crore, INR 335.63 crore, INR 280.47 crore which is 98.65%, 99.20%, 97.51% and 92.98% of the total loans and advances (excluding off-balance sheet assets) as on such specific dates, on standalone basis.
As of 31 December 2023, ICL Fincorp had a network of 277 branches with a major presence in the southern states including Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, and Odisha. As of the same date, the company has 1,256 employees, with 58% of women employees.
Objectives of the Issue
- For onward lending, financing, and for repayment/prepayment of principal and interest on existing borrowings of the Company; and
- General corporate purposes.
ICL Fincorp Limited NCD Details
| Issue Open | April 5, 2024 – April 12, 2024 |
| Security Name | ICL Fincorp Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | ₹ 75 Crores |
| Overall Issue Size | ₹ 75 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 | ACUITE BBB- by Acuite Ratings and Research Limited |
| 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 |
ICL Fincorp Limited NCD Options and Coupon Rates
s
| Option | Tenure | Interest Payment | Coupon Rate | Effective Yield | Maturity Amount |
| Series 1 | 13 months | Monthly | 11.00% | 11.57% | ₹ 1,000 |
| Series 2 | 24 months | Monthly | 11.50% | 12.13% | ₹ 1,000 |
| Series 3 | 36 months | Monthly | 12.00% | 12.68% | ₹ 1,000 |
| Series 4 | 60 months | Monthly | 12.50% | 13.24% | ₹ 1,000 |
| Series 5 | 13 months | Cumulative | NA | 11.55% | ₹ 1,125.16 |
| Series 6 | 24 months | Cumulative | NA | 12.36% | ₹ 1,254.40 |
| Series 7 | 36 months | Cumulative | NA | 13.03% | ₹ 1,423.83 |
| Series 8 | 24 months | Annual | 11.75% | 11.75% | ₹ 1,000 |
| Series 9 | 36 months | Annual | 12.25% | 12.25% | ₹ 1,000 |
| Series 10 | 68 months | Cumulative | NA | 13.75% | ₹ 2,000 |
ICL Fincorp Limited NCD Rating
The NCDs proposed to be issued under this Issue have been rated ACUITE BBB- by Acuite Ratings and Research Limited, with such ratings considered to have a stable outlook.
Company Financials
| Period Ended | 30 Jun 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 563.98 | 527.66 | 458.64 | 374.68 |
| Revenue | 36.13 | 112.64 | 89.43 | 72.13 |
| Profit After Tax | 0.86 | 3.04 | 2.71 | 2.80 |
ICL Fincorp Limited NCD Allocation Ratio
NCD’s Offered by Category
| Category | NCD’s Reserved |
|---|---|
| Institutional | 7,500 |
| Non-Institutional | 7,500 |
| HNI | 225,000 |
| Retail | 510,000 |
| Total NCD’s | 750,000 |
Company Promoters
- Kuzhuppilly Govinda Menon Anilkumar
ICL Fincorp Limited NCD Lead Manager
SAFFRON CAPITAL ADVISORS PRIVATE LIMITED
605, SiXlh Floor, Centre Pont, Andheri-Kura Road,
J. B. Nagar, Andheri (East), Mumbai – 4 00 059, Maharashtra
Phone: +91 22 49730394
Email: ncds@saffronadvisor.com
Website: www.saffronadvisor.com
ICL Fincorp Limited NCD Registrar
CAMEO CORPORATE SERVICES LIMITED
“Subramanian Building”, No.1 Club House Road,
Chennai – 600 002, Tamil Nadu, India
Phone: +91 44 4002 0700
Email: ipo@cameoindia.com
Website: buyback.cameoindia.com/amrutanjan
Company Contact Details
ICL FINCORP LIMITED
ICL Fincorp Limited, Main Road,
Irinjalakuda, Thrissur – 680121, Kerala
Phone: +91 480 2670400, 2828071, 2831305
Email: info@iclfincorp.com
Website: www.iclfincorp.com
Final Thoughts
Non-convertible debentures (NCDs) are a better investment option for those who are looking for a diversified portfolio. investing in ICL Fincorp Limited NCD is purely your personal choice. make a good study and analysis before you make the investment decision.
Happy Investing
