ICL Fincorp Limited NCD – April 2024

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 OpenApril 5, 2024 – April 12, 2024
Security NameICL Fincorp Limited
Security TypeSecured, 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 size10 NCD
Market Lot1 NCD
Listing AtBSE
Credit RatingACUITE BBB- by Acuite Ratings and Research Limited
Tenor13, 24, 36, 60 and 68 months
SeriesSeries I to X
Payment FrequencyMonthly, Annual and Cumulative
Basis of AllotmentFirst Come First Serve Basis
Debenture Trustee/sMitcon Credentia Trusteeship Services Limited

ICL Fincorp Limited NCD Options and Coupon Rates


OptionTenureInterest PaymentCoupon RateEffective YieldMaturity Amount
Series 113 monthsMonthly11.00%11.57%₹ 1,000
Series 224 monthsMonthly11.50%12.13%₹ 1,000
Series 336 monthsMonthly12.00%12.68%₹ 1,000
Series 460 monthsMonthly12.50%13.24%₹ 1,000
Series 513 monthsCumulativeNA11.55%₹ 1,125.16
Series 624 monthsCumulativeNA12.36%₹ 1,254.40
Series 736 monthsCumulativeNA13.03%₹ 1,423.83
Series 824 monthsAnnual11.75%11.75%₹ 1,000
Series 936 monthsAnnual12.25%12.25%₹ 1,000
Series 1068 monthsCumulativeNA13.75%₹ 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 Ended30 Jun 202331 Mar 202331 Mar 202231 Mar 2021
Profit After Tax0.863.042.712.80
(Amount in ₹ Crore)

ICL Fincorp Limited NCD Allocation Ratio

Category NCD’s Allocated

NCD’s Offered by Category

Category NCD’s Reserved
Total NCD’s750,000

Company Promoters

  • Kuzhuppilly Govinda Menon Anilkumar

ICL Fincorp Limited NCD Lead Manager

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

“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, 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

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