IIFL Samasta Finance NCD opens for subscription on 03 June 2024. The company aims for a base issue size of ₹200 Crores.
About the company
IIFL Samasta is an important Non-Banking Finance company – Micro Finance Institution (NBFC MFI) in India that offers innovative and affordable financial products to women who are enrolled as members and organized as a Joint Liability Group (JLG) from unbanked sections in society across rural, semi-urban and urban areas in India.
The company is a subsidiary of IIFL Finance Limited and offers a wide range of loans tailored for underserved individuals who lack access to traditional banking services and includes income generation loans (IGL), top-up loans, loans against property, micro-enterprise loans, lifestyle and family welfare loans such as dairy cattle loan, sanitation, and hygiene, acquisition of daily-use items like cook stoves, water purifiers, solar lights, mobile phones, and other products enhancing their way of life.
As of 30 September 2023, the company had a presence in 1,485 branches in 21 states and one union territory in India, serving an active customer base of 27.20 lakh, as of 30 September 2023. IIFL Samasta Finance’s average cost of borrowing in Fiscal 2023 and the six-month period ending 30 September 2023 were 9.98% and 10.49%, respectively. The AUM has grown by 62.75% from INR 6,483.84 crore as of 31 March 2022 to INR 10,552.12 crore as of 31 March 2023. The AUM as of 30 September 2023 is INR 12,195.93 crore.
Objectives of the Issue
- For onward lending, financing / refinancing the existing indebtedness of the company, and/or debt servicing (payment of interest and/or repayment/prepayment of interest and principal of existing borrowings of the company); and
- General Corporate Purposes.
IIFL Samasta Finance NCD Details
| Issue Open | June 3, 2024 – June 14, 2024 |
| Security Name | IIFL Samasta Finance Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | ₹ 200.00 Crores |
| Issue Size (Oversubscription) | ₹ 800.00 Crores |
| Tranche Issue Size | ₹ 1,000.00 Crores |
| Issue Size (Shelf) | ₹ 2,000.00 Crores |
| Tranche Number | II |
| Issue Price | ₹ 1000 per NCD |
| Face Value | ₹ 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE, NSE |
| Credit Rating | CRISIL AA-/Watch Developing by CRISIL Ratings Limited and ‘ACUITE AA | Rating Watch Negative Implications’ by Acuite Ratings & Rese |
| Tenor | 24, 36 and 60 Months |
| Series | Series I to VI |
| Payment Frequency | Monthly and Annually |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Beacon Trusteeship Limited |
IIFL Samasta Finance NCD Options and Coupon Rates
| Option | Tenure | Interest Payment | Coupon Rate | Effective Yield | Maturity Amount |
| Series 1 | 24 months | Monthly | 9.20% | 9.60% | ₹ 1,000 |
| Series 2 | 24 months | Annual | 9.60% | 9.60% | ₹ 1,000 |
| Series 3 | 36 months | Monthly | 9.57% | 10.00% | ₹ 1,000 |
| Series 4 | 36 months | Annual | 10.00% | 10.00% | ₹ 1,000 |
| Series 5 | 60 months | Monthly | 10.03% | 10.50% | ₹ 1,000 |
| Series 6 | 60 months | Annual | 10.50% | 10.49% | ₹ 1,000 |
IIFL Samasta Finance NCD Rating
The ratings of NCDs proposed to be issued under the terms of this Tranche II Prospectus have been revalidated to CRISIL AA-/Watch Developing (Continues on ‘Rating Watch with Developing Implications’) for an amount of ₹ 2,000 crore by CRISIL Ratings Limited vide their rating letter dated May 8, 2024 and ‘ACUITE AA | Rating Watch Negative Implications’ for an amount of ₹ 2,000 crore by Acuite Ratings & Research Limited vide their rating revalidation letter dated May 10, 2024.
Company Financials
| Period Ended | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 11,400.26 | 8,904.10 |
| Revenue | 2,770.93 | 1,753.51 |
| Profit After Tax | 503.04 | 128.18 |
| Net Worth | 1,919.99 | 1,272.85 |
NCD Allocation Ratio
NCD’s Offered by Category
| Category | NCD’s Reserved |
|---|---|
| Institutional | 200,000 |
| Non-Institutional | 600,000 |
| HNI | 600,000 |
| Retail | 600,000 |
| Total NCD’s | 2,000,000 |
Company Promoters
- Narayanaswamy Venkatesh
- Shivaprakash Deviah
- IIFL Finance Limited
IIFL Samasta Finance Documents
NCD Lead Managers
TRUST INVESTMENT ADVISORS PRIVATE LIMITED
109/110, Balarama, Bandra Kurla Complex,
Bandra East, Mumbai – 400 051
Phone: +91 22 40845000
Email: projectpragathi.trust@trustgroup.in
Website: www.trustgroup.in
NUVAMA WEALTH MANAGEMENT LIMITED
801-804, Wing A, Building No 3, Inspire BKC,
G Block, Bandra Kurla Complex,
Bandra East, Mumbai – 400 051
Phone: +91 22 4009 4400
Email: iifl.samasta@nuvama.com
Website: www.nuvama.com
IIFL SECURITIES LIMITED
24th Floor, One Lodha Place, Senapati Bapat Marg
Lower Parel (West) Mumbai – 400 013
Phone: +91 22 4646 4728
Email: iiflsamasta.ncd@iiflcap.com
Website: www.iiflcap.com
NCD 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: iiflsamasta.ncd2024@linkintime.co.in
Website: www.linkintime.co.in
Company Contact Details
IIFL SAMASTA FINANCE LIMITED
37A, Sannathi Street, Theradi, Thiruvottriyur,
Chennai – 600 019, Tamil Nadu
Phone: +91 80 4291 3588
Email: secretarial@iiflsamasta.com
Website: www.iiflsamasta.com
IIFL Samasta Finance NCD Subscription Status (no. of times)
| Date | QIB | NII | HNI | Retail | Total |
|---|---|---|---|---|---|
| 14 Jun 2024 | 0.00 | 0.73 | 1.65 | 1.21 | 1.08 |
| 13 Jun 2024 | 0.00 | 0.06 | 0.76 | 1.03 | 0.55 |
| 12 Jun 2024 | 0.00 | 0.06 | 0.72 | 0.87 | 0.50 |
| 11 Jun 2024 | 0.00 | 0.03 | 0.95 | 0.62 | 0.48 |
| 10 Jun 2024 | 0.00 | 0.03 | 0.95 | 0.62 | 0.48 |
| 7 Jun 2024 | 0.00 | 0.03 | 0.67 | 0.48 | 0.39 |
| 6 Jun 2024 | 0.00 | 0.03 | 0.38 | 0.34 | 0.23 |
| 5 Jun 2024 | 0.00 | 0.03 | 0.28 | 0.26 | 0.17 |
| 4 Jun 2024 | 0.00 | 0.03 | 0.14 | 0.18 | 0.10 |
| 3 Jun 2024 | 0.00 | 0.02 | 0.02 | 0.11 | 0.05 |
Allotment Status
IIFL Samasta Finance NCD June 2024 allotment status will be updated on Link Intime’s website. Click on Link Intime IPO weblink to get allotment status.
Final Thoughts
Non-convertible debentures (NCDs) are a better investment option for those seeking a diversified portfolio. investing in IIFL Samasta Finance NCD is purely your personal choice. make a good study and analysis before you make the investment decision.
Happy Investing
