Indel Money NCD opens for subscription on 30 January 2024. The company aims for a base issue size of ₹100 Crores.
About the company
The company is a non-deposit taking and a non – 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, Karnataka, Andhra Pradesh, Odisha, Maharashtra, and Telangana and the union territory of Puducherry. The company also provides loans against property, business loans, and personal loans.
Its Gold Loan portfolio for the half year ended 30 September 2023, and FY 2023, 2022, and 2021 amounted to INR 671.33 crore, INR 506.36 crore, INR 421.36 crore, and INR 309.94 crore which is 82.13%, 78.18%, 80.46% and 77.71% of its total loans and advances as on such specific dates. As of 30 September 2023, the company had a network of 250 branches spread in the states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Odisha, Maharashtra, and Telangana and the union territory of Puducherry.
The company belongs to the Indel Group, which was founded by Late Mr. Palliyil Janardhanan Nair. The Indel Group entered into the regulated financial services business at a small village in Palakkad, Kerala under a State Government Money lender license. Its Gold Loan customers are individuals primarily from rural and semi-urban areas. The company is one of the few gold loan companies which has launched a long-term 2-year gold loan scheme. The scheme accounted for 0.02% of the gold loan portfolio of the company for FY 2023.
Competitive strengths of the company
- Non-deposit-taking NBFC in the Gold Loan sector in South India with a long operating history
- Long-term gold loan schemes that are beneficial for customers
- Doorstep delivery of gold loans
- Well-established and growing branch network across rural and semi-urban areas in South India
- The experienced management team and skilled personnel
Objectives of the Issue
- For onward lending, financing, and repayment/prepayment of principal and interest on borrowings of the Company
- General corporate purposes.
Indel Money NCD Details
| Issue Open | January 30, 2024 – February 12, 2024 |
| Security Name | Indel Money Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | ₹ 100 Crores |
| Issue Size (Oversubscription) | ₹ 100 Crores |
| Overall Issue Size | ₹ 200 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 BBB+/Stable by by CRISIL Ratings Limited |
| Tenor | 366 days, 24, 36, 60 and 72 months |
| Series | Series I to VIII |
| Payment Frequency | Monthly and Cumulative |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Catalyst Trusteeship Limited |
Indel Money NCD Options and Coupon Rates
| Option | Tenure | Interest Payment | Coupon Rate | Effective Yield | Maturity Amount |
| Series 1 | 366 Days | Monthly | 9.00% | 9.38% | ₹ 1,000 |
| Series 2 | 366 Days | Cumulative | NA | 9.00% | ₹ 1,090.00 |
| Series 3 | 24 months | Monthly | 9.75% | 10.20% | ₹ 1,000 |
| Series 4 | 24 months | Cumulative | NA | 9.75% | ₹ 1,204.51 |
| Series 5 | 36 months | Monthly | 10.75% | 11.30% | ₹ 1,000 |
| Series 6 | 36 months | Cumulative | NA | 10.75% | ₹ 1,358.41 |
| Series 7 | 36 months | Monthly | 11.50% | 12.13% | ₹ 1,000 |
| Series 8 | 72 months | Cumulative | NA | 12.25% | ₹ 2,000.41 |
Indel Money NCD Rating
The NCDs proposed to be issued under this Issue have been rated CRISIL BBB+/Stable by CRISIL Ratings Limited. With this rating, they are considered to have a moderate degree of safety and moderate credit risk.
Indel Money Company Financials
| Period Ended | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 1,133.80 | 1,013.90 | 736.80 | 502.20 |
| Revenue | 143.40 | 187.30 | 123.00 | 94.70 |
| Profit After Tax | 28.60 | 20.50 | 2.11 | 8.70 |
Indel Money NCD Allocation Ratio
NCD’s Offered by Category
| Category | NCD’s Reserved |
|---|---|
| Institutional | 100,000 |
| Non-Institutional | 400,000 |
| Retail | 500,000 |
| Category 4 | 0 |
| Total NCD’s | 1,000,000 |
Company Promoters
- Indel Corporation Private Limited
Indel Money NCD Lead Manager
VIVRO FINANCIAL SERVICES PRIVATE LIMITED
607/608 Marathon Icon,
Opp. Peninsula Corporate Park Off. Ganpatrao Kadam Marg,
Veer Santaji Lane, Lower Parel Mumbai 400 013, Maharashtra, India
Phone: +91 22 6666 8040
Email: investors@vivro.net
Website: www.vivro.net
Indel Money Registrar
Link Intime India Private Limited
C-101, 1st Floor, 247 Park
L.B.S. Marg, Vikhroli West
Mumbai – 400 083, Maharashtra
Phone: + 91 810 811 4949
Email: indelmoney.ncd2023@linkintime.co.in
Website: www.linkintime.co.in
Company Contact Details
INDEL MONEY LIMITED
Indel House, Changampuzha Nagar,
South Kalamassery, Ernakulam 682 033, Kerala
Phone: +91 484 293 3988
Email: cs@indelmoney.com
Website: www.indelmoney.com
Final Thoughts
Non-convertible debentures (NCDs) are a better investment option for those who are looking for a diversified portfolio. investing in Indel Money NCD is purely your personal choice. make a good study and analysis before you make the investment decision.
Happy Investing
