Indel Money NCD opens for subscription from 06 June 2023. the company aims for a base issue size of ₹50 Crores.
Indel Money Limited
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 jewellery (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 nine months ended 31 December 2022, 31 March 2022, 31 March 2021, and 31 March 2020 amounted to ₹ 546.80 crore, ₹421.36 crore, ₹ 309.94 crore, and ₹ 295.89 crore which is 80.62%, 80.46%, 77.71% and 87.99% of its total loans and advances as on such specific dates. As on 31 March 2023, the company had a network of 245 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 lenders 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.
Objectives of the Issue
- For the purpose of onward lending, financing, and for repayment/prepayment of principal and interest on borrowings of the Company
- General corporate purposes.
Indel Money NCD June 2023 Details
| Issue Open | Jun 6, 2023 – Jun 19, 2023 |
| Security Name | Indel Money Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | ₹ 50 Crores |
| Issue Size (Shelf) | ₹ 100 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 | BBB +/Stable rating by Crisil Ratings Limited. |
| Tenor | 400 days, 24, 61, and 72 months. |
| Series | Series I to VII |
| Payment Frequency | Monthly and Cumulative |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trusties | Vistra Itcl India Limited |
Options and Coupon Rates
| Option | Tenure | Interest Payment | Coupon Rate | Effective Yield | Maturity Amount |
| Series 1 | 400 Days | Monthly | 9.00% | 9.38% | ₹ 1,000 |
| Series 2 | 400 Days | Cumulative | NA | 9.00% | ₹ 1,098.75 |
| Series 3 | 24 months | Monthly | 10.50% | 11.02% | ₹ 1,000 |
| Series 4 | 24 months | Cumulative | NA | 10.75% | ₹ 1,226.56 |
| Series 5 | 61 months | Monthly | 11.50% | 12.13% | ₹ 1,000 |
| Series 6 | 61 months | Cumulative | NA | 11.50% | ₹ 1,738.67 |
| Series 7 | 72 months | Cumulative | NA | 12.25% | ₹ 2,000.41 |
NCD Rating
The company has received a rating of BBB +/Stable (pronounced as CRISIL triple B plus rating with Stable outlook) by Crisil Ratings Limited for the NCDs proposed to be issued pursuant to this Issue.
Company Financials
| Period Ended | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 31-Mar-21 | 501.99 | 94.66 | 8.75 |
| 31-Mar-22 | 736.55 | 123.00 | 2.11 |
NCD Allocation Ratio
Company Promoters
- Indel Corporation Private Limited
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 NCD 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.ncd3@linkintime.co.in
Website: www.linkintime.co.in
Company Contact Details
INDEL MONEY LIMITED
Indel House, Changampuzha Nagar,
South Kalamassery,
Ernakulam 682 0335, Kerala
Phone: +91 484 293 3988
Email: cs@indelmoney.com
Website: www.indelmoney.com
Final Thoughts
Non-Convertible Debentures (NCD) 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.
Happy Investing
