Navi Finserv NCD opens for subscription on 26 February 2024. The company aims for a base issue size of ₹300 Crores.
About the company
Incorporated in 2012, Navi Finserv is a non-deposit-taking, systemically important NBFC registered with RBI and a wholly owned subsidiary of NTL. NTL is a technology-driven financial products and services company in India, focusing on the digitally connected young middle-class population. The company offers lending products like personal loans and home loans under the ‘Navi’ brand. It also offers microfinance loans, under the ‘Chaitanya’ brand through the Subsidiary, CIFCPL. The company launched personal loans and home loan products under the ‘Navi’ brand in April 2020 and February 2021. Under this business, the personal loans extend instant personal loans up to INR 2.0 million with tenors of up to 84 months through an entirely digital Navi App-only process.
As of 30 September 2023, the company has disbursed 3,671,272 personal loans amounting to INR 21,532.13 crore. During the six months ended 30 September 2023, Navi Finserv disbursed 1,010,761 personal loans amounting to INR 6,136.15 crore, with an average ticket size of INR 60,708. From the date of the launch, the company has approved personal loans to customers across over 99.69% of all Indian pin codes. As of 30 September 2023, the company’s personal loans business had an AUM of INR 6,763.58 crore.
As of 31 March 2023, the company had disbursed home loans across 10 cities in India. The company offers loans up to INR 10 crore with a tenor of up to 40 years. As of 30 September 2023, the company had an AUM of INR 725.76 crore. Since its launch, Navi Finserv has disbursed loans amounting to INR 1,178.56 crore, with an average ticket size of INR 0.62 crore during the six months ending 30 September 2023. Its microfinance loan business is carried out through the Subsidiary, CIFCPL, to extend credit to low-income women in rural and semi-rural areas across India.
Objectives of the Issue
- For onward lending, financing, and repayment of existing loans and borrowings of the company.
- General corporate purposes.
Navi Finserv NCD Details
| Issue Open | February 26, 2024 – March 7, 2024 |
| Security Name | Navi Finserv Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | ₹ 300 Crores |
| Issue Size (Oversubscription) | ₹ 300 Crores |
| Overall Issue Size | ₹ 600 Crores |
| Issue Price | |
| Face Value | ₹ 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE, NSE |
| Credit Rating | CRISIL A/Stable by CRISIL. |
| Tenor | 18, 27 and 36 months |
| Series | Series I to V |
| Payment Frequency | Monthly and Annually |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Catalyst Trusteeship Limited |
Navi Finserv NCD Options and Coupon Rates
| Option | Tenure | Interest Payment | Coupon Rate | Effective Yield | Maturity Amount |
| Series 1 | 18 months | Monthly | 10.00% | 10.47% | ₹ 1,000 |
| Series 2 | 27 months | Monthly | 10.40% | 10.91% | ₹ 1,000 |
| Series 3 | 27 months | Annual | 10.90% | 10.94% | ₹ 1,000 |
| Series 4 | 36 months | Monthly | 10.65% | 11.19% | ₹ 1,000 |
| Series 5 | 36 months | Annual | 11.19% | 11.19% | ₹ 1,000 |
Navi Finserv NCD Rating
The NCDs proposed to be issued under this Issue have been rated CRISIL A/Stable by CRISIL.
Navi Finserv Company Financials
| Period Ended | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 12,523.95 | 6,312.72 | 4,401.07 |
| Revenue | 2,078.55 | 819.89 | 565.24 |
| Profit After Tax | 264.16 | -14.66 | 118.17 |
| Reserves and Surplus | 2,153.99 | 1,080.52 | 1,010.85 |
Navi Finserv NCD Allocation Ratio
Company Promoters
- Navi Technologies Limited
Navi Finserv NCD Lead Manager
JM FINANCIAL LIMITED
7th Floor, Cnergy, Appasaheb Marathe Marg,
Prabhadevi Mumbai – 400 025
Phone: +91 22 6630 3030
Email: nfl.ncd2024@jmfl.com
Website: jmfl.com
Navi Finserv Registrar
LINK INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park
L.B.S. Marg, Vikhroli West
Mumbai – 400 083, Maharashtra
Phone: +918108114949
Email: navifinserv.ncd2024@linkintime.co.in
Website: www.linkintime.co.in
Company Contact Details
NAVI FINSERV LIMITED
Second Floor, Vaishnavi Tech Square,
Iballur Village, Begur Hobli, Bengaluru 560 102, Karnataka
Phone: 080 45113400
Email: secretarial@navi.com
Website: www.navi.com/finserv
Final Thoughts
Non-convertible debentures (NCDs) are a better investment option for those who are looking for a diversified portfolio. investing in Navi Finserv NCD is purely your personal choice. make a good study and analysis before you make the investment decision.
Happy Investing
