Indel Money’s Public Issue of NCDs oversubscribed by 1.5 times
Indel Money Limited, a non-deposit taking non-banking finance company (“NBFC”) in the gold loan sector, announced that its Fifth Public Issue of Secured, Redeemable Non-Convertible Debentures (“NCDs”) of face value of Rs 1,000/- each, aggregating to Rs 75 crore, has been oversubscribed. On the last day of the Issue, the company received bids worth Rs 117.38 crore, registering a subscription of 156.51%
image for illustrative purpose
Mumbai, Nov 06: Indel Money Limited, a non-deposit taking non-banking finance company (“NBFC”) in the gold loan sector, announced that its Fifth Public Issue of Secured, Redeemable Non-Convertible Debentures (“NCDs”) of face value of ₹1,000/- each, aggregating to ₹75 crore, has been oversubscribed. On the last day of the Issue, the company received bids worth ₹117.38 crore, registering a subscription of 156.51%.
The NCD Issue, with a yield on Redemption of up to 13.44% per annum, opened on October 21, 2024, and closed on November 4, 2024. The NCDs are likely to be listed on the BSE on or after November 11th, 2024. The Issue had an option to retain over-subscription of up to ₹75 crore, aggregating up to a total of ₹150 crore. The NCDs were rated as BBB+ Stable by Crisil Ratings. The Lead Manager to the Issue was Vivro Financial Services Private Limited.
Mr. Umesh Mohanan, Executive Director and CEO, Indel Money said," “We are happy to announce that our NCD Issue has evoked promising response from the market and it got subscribed by 156.51%. It is a clear indication of the investors’ trust in our business model, expansion projects and corporate governance practice. It gives us immense courage and confidence to go ahead with our future plans, live up to our promises, and hold on to the values we inculcated during this long journey.”
The Secured NCDs come with the face value of ₹ 1,000 each. The issue includes a Base Issue Size for an amount of up to ₹75 crore with an option to retain oversubscription up to ₹ 75 crore aggregating up to ₹150 crore. The Lead Manager to the Issue is Vivro Financial Services Private Limited.
The funds raised through this issue will be used for the purpose of onward lending, financing, and for repayment/ prepayment of principal and interest on borrowings of the Company (at least 75%) and general corporate purposes* (maximum of up to 25%).
(*The Net Proceeds will be first utilized towards the Objects mentioned above. The balance is proposed to be utilized for general corporate purposes, subject to such utilization not exceeding 25% of the gross proceeds, in compliance with the SEBI NCS Regulations.)
Indel Money Limited has a total Assets Under Management (AUM) of ₹1,78,575.19 lakh as on June 30, 2024. Gold Loan accounts for 91.82% of the loan portfolio. As on September 30, 2024, the NBFC has a network of 324 branches spread in the states of Haryana, Uttar Pradesh, Delhi, Madhya Pradesh, Odisha, Maharashtra, Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, Telangana, Andaman and Nicobar, Gujarat, and the union territory of Puducherry.
