Indel Money raising Rs 200 cr via NCDs
NCD issue open during Jan 30-Feb 12; The issue includes a base issue size for an amount of up to Rs100 cr with an option to retain over-subscription up to Rs100 cr
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Indel Money had a total outstanding AUM amounting to Rs817.41 crore as on September 30, 2023. Gold loans take up 82% of the loan portfolio with a branch network of 250 branches. It intends to widen the geographic footprint to over 425 branches across 12 States by FY25
Hyderabad: Indel Money Limited, an Indian non-banking financial company (NBFC) in the gold loan sector, has announced its fourth public issue of secured, redeemable non-convertible debentures (NCDs) of face value of Rs1,000 each. The issue opens on Tuesday (January 30) and closes on Monday (February 12) with an option of early closure in case of early over subscription.
Umesh Mohanan, Executive Whole Time Director, Indel Money Ltd, said: “Our business strategy is designed to capitalise on our competitive strengths to enhance our position in the gold loan industry and to expand our presence. The first half of FY24 saw the company demonstrating a stellar performance with its profitability surging by a record 568.86 per cent buoyed by a strong AUM growth.”
The company has plans to expand into newer territories and enhance operational efficiencies despite a challenging business environment.
“We aim to continue to grow our loan portfolio by expanding our branch network by opening new branches. Increased revenue, profitability and visibility are the factors that drive the branch network. With this issue, we aim to expand our sources of funds,” he said.
The issue includes a base issue size for an amount of up to Rs100 crore with an option to retain over-subscription up to Rs100 crore aggregating up to Rs200 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 the borrowings.
Indel Money had a total outstanding AUM (excluding off-balance sheet assets) amounting to Rs817.41 crore as on September 30, 2023, as compared to Rs647.68 crore as on March 31, 2023. Gold loans take up 82 per cent of the loan portfolio with a branch network of 250 branches as on September 30, 2023. It intends to widen the geographic footprint to over 425 branches across 12 States by FY25. The company had earlier launched three public issues of NCDs and raised more than Rs260 crore.
