Indel Money Limited announces 5th Public Issue of Secured, Redeemable NCDs
Secured NCDs of face value of Rs1,000 each. Minimum application size Rs10,000 across all Series of NCDs. The NCDs are proposed to be listed on BSE
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Hyderabad: Indel Money Limited, a non-deposit taking non-banking finance company (“NBFC”) in the gold loan sector, announced the fifth public issue of Secured NCDs of face value of Rs1,000 each. The Issue opens on October 21, 2024 and closes on November 4, 2024 (with an option of early closure in case of early over subscription).
Umesh Mohanan, Executive Director and CEO, Indel Money said," “Our business strategy is designed to capitalise on our competitive strengths enhance our position in the Gold Loan industry and to expand our presence. We intend 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. We expect to penetrate new markets and expand our customer base in rural and semi-urban markets where a large portion of the population has limited access to credit.”
The Secured NCDs come with the face value of Rs1,000 each. The issue includes a Base Issue Size for an amount of up to Rs75 crore with an option to retain oversubscription up to Rs75 crore aggregating up to Rs150 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 per cent) and general corporate purposes (maximum of up to 25 per cent).
The Net Proceeds will be first utilised towards the Objects mentioned above. The balance is proposed to be utilised for general corporate purposes, subject to such utilisation not exceeding 25 per cent of the gross proceeds, in compliance with the SEBI NCS Regulations.
Indel Money Limited had a total Assets Under Management (AUM) stood at Rs1,78,575.19 lakh as on June 30, 2024. Gold Loan takes up 91.82 per cent of the loan portfolio. As on September 30, 2024, had 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.
The NCD issue will help us diversify our funding sources.
