∙ Secured NCDs of face value of Rs.1,000 each
∙ The Issue includes a Base Issue Size for an amount of up to Rs.100 crores with an option to retain over-subscription up to Rs. 100 crores aggregating up to Rs.200 crores
∙ Issue opens on Tuesday, January 30th, 2024 and closes on Monday, February 12th, 2024
∙ Doubling of investment in 72 months – Option VIII
∙ Coupon yielding up to 12.25% per annum
∙ Secured NCDs with tenure ranging from 366 days to 72 months
∙ Minimum application size 10 NCDs (Rs.10,000) across all Options of NCDs
Chennai, 31 January 2024
Indel Money Limited, one of the fastest growing NBFC in the gold loan sector, announced the 4th public issue of Secured NCDs of face value of Rs.1,000 each. The Issue opened on Tuesday, January 30, 2024 and will close on Monday, February 12, 2024 (with an option of early closure in case of early over subscription).
Mr. Umesh Mohanan, Executive Whole Time Director, Indel Money Limited said, “Our business strategy is designed to capitalize 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% buoyed by a strong AUM growth, heightened demand for gold loans, expansion into newer territories and operational efficiencies despite a challenging business environment. Tamil Nadu has always been our primary strategic focus in the south Indian states. 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.”
The issue includes a Base Issue Size for an amount of up to Rs.100 crores with an option to retain over-subscription up to Rs.100 crores aggregating up to Rs.200 crores. 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.
Indel Money Limited had a total outstanding AUM (excluding off-balance sheet assets) amounting to Rs.81,740.86 lakhs as on September 30, 2023 as compared to Rs.64,768.53 lakhs as on March 31, 2023. Gold Loans takes up ~82% of the loan portfolio with a branch network of 250 branches as on September 30, 2023. Indel Money Limited intends to widen our geographic footprint by Fiscal 2025 to over 425 branches across 12 Indian states, expanding to eastern and northern states in India.
Indel Money Limited had successfully launched 3 public issues of NCDs and raised more than Rs.260 crores.
Notes to the Editor: Indel Money Limited:
We are an 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. We also provide loans against property, business loans and personal loans. Our Gold Loan portfolio (excluding off-balance sheet assets) for on the half year ended September 30, 2023, and Fiscal 2023, 2022 and 2021 amounted to ₹67,132.98 lakhs, ₹50,635.60 lakhs, ₹42,135.99 lakhs and ₹30,994.35 lakhs which is 82.13%, 78.18%, 80.46% and77.71% of our total loans and advances (excluding off-balance sheet assets) as on such specific dates. We, as on September 30, 2023, had a network of 250 branches spread in the states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Odisha, Maharashtra and Telangana and the union territory of Puducherry.
Indel Money Limited is subject to market conditions and other considerations, proposing a public issue of Secured Redeemable Non-Convertible Debentures and has filed a Prospectus dated January 16, 2024 (“Prospectus”) with the Registrar of Companies, Maharashtra at Mumbai, BSE Limited (“BSE”) and Securities and Exchange Board of India (“SEBI”). The Prospectus is available on our website at www.indelmoney.com, on the website of the stock exchange at www.bseindia.com, and on the website of the Lead Manager at www.vivro.net All investors proposing to participate in the public issue of NCDs by Indel Money Limited should invest only on the basis of the information contained in the Prospectus. Please see the section titled “Risk Factors” beginning on page 17 of the Prospectus for risk in this regard.