Indel Money Limited announces Public Issue of up to Rs.200 crores of Secured, Redeemable Non-Convertible Debentures
Issue opens on Tuesday, January 30th, 2024 and closes on Monday, February 12th, 2024
- Secured NCDs with tenure ranging from 366 days to 72 months
- Minimum application size 10 NCDs (10,000) across all Options of NCDs
- Indel is soon entering Gujarat with 30 branches presence
BILKULONLINE
Ahmedabad, Jan 18: 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 opens on Tuesday, January 30, 2024 and closes on Monday, February 12, 2024 (with an option of early closure in case of early over subscription).
Umesh Mohanan, Executive Whole Time Director, Indel Money Limited said, “Being one of the fastest growing gold loan NBFC with growth in profit of more than 13 times for period ended September 2023 as compared to Fiscal 2022, we are consistently focusing on optimization of operating expenditure and increase in branch productivity metrics. We have witnessed healthy AUM growth during period ended September 30, 2023. Being one of the few gold loan companies to offer long term gold loan schemes in India, we aim to continue to grow our loan portfolio by expanding our branch network and further enhance revenue, profitability and visibility. The NCD issue will help us diversify our borrowing and investor mix.”
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.
Indel Money Limited is an NBFC in the gold loan sector lending money against the pledge of household gold jewellery in the states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Odisha, Maharashtra and Telangana and the union territory of Puducherry. They provide loans against property, business loans and personal loans. Their 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. As on September 30, 2023, they 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.
Top management team of Indel Money comprising of Umesh Mohanan, Executive Whole Time Director and CEO, T R Anantharaman, Director, Jijith Raj, Business Head and Jayesh Vithlani representingVivro Financial Services was in Ahmedabad on Thursday to brief the media about its announcement.
