Indel Money Announces Secured NCD Issue Of Up To Rs2Bn

Issue opens on Tuesday, January 30th, 2024 and closes on Monday, February 12th, 2024; Coupon yielding up to 12.25% per annum

Jijith Raj, Business Head; Umesh Mohanan, Executive Director & CEO, Indel Money and Vivek Vaishnav, Director, Vivro Financial Services

FinTech BizNews Service   

Mumbai, January 17, 2024: Indel Money Limited, one of the fastest-growing NBFCs in the gold loan sector, announced the 4th public issue of Secured NCDs of the 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 oversubscription). 

Mr. 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 the 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 the 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 enhancing 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 of September 30, 2023, as compared to Rs.64,768.53 lakhs as of March 31, 2023. Gold Loans takes up ~82% of the loan portfolio with a branch network of 250 branches as of 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.

About Indel Money Limited

It is an NBFC in the gold loan sector lending money against the pledge of household gold jewelry (“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 the half year ended September 30, 2023, and Fiscal 2023, 2022, and 2021 amounted to Rs.67,132.98 lakhs, Rs. 50,635.60 lakhs, Rs. 42,135.99 lakhs and Rs. 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.

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