Gold loan NBFC Indel Money opens new NCD issue: Up to ₹150 crore on offer with attractive returns
NBFC Indel Money on Sunday announced the fifth public issue of secured NCDs of the face value of Rs 1,000 each. The issue opens on October 21, 2024, and closes on November 04, 2024 (with an option of early closure in case of early over-subscription).
The issue includes a base issue size for an amount of up to Rs 75 crore with an option to retain oversubscription up to Rs 75 crore aggregating up to Rs 150 crore.
The coupon yields up to 13.44% per annum with tenure ranging from 366 days to 66 months. The minimum application size is Rs 10,000 across all series of NCDs. The NCDs are proposed to be listed on BSE Limited
Umesh Mohanan, Executive Director and CEO, of Indel Money said,«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 funds raised through this issue will be used for onward lending, financing, repayment/ prepayment of principal and interest on borrowings of the company (at least 75%) and general corporate purposes (maximum of up to 25%).
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