InCred Financial Services Ltd (IFCL) on Friday announced a public issue of secured, rated, listed, redeemable, non-convertible debentures (NCDs) aggregating up to ₹300 crore, with the coupon rate ranging from 9.48 per cent to 10.30 per cent, depending on the tenor.

The issue, whose base issue is ₹150 crore with an option to retain oversubscription up to ₹150 crore, will open on October 25, 2023, and close on November 7, 2023, with an option of early closure or extension as may be decided by the Board of Directors or Finance Committee of the company, per an IFCL statement.

“Out of the net proceeds of the Issue, at least 75 per cent of the net proceeds shall be utilised for the purpose of onward lending, financing, and for repayment of interest and principal of existing borrowings of the company and a maximum up to 25 per cent of the net proceeds may be utilised for general corporate purposes,” the non-banking finance company said.

The minimum application size would be ₹10,000 (that is 10 NCDs) and thereafter in multiples of ₹1,000 (that is one NCD) thereof.

This issue has maturity/tenor options of 18 months, 24 months, and 36 months for NCDs with monthly, quarterly and annual coupon payment being offered across series I, II, III, IV, and V.

IFCL (formerly known as KKR India Financial Services Ltd) provides consumer loans, education loans, and MSME loans. As on June 30, 2023, the asset under management of the company was ₹6,483.50 crore. It reported a net profit of ₹62.77 crore in Q1FY24, per IFCL’s prospectus.

JM Financial Ltd and InCred Capital Wealth Portfolio Managers Pvt Ltd are lead managers to the issue.

Related Topics
comment COMMENT NOW