Indel Money Announces Public Issue Of Rs.150 Cr of Secured, Unsecured NCDs

Indel Money announced a public issue of Secured and Unsecured NCDs of the face value of Rs.1,000 each. The Issue opens on September 23, 2021, and closes on Oct 18, 2021 (with an option of early closure in case of early over subscription)

Umesh Mohanan, Executive Director and CEO, Indel Money said," Our business strategy is designed to capitalize on our competitive strengths and enhance our position in the Gold Loan industry and to expand our presence. Our prudent risk management policies and development of tailored credit procedures will allow us to expand our Gold Loan financing. These NCD funds will help us expand our borrowing mix. "

The Secured and Unsecured NCDs come with a face value of Rs.1,000 each. 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 Lead Manager of the Issue is Vivro Financial Services. 

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 (at least 75 per cent) and general corporate purposes* (maximum of up to 25 per cent). 

The Net Proceeds will be first utilized towards the Objects mentioned above. The balance is proposed to be utilized for general corporate purposes, subject to such utilization not exceeding 25 per cent of the gross proceeds, in compliance with the SEBI NCS Regulations

Indel Money is a non-deposit-taking and a non - systemically important non-banking finance company (“NBFC”) in the gold loan sector.