Indel Money Limited announced its Public Issue of up to Rs.200 crores of Secured, Redeemable Non-Convertible Debentures (NCDs)

Mumbai, 17th January 2024 (GNI): Jijith Raj EVP & Business Head, INDEL Money, Umesh Mohanan ED & CEO, from INDEL Money, Vivek Vaishnav, Director, Vivro Financial Services during the announcement of Public Issue of up to Rs.200 crores of Secured, Redeemable Non-Convertible Debentures (NCDs) at a media press conference at Hotel Intercontinantel, in Mumbai – photo by Sumant Gajinkar GNI

Indel Money Limited announced its Public Issue of up to Rs.200 crores of Secured, Redeemable Non-Convertible Debentures (NCDs)

• Secured NCDs of face value of Rs.1,000 each

• 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

• Issue opens on Tuesday, January 30th, 2024 and closes on Monday, February 12th, 2024

• Doubling of investment in 72 months – Option VIII

• Coupon yielding up to 12.25% per annum

• Secured NCDs with tenure ranging from 366 days to 72 months 

• Minimum application size 10 NCDs (Rs. 10,000) across all Options of NCDs

Mumbai, 17 January, 2024 (GNI): Indel Money Limited, one of the fastest growing NBFC in the gold loan sector, announced the 4^th 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).

Addressing to the media persons 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 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.

Notes to the Editor: Indel Money Limited: We are an NBFC in the gold loan sector lending money against the pledge of household gold jewellery (“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 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. 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.

The Prospectus is available on our website at www.indelmoney.com, on the website of the stock exchange at www.bseindia.com, and on the website of the Lead Manager at www.vivro.net ends GNI