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Business Economy


Indel Money launches public issue of up to Rs 200 cr of secured, redeemable NCDs

Hyderabad, Jan 30 (UNI) Indel Money Limited, one of the fastest-growing NBFCs in the gold loan sector, announced on Tuesday the 4th public issue of secured, redeemable non-convertible debts (NCDs) with a face value of Rs. 1,000 each.
The issue opens today and closes on February 12, 2024 (with an option of early closure in case of early oversubscription).
Secured NCDs with tenure ranging from 366 days to 72 months and a coupon yielding up to 12.25 percent, said Mr. Umesh Mohanan, Executive Whole Time Director, Indel Money Limited, on the occasion.
The minimum application size is 10 NCDs (Rs. 10,000) across all options of NCDs, he said.
The funds raised through this issue will be used for onward lending, financing, and repayment/prepayment of principal and interest on borrowings of the company, he informed.
Mr. Umesh said, "Our business strategy is designed to capitalise on our competitive strengths to enhance our position in the gold loan industry and to expand our presence. The first half of FY24 saw the company demonstrate a stellar performance, with its profitability surging by a record 568.86 percent, buoyed by strong AUM growth, heightened demand for gold loans, expansion into newer territories, and operational efficiencies despite a challenging business environment. We aim to continue to grow our loan portfolio by expanding our branch network by opening new branches.".
With this issue, we aim to expand our sources of funds. He said the company 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 percent 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, he added.
Indel Money Limited had successfully launched three public issues of NCDs and raised more than Rs. 260 crore.
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