25-Nov-2023
2 mins read
ICL Fincorp Limited has announced a public issue of NCDs to raise capital from the debt market. The NCD subscription starts on November 28, 2023, and closes on December 11, 2023. It will have a base issue size of Rs 100 crore.
About ICL Fincorp Limited
Established in 1991, ICL Fincorp Limited stands as a prominent non-banking financial company, catering to the financial needs of individuals across multiple states in India. Their core focus lies in extending loans against household gold jewellery, offering their services primarily in Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Odisha, Gujarat, and Maharashtra regions.
Specialisation in Gold Loans: The company specialises in providing accessible Gold Loans targeted at individuals, specifically those from middle-class backgrounds. Their emphasis on this particular financial product underscores their commitment to aiding customers during financial hardships.
Efficient Loan Disbursement: One of ICL Fincorp Limited’s standout attributes is its ability to swiftly distribute loans. This agility positions them as a reliable financial partner, particularly during times of urgent financial need.
Expert Gold Appraisal Team: The Company prides itself on maintaining an in-house team of professionals dedicated solely to the appraisal of gold. This specialized team ensures precise, transparent, and unbiased evaluation of customers’ gold assets.
Adherence to Regulatory Standards: ICL Fincorp Limited places a significant emphasis on compliance with regulatory standards. They rigorously follow Know Your Customer (KYC) procedures, aligning with industry regulations and commitments to ethical business practices.
Financial Performance of ICL Fincorp Limited
| Period Ended | 31-Mar-23 | 31-Mar-22 | 31-Mar-21 |
| Assets | 526.1 | 458.1 | 386.23 |
| Revenue | 88.53 | 110.89 | 75.99 |
| Profit After Tax | 3,132.91 | 2 | 1.42 |
| Reserves and Surplus | 32.84 | 26.39 | 27.28 |
ICL Fincorp Limited NCD Details
| Issue Open | November 28, 2023 – December 11, 2023 |
| Security Name | ICL Fincorp Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 100.00 Crores |
| Issue Size (Shelf) | Rs 100.00 Crores |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE |
| Credit Rating | ACUITE BBB- with stable outlook by Acuité |
| Tenor | 13, 24, 36, 60 and 68 months |
| Series | Series I to X |
| Payment Frequency | Monthly, Annual and Cumulative |
| Basis of Allotment | First Come, First Serve Basis |
| Debenture Trustee/s | Mitcon Credentia Trusteeship Services Limited |
NCD Allocation Ratio of ICL Fincorp Limited NCD
| Category | NCD’s Allocated |
| Institutional | 1% |
| Non-Institutional | 4% |
| HNI | 20% |
| Retail | 75% |
ICL Fincorp Limited NCD Coupon Rates
| Series | Frequency of Interest Payment | Nature | Tenor | Coupon (% per Annum) | Effective Yield (% per Annum) | Amount on Maturity (In Rs.) |
| 1 | Monthly | Secured | 13 Months | 11.00% | 11.57% | Rs 1,000.00 |
| 2 | Monthly | Secured | 24 Months | 11.50% | 12.13% | Rs 1,000.00 |
| 3 | Monthly | Secured | 36 Months | 12.00% | 12.68% | Rs 1,000.00 |
| 4 | Monthly | Secured | 60 Months | 12.50% | 13.24% | Rs 1,000.00 |
| 5 | Cumulative | Secured | 13 Months | NA | 11.55% | Rs 1,125.16 |
| 6 | Cumulative | Secured | 24 Months | NA | 12.36% | Rs 1,254.40 |
| 7 | Cumulative | Secured | 36 Months | NA | 13.03% | Rs 1,423.83 |
| 8 | Annual | Secured | 24 Months | 11.75% | 11.75% | Rs 1,000.00 |
| 9 | Annual | Secured | 36 Months | 12.25% | 12.25% | Rs 1,000.00 |
| 10 | Cumulative | Secured | 68 Months | NA | 13.73% | Rs 2,000.00 |
NCD Rating of ICL Fincorp Limited NCD
The NCDs proposed to be issued under this issue have been rated ACUITE BBB- with stable outlook by Acuité.
Company Promoters of ICL Fincorp Limited
The promoter of the company is Kuzhuppilly Govinda Menon Anilkumar.
The Objective of the ICL Fincorp Limited NCD
The company intends to utilize the raised funds from the Issue, deducting the Issue-related expenses, for the following purposes:
- Facilitating onward lending, financing, and repayment or prepayment of principal and interest on current borrowings.
- Allocations towards general corporate endeavours.
ICL Fincorp Limited NCD Lead Manager(s)
The lead manager of the NCD is Saffron Capital Advisors Private Limited.
How to Apply for ICL Fincorp Limited NCD
Wait for the NCD to open for subscription, and then click on this link to apply for the ICL Fincorp Limited NCD with Bigul: https://ncd.bonanzaonline.com/.
How to Check the Allotment Status of ICL Fincorp Limited NCD
The registrar for ICL Fincorp Limited NCD is Cameo Corporate Services Limited. To check your allotment status, please click on this link: https://ipo.cameoindia.com/
FAQs
- What is ICL Fincorp Limited NCD?
The NCD (Non-Convertible Debentures) is a debt instrument offered by ICL Fincorp Limited to the public for subscription. It is a secured, redeemable debenture that carries a fixed interest rate.
- What is the primary objective of this NCD issue?
The funds raised from the issue, after deducting related expenses, will be used for lending, repaying existing borrowings, and general corporate purposes.
- What is the issue size and price of the NCD?
The base and shelf issue size, both are Rs 100 crore. Each NCD is priced at Rs 1,000.
- How long is the NCD open for subscription?
The NCD subscription starts on November 28, 2023, and closes on December 11, 2023.
- How has the NCD been rated?
The NCD has received a ACUITE BBB rating with stable outlook by Acuité.
- Who are the promoters behind the company?
The company is promoted by Kuzhuppilly Govinda Menon Anilkumar.
- Where will the NCD be listed for trading?
Post-issue, the NCDs will be available for trading on the Bombay Stock Exchange (BSE) in a dematerialised format.
- Who are the lead managers for this NCD issue?
The NCD is being led by Saffron Capital Advisors Private Limited.
- How can I apply for the ICL Fincorp Limited NCD?
Once the NCD opens for subscription, you can apply through this link: ICL Fincorp Limited NCD with Bigul.
- How do I check my allotment status?
The registrar for this NCD is Cameo Corporate Services Limited. You can check your allotment status by visiting this link.
- How many series of NCDs are available, and what are their respective tenures?
There are 10 series of NCDs available with varying tenures of 13, 24, 36, 60 and 68 months.
- Who is overseeing the allotment process?
The allocation of NCDs is being overseen by Mitcon Credentia Trusteeship Services Limited.
- What are the payout options for these NCDs?
Investors have the flexibility to choose between monthly, annual and cumulative interest payout options, depending on the series.
- What happens in the case of oversubscription?
In situations of oversubscription, ICL Fincorp will allocate the debentures to applicants on a proportional basis.