Mumbai: Indel Money Limited announced here recently the Public Issue of upto Rs 200 crores of Secured, Redeemable Non-Convertible Debentures (NCDs).
The Issue opens on January 30 and closes on February 12, 2024, with Secured NCDs tenure ranging from 366 days to 72 months and offering doubling of investment in 72 months (Option VIII), said Umesh Mohanan, Executive Whole-Time Director and CEO, Indel Money.
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.
“About 90% of our portfolio is in gold loans and this is our 4th NCD Public issue with the three earlier NCD issues raising more than Rs 260 crores,” he said, adding “Being one of the fastest-growing gold loan NBFC with profit growth over 13 times for the period ended September 2023 as against Fiscal 2022, we are consistently focusing on optimization of operating expenditure and increase in branch productivity metrics.”
“We have witnessed healthy AUM growth during the period ended September 30, 2023 and as one of few gold loan companies offering long-term gold loan schemes in India, we aim to grow out gold loan portfolio by expanding our branch network to further enhance revenue, profitability and visibility,” he said while noting that “The NCD issue will help us diversify our borrowing and investor mix.”
The Lead Manager to the issue is Vivro Financial Services Private Limited.
