Incorporated in 1986, Indel Money Limited is a non-deposit-taking non-banking financial company (NBFC) regulated by the Reserve Bank of India (RBI). The company primarily offers loans against household gold jewelry, along with property, business, and personal loans. Indel Money NCD IPO provides an opportunity for investors to participate in the company’s public issue.
Indel Money has a presence across several states, including Haryana, Uttar Pradesh, Delhi, Madhya Pradesh, Odisha, Maharashtra, Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat, and the Andaman and Nicobar Islands, as well as the union territory of Puducherry.
For the quarter ending June 30, 2024, the company’s Gold Loan portfolio stood at ₹91,481.95 lakhs. In the fiscal years 2024, 2023, and 2022, the gold loan portfolio was ₹87,376.26 lakhs, ₹57,923.24 lakhs, and ₹42,275.76 lakhs, representing 85.70%, 84.64%, 79.35%, and 80.51% of the total loans and advances, respectively.
The company’s primary clientele for gold loans is from rural and semi-urban regions. As of August 31, 2024, Indel Money had 320 branches in Kerala, Tamil Nadu, Karnataka, Odisha, Maharashtra, Telangana, and Puducherry. Its centralized IT platform manages branch data and loan-related information, with web applications available on both Google Play Store and the Apple App Store. Additionally, the company has developed a payment portal called E-Connect to streamline its business processes.
By the end of August 2024, Indel Money employed 1,731 people.
Key competitive advantages include:
- A well-established NBFC in South India with extensive experience in the gold loan sector.
- Long-term gold loan plans designed to benefit customers.
- Doorstep service for gold loans.
- A strong and expanding branch network in rural and semi-urban South India.
- A highly experienced management team and skilled staff.
Indel Money NCD IPO October 2024 Detail
| Issue Open | October 21, 2024 – November 4, 2024 |
| Security Name | Indel Money Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 75.00 Crores |
| Issue Size (Oversubscription) | Rs 75.00 Crores |
| Overall Issue Size | Rs 150.00 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 | CRISIL BBB+/Stable by by CRISIL Ratings Limited |
| Tenor | 366 days, 18, 30, 60 and 66 months |
| Series | Series I to VII |
| Payment Frequency | Monthly and Cumulative |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Vistra Itcl India Limited |
Indel Money NCD IPO Allocation Ratio
| Category | NCD’s Allocated |
|---|---|
| Institutional | 10% |
| Non-Institutional | 40% |
| Retail | 50% |
| Category 4 | % |
Indel Money Limited NCD IPO Coupon Rates
Indel Money NCD IPO Rating
The NCDs offered in this issue have been assigned a rating of CRISIL BBB+/Stable by CRISIL Ratings Limited. This rating indicates a moderate level of safety and credit risk.
Purpose of the Issue
The Company intends to use the funds raised for the following objectives:
- For onward lending, financing, and repayment or prepayment of the principal and interest on the Company’s existing borrowings
- For general corporate purposes.
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