Indel Money Ltd, a non-deposit taking NBFC in the gold loan sector has announced the fifth public issue of Secured NCDs of face value of ₹1,000 each. The issue opens on Monday, October 21 and closes on November 4 with an option of early closure in case of early over subscription.
The Secured NCDs come with the face value of ₹1,000 each. The issue includes a Base Issue size for an amount of up to ₹75 crore with an option to retain over-subscription up to ₹75 crore aggregating up to ₹150 crore. The lead manager to the issue is Vivro Financial Services Private Ltd.
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 and general corporate purposes, a said a press release.
Umesh Mohanan, Executive Director and CEO, Indel Money said “We intend to continue to grow our loan portfolio by expanding our branch network by opening new branches. We expect to penetrate new markets and expand our customer base in rural and semi-urban markets where a large portion of the population has limited access to credit.”
The total Assets Under Management (AUM) of the company stood at ₹1,78,575.19 lakh as on June 30. Gold Loan takes up 91.82 per cent of the loan portfolio. As on September 30, the company has a network of 324 branches spread in the States of Haryana, Uttar Pradesh, Delhi, Madhya Pradesh, Odisha, Maharashtra, Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, Telangana, Andaman and Nicobar, Gujarat, and the union territory of Puducherry.
