KOLKATA: Indel Money, a non-deposit and non-systemically important non-bank finance company in the gold lending sector, announced on Thursday the public issue of secured and unsecured non-convertible notes (NCDs) with a face value of Rs.1,000 each. The issue opened today will end on October 18 with the option to close early in the event of premature oversubscription.
Umesh Mohanan, Executive Director and CEO of Indel Money, said, “Our business strategy is designed to capitalize on our competitive strengths and improve our position and presence in the gold credit industry. Our prudent risk management policies and the development of bespoke credit procedures will enable us to expand our gold credit financing. These NCD funds will help us expand our credit mix. ”
The secured and unsecured NCDs have a face value of Rs 1,000 each. The issue includes a base issue size for an amount of up to Rs 75 crore with an option to maintain an oversubscription of up to Rs 75 crore which can total up to Rs 150 crore . The lead manager of the issue is Vivro Financial Services.
The funds raised through this issue will be used for the purpose of subcontracting, financing and for the repayment / prepayment of capital and interest on borrowings by the company (at least 75%) and for general corporate purposes (up to 25% at most). .
It is proposed that the balance sheet fund be used for general corporate purposes, with such use not exceeding 25% of gross proceeds in accordance with SEBI NCS regulations.
