InCred Financial announces public issue of up to ₹350 crore of NCDs
1 min read 06 Jan 2023, 09:51 AM ISTThe NCDs issue will open for subscription next week on Monday, January 9, 2023
PremiumInCred Financial Services Limited has announced the public issue of Secured, Redeemable Non-Convertible Debentures (NCDs) of the face value ₹1,000 each, amounting to ₹175 crore with an option to retain oversubscription up to ₹175 crore, aggregating to a total of ₹350 crore. The Issue will open next week on Monday, January 9, 2023 and is scheduled to close on Friday, January 27, 2023.
The NCDs proposed under the Issue have been rated CRISIL A+/Stable by CRISIL Ratings Limited. Non-convertible debentures (NCDs) are aimed to be used as a financial tool to raise long-term capital. The Lead Manager to the Issue is JM Financial Limited.
“The NCDs offer Coupon Rate ranging from 9.45% to 10.00% per annum with quarterly and annual interest option. The NCDs have two tenors of 27 months and 39 months. The NCDs are proposed to be listed on on BSE Limited and National Stock Exchange of India Limited where BSE is the designated stock exchange," the company said.
At least 75% of the funds raised through this Issue will be used for the purpose of onward lending, financing, and for repayment of interest and principal of existing borrowings of the Company and the balance is proposed to be utilized for general corporate purposes, subject to such utilization not exceeding 25% of the amount raised in the Issue, in compliance with the Securities and Exchange Board of India (SEBI), InCred Financial added.
InCred Financial Services Limited is a non-deposit taking systemically important NBFC registered with the Reserve Bank of India. The Company caters to Indian households for their personal finance needs like education loans, personal loans.
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