MUMBAI, 5th JANUARY, 2023 (GPN): Indiabulls Commercial Credit Limited (ICCL), a subsidiary of Indiabulls Housing Finance Limited is a non-deposit-taking NBFC. The company offers long-term secured mortgage-backed loans to self-employed individuals, proprietorships, and small businesses and corporate mortgage loans to residential projects developers. It is coming up with a debt offer which is starting for subscription from January 05 to January 27, 2023.
The company is raising Rs 200 crore from the issue at a price of Rs 1000 each. Investors need to apply for a minimum of 10 NCDs in a lot. The company has received rating of CRISIL AA/Stable by CRISIL Ratings Limited and ICRA AA/ Stable by ICRA Limited.
The Lead Managers to the Issue are Edelweiss Financial Services Limited, Elara Capital (India) Private Limited, and Trust Investment Advisors Private Limited. Beacon Trusteeship Limited is the Debenture Trustee to the Issue and KFin Technologies Limited is the Registrar to the Tranche I Issue.
Indiabulls Commercial Credit Limited has reserved 30% quota for institutional investors, 10% for non-institutional investors, 30% for high net-worth investors and 30% for retail investors.
The company will use the net proceeds from the issue for onward lending, financing and repayment of interest and principal amount of borrowings and other general corporate purposes.
These NCDs have tenures of 24 months, 36 months, and 60 months. It offers coupon rates from 9.80% to 9.85% based on the selection of investors. The frequency of interest payments will be Monthly, Annual or Cumulative as per the choice of investors. Allotment of these NCDs will be in dematerialized mode only. Application is to be made through ASBA mode only.
For the six months ended September 30, 2022, ICCL reported a PAT of ₹ 236.90 crore on a total income of ₹ 937.11 crore, compared with ₹ 268.53 crore and ₹ 859.60 crore, respectively during the corresponding period of the previous fiscal.Ends
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.
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Indiabulls Commercial Credit Limited (ICCL)
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