Indel Money Limited has announced that its fifth public issue of secured, redeemable Non-Convertible Debentures (“NCDs”) of face value of ₹1,000 each, aggregating to ₹75 crore, has been oversubscribed.
On the last day of the Issue, the company received bids worth ₹117.38 crore, registering a subscription of 156.51 per cent, said a press release.
The NCD issue, with a yield on redemption of up to 13.44 per cent per annum, opened on October 21 and closed on November 4.
The NCDs are likely to be listed on the BSE on or after November 11. The Issue had an option to retain over-subscription of up to ₹75 crore, aggregating up to a total of ₹150 crore. The NCDs were rated as BBB+ Stable by Crisil Ratings.
The lead manager to the issue was Vivro Financial Services Private Limited.
Umesh Mohanan, Executive Director and CEO, Indel Money said, “We are happy to announce that our NCD Issue has evoked promising response from the market and it got subscribed by 156.51 per cent. It is a clear indication of the investors’ trust in our business model, expansion projects and corporate governance practice. It gives us immense courage and confidence to go ahead with our future plans, live up to our promises, and hold on to the values we inculcated during this long journey.”