InCred Financial Services to Raise up to ₹300 crore via NCDs Reportedly, the base issue size is INR 150 crore, with an option of additional subscription worth INR 150 crore. The minimum application size is expected to be INR 10,000 and in multiples of INR 1000 thereafter.
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InCred Financial Services, on Friday, announced it was planning to raise up to INR 300 crore through a public offering of non-convertible debentures. The issue is slated to open on October 25 and conclude on November 7.
Reportedly, the base issue size is INR 150 crore, with an option of an additional subscription worth INR 150 crore. The minimum application size is expected to be INR 10,000 and in multiples of INR 1000 thereafter.
"We continuously leverage technology and data science to make lending quick, simple and hassle-free. A key component of our growth so far has been the success of our liabilities strategy, and this public issuance of NCDs will play a role in further diversifying and strengthening our borrowing mix," said Bhupinder Singh, whole-time director and CEO, InCred Financial Services Limited.
The company will offer the maturity of NCDs in three options- 18 months, two years, and three years. It will be utilizing 75 per cent of the funds towards onward lending, financing, and the repayment of existing borrowings, including interest and principal. The remaining, a maximum of 25 per cent, will be put towards general corporate purposes, according to the release.
In Q1 FY24, InCred disbursed INR 1,887 crore and had an Asset Under Management (AUM) of INR 6,484 crore. Its products include personal loans, education loans, SME Business loans, and Merchant loans.
JM Financial Limited will be the book-running lead manager for the issue.