360 ONE Prime LimitedNCD Company Profile:
360 ONE Prime Limited (Formerly known as IIFL Wealth Prime Limited) is an NBFC registered with the RBI, and a 100% subsidiary of 360 ONE WAM LIMITED (Formerly known as IIFL Wealth Management Limited). The company offers a range of lending solutions to its clients across the spectrum of structured leverage. The company’s loan book (₹5,310 crore) as of 30th September 2023 makes it the leading NBFC in India by asset size in the wealth management industry. The company is rated AA by ICRA, the hallmark of trust among large institutional investors. To date, the company has provided over 1,000 customers access to capital to facilitate investments in the markets, meet short-term working capital requirements, early-stage debt and even to undertake large acquisitions.
360 ONE Prime Limited is coming out with a debt offering of Secured Redeemable Non-Convertible Debentures with a face value of ₹ 1000 each, a Base Issue size of ₹ 200 Crore, and an option to retain oversubscription up to ₹ 800 Crore aggregating up to ₹ 1000 crore. The issue opens for subscription on Thursday, 11th January 2024, and will close on or before Wednesday, 24th January 2024. The allotment is on a first come first serve basis with the minimum application to be made of 10 NCDs.
360 ONE Prime LimitedNCD Details:
| Issue opens: | Thursday, 11th January 2024 |
| Issue closes: | Wednesday, 24th January 2024 |
| Allotment: | First Come First Serve Basis |
| Face Value: | Rs.1,000 per NCD |
| Nature of Instrument: | Secured Redeemable Non-Convertible Debentures |
| Minimum Application: | 10 NCDs (Rs.10, 000) & in multiple of 1NCD |
| Listing: | BSE |
| Credit Rating | “CRISIL AA/Stable” by CRISIL Ratings Limited & “[ICRA]AA (Stable)” by ICRA Limited |
| Issue Size | Public issue of Secured Redeemable Nonconvertible Debentures by 360 ONE Prime Limited (“the Company”) of NCDs for an amount of ₹ 200 crores (“Base Issue Size”), with an option to retain over-subscription up to ₹ 800 crores aggregating up to ₹ 1000 crores |
| Registrar: | Link Intime India Limited |
360 ONE Prime Limited NCD
Application form
The terms of the NCDs offered under the Issue are as follows:
| Series | I | II | III | IV | V | VI* | VII | VIII |
| Frequency of Interest Payment | Monthly | Annual | Monthly | Annual | Monthly | Annual | Monthly | Annual |
| Tenor | 18
months |
18
months |
24
months |
24 months | 36 months | 36 months | 60 months | 60 months |
| Coupon Rate (% p.a.) for NCD Holders in all categories: | 8.91% | 9.22% | 9.03% | 9.41% | 9.21% | 9.61% | 9.26% | 9.66% |
| Effective Yield (% p.a.) for all categories: | 9.26% | 9.27% | 9.40% | 9.40% | 9.60% | 9.60% | 9.65% | 9.65% |
*The Company shall allocate and allot Series VI NCDs (36 months – annual option) wherein the Applicants have not indicated the choice of the relevant NCD Series.
Conclusion:
This is an attractive proposition due to the current scenarios from a return perspective, which will provide a regular monthly income for up to 5 years. The allotment is on a first come first serve basis, though the company is offering an attractive coupon rate one must also take into consideration of the “CRISIL AA/Stable” by CRISIL Ratings Limited & “[ICRA]AA (Stable)” by ICRA Limited. As the NCD is going to be listed on BSE one can always encash the amount invested as one desires, and due to the availability of the NCD in only Demat form, one must have a Demat account opened to apply.