Indiabulls Commercial Credit Limited NCD Company Profile:
Indiabulls Commercial Credit Limited (IBCCL) is a non-deposit taking NBFC registered with the RBI and a 100% subsidiary of IHFL, a listed housing finance company. The company is a notified financial institution under the SARFAESI Act and primarily focuses on long-term secured mortgage-backed loans. Its offerings include mortgage loans, comprising loans against property and corporate mortgage loans, and personal loans. IBCCL caters to salaried and self-employed individuals as well as small and medium-sized enterprises. It also provides mortgage loans to real estate developers in India in the form of lease rental discounting for commercial premises and construction finance. As of March 31, 2022, IBCCL’s loan book was valued at ₹10,950.30 crores, out of which 74% were mortgage loans. The company has discontinued personal loans as a product line, and the vintage book is in run-down mode.
Indiabulls Commercial Credit Limited (“IBCCL”) is coming out with a public issue of secured redeemable non-convertible debentures of the face value of ₹ 1,000 each, (“NCDs”), for an amount up to ₹100 crores (“Base Issue Size”) a green shoe option of ₹100 crores aggregating up to ₹200 crores as per Tranche II Issue. The Issue offers yields ranging from 9.58% to 10.50% depending upon the Category of Investor and the Series applied for. The Tranche I Issue shall be open from Monday, 3rd April 2023, to Wednesday, 19th April 2023, with an option to close earlier and/or extend up to a period as may be determined by the Securities Issuance Committee.
Indiabulls Commercial Credit Limited NCD Details:
| Tranche II Issue opens: | 3rd April 2023 | ||||
| Tranche II Issue closes: | 19th April 2023 | ||||
| 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 & NSE | ||||
| Credit Rating | CRISIL AA/Stable” (pronounced as CRISIL double A rating with stable outlook), by CRISIL Ratings Limited “[ICRA] AA” (pronounced as ICRA double A rating with a stable outlook) by ICRA Limited | ||||
| Tranche-II Issue Size | Public issue by the Company of secured redeemable non-convertible debentures of face value of ₹1,000 each (“NCDs”) for an amount up to ₹100 crores (“Base Issue Size”) with a green shoe option of ₹100 crores aggregating up to ₹ 200 crores | ||||
| Depositories | NSDL and CDSL | ||||
| Debenture Trustee | Beacon Trusteeship Limited | ||||
| Registrar: | KFin Technologies Limited | ||||
| Category | I – Institutional (“QIB”) | II – Non-Institutional (“Corporates”) | II – High Net worth
Individual (“HNI”) (Amount aggregating to above ₹ 10 lakh) |
II – Retail Individual (“Retail”) (Amount aggregating up to and including ₹ 10 lakh) | |
| Category Allocation of the overall Issue Size | 30% | 10% | 30% | 30% | |
| Issue Amount in Crs. | 60cr. | 20cr. | 60cr. | 60cr. | |
Indiabulls Commercial Credit Limited NCD
Application form
Indiabulls Commercial Credit Limited NCD Specific Terms of the Prospectus:
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 | Annual | Monthly | Cumulative | Annual | Monthly | Cumulative | Annual | Monthly |
| Tenor | 24 Months | 24 Months | 24 Months | 36 Months | 36 Months | 36 Months | 60 Months | 60 Months |
| Coupon Rate (% p.a.) for : | ||||||||
| Category I, & II | 9.60% | 9.20% | NA | 9.75% | 9.35% | NA | 10.00% | 9.57% |
| Category III & IV | 10.00% | 9.57% | NA | 10.25% | 9.80% | NA | 10.50% | 10.03% |
| Effective Yield (% p.a.) for : | ||||||||
| Category I & II | 9.59% | 9.58% | 9.60% | 9.74% | 9.75% | 9.75% | 9.99% | 9.99% |
| Category III & IV | 9.98% | 9.99% | 10.00% | 10.23% | 10.24% | 10.25% | 10.49% | 10.50% |
| Amount (₹ / NCD) on Maturity for NCD Holders in: | ||||||||
| Category I & II | ₹ 1,000 | ₹ 1,000 | ₹ 1,201.55 | Staggered Redemption in Three (3) annual payments of ₹ 333 for year 1, ₹ 333 for year 2 and ₹ 334 for year 3 starting from 1st Anniversary** until Maturity | Staggered Redemption in Three (3) annual payments of ₹ 333 for year 1, ₹ 333 for year 2 and ₹ 334 for year 3 starting from 1st Anniversary** until Maturity | ₹ 1,322.30 | Staggered Redemption in Five (5) annual payments of ₹200 each, starting from 1st Anniversary** until Maturity | Staggered Redemption in Five (5) annual payments of ₹200 each, starting from 1st Anniversary** until Maturity |
| Category III & IV | ₹ 1,000 | ₹ 1,000 | ₹ 1,210.35 | Staggered Redemption in Three (3) annual payments of ₹ 333 for year 1, ₹ 333 for year 2 and ₹ 334 for year 3 starting from 1st Anniversary** until Maturity | Staggered Redemption in Three (3) annual payments of ₹ 333 for year 1, ₹ 333 for year 2 and ₹ 334 for year 3 starting from 1st Anniversary** until Maturity | ₹ 1,340.45 | Five (5) annual payments of ₹200 each, starting from 1st Anniversary** until Maturity | Five (5) annual payments of ₹200 each, starting from 1st Anniversary** until Maturity |
*-The Company shall allocate and allot Series IV NCDs wherein the Applicants have not indicated the choice of the relevant NCD Series.
Registrar to the Issue:
KFIN TECHNOLOGIES LIMITED
Selenium, Tower B, Plot No- 31 and 32, Financial District, Nanakramguda, Serilingampally, Hyderabad,
Rangareddi 500 032, Telangana, India.
Telephone No.: +91 40 6716 2222
Email: iccl.ncdipo@kfintech.com
Contact Person: Mr. M. Murali Krishna
Website: www.kfintech.com