January 2023 marks spat of NCD issues

Published on Thursday, January 5, 2023 by Dilip Davda

While we are passing through an interest rate hike scenario globally in a bid to curtail rising inflation, the Calendar year (CY) 2023 started with a big bang as far as debt issues are concerned. We have altogether five (5) NCD issues in the first month of CY 2023. While on our website we have given a detailed review of all the five NCD offers, but to facilitate glance info of these debt issues, we are giving below the comparison table for all of them.

Hope, this will provide the necessary info to investors looking for steady returns.

5 NCD Issue comparision

Company	Muthoot Fincorp	Edelweiss Finance	Indiabulls Commercial	IIFL Finance	Incred Financial
Type of Instrument	Secured Redeemable NCD	Secured Redeemable NCD	Secured Redeemable NCD	Secured Redeemable NCD	Secured Redeemable NCD
Opening date	1/2/2023	1/3/2023	1/5/2023	1/6/2023	1/9/2023
Closing date	1/27/2023	1/23/2023	1/27/2023	1/18/2023	1/27/2023
FV	Rs. 1000.00	Rs. 1000.00	Rs. 1000.00	Rs. 1000.00	Rs. 1000.00
Minimum Application	10 NCDs	10 NCDs	10 NCDs	10 NCDs	10 NCDs
Additional lot	1 NCD	1 NCD	1 NCD	1 NCD	1 NCD
Ratings	CRISIL AA-/Stable	Acuite AA -, CRISIL AA -	CRISL AA/Stable, ICRA AA/Stable	CRISL AA/Stable, ICRA AA/Stable	CRISIL A+/Stable
Base Size	Rs. 200 cr.	Rs. 200 cr.	Rs. 200 cr.	Rs. 100 cr.	Rs. 175 cr.
Overall Size	Rs. 400 cr.	Rs. 400 cr.	Rs. 400 cr.	Rs. 1000 cr.	Rs. 350 cr.
Shelf Limit	NA	Rs. 1000 cr.	Rs. 1000 cr.	Rs. 5000 cr.	NA
Tenors	27M, 38M, 48M, & 60M	24M, 36M, 60M, & 120M	24M, 36M, & 60M	24M, 36M, & 60M	27M & 39M
Coupon Rates	8.10% to 8.80%	9.00% to 10.45%	9.80% to 10.30%	8.50% tp 9.00%	9.45% to 10%
Frequency of Interest Payment	Monthly, Annual, Cumulative	Monthly, Annual, Cumulative	Monthly, Annual, Cumulative	Monthly, Annual, Cumulative	Quarterly, Annual
Allocation	Insti. 5%, Non Insti 35%, Retail 60%	Insti. 10%, NII 10%, HNI 40%, Retail 40%	Insti. 30%, NII 10%, HNI 30%, Retail 30%	Insti. 10%, NII 10%, HNI 40%, Retail 40%	Insti. 20%, NII 20%, HNI 30%, Retail 30%
Lead Manager	SMC Capital Ltd.	Equirus Capital Ltd.	Edelweiss Fin., Elara Capital, Trust Investment	Edelweiss financial, IIFL Secur., Equirus Capital, Trust Investment Advisor	JM Financial Ltd.
Trustee	Vardhman Trusteeship Pvt. Ltd.	Beacon Trusteeship Ltd.	Beacon Trusteeship Ltd.	Vardhman Trusteeship Pvt.Ltd.	Catalyst Trusteeship Ltd.
Registrar	Integrated Registrey	KFin Technologies Ltd.	KFin Technologies Ltd.	Link Intime India Pvt. Ltd.	Link Intime India Pvt. Ltd.
Listing at	BSE	BSE	BSE, NSE	BSE, NSE	BSE, NSE
Recommendation	May Apply	May Apply	May Apply	May Apply	Avoid

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About Author

DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. Readers must consult a qualified financial advisor prior to making any actual investment decisions, based on information published here. Any reader taking decisions based on any information published here does so entirely at own risk. Investors should bear in mind that any investment in stock markets are subject to unpredictable market related risks. Above information is based on RHP and other documents available as of date coupled with market perception. Author has no plans to invest in this offer.

(SEBI registered Research Analyst-Mumbai).

About Dilip Davda

Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.

Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detail fundamental and financial analysis of companies coming up with IPO helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.

Email: dilip_davda@rediffmail.com

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