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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, a freelance journalist

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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