₹100.00 Cr| Listing at BSE | Mon, Nov 17, 2025 - Fri, Nov 28, 2025
ICL Fincorp Ltd. NCD issue is a public issue of secured, redeemable, non-convertible debenture with a base issue size of ₹50.00 Cr and an option to retain oversubscription up to ₹50.00 Cr, aggregating to a total issue size of ₹100.00 Cr. The NCDs are offered at a face value ₹1000 each and an issue price of ₹1000 per NCD.
ICL Fincorp Ltd. NCD issue opens on Nov 17, 2025 and closes on Nov 28, 2025. NCD are proposed to be listed on BSE.
The minimum lot size is 10 NCDs, requiring a minimum investment of ₹ 10,000 , while the market lot for trading is 1 NCD.
The issue offers interest rates ranging from 10.50% per annum to 12.00% per annum, depending on the series and tenure selected.
The NCD has been rated: BBB- Stable by Crisil Ratings Limited.
Vivro Financial Services Pvt.Ltd. is the Lead Manager to the issue, Mitcon Credentia Trusteeship Services Ltd. is the Debenture Trustee, and Cameo Corporate Services Ltd. is the Registrar to the Issue.
Investors are advised to refer to the NCD Offer Document for detailed information on risk factors, financials, and the terms of the issue.
Open Date
Mon, Nov 17, 2025
Close Date
Fri, Nov 28, 2025
Issue Size (Overall)
₹100.00 Cr
ICL Fincorp Ltd. NCD Coupon Rates
| # | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 | Series 8 | Series 9 | Series 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Frequency of Interest Payment | Monthly | Monthly | Monthly | Monthly | Cumulative | Cumulative | Cumulative | Annual | Annual | Cumulative |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 13 Months | 24 Months | 36 Months | 60 Months | 13 Months | 24 Months | 36 Months | 24 Months | 36 Months | 70 Months |
| Coupon (% per Annum) | 10.50% | 11.00% | 11.50% | 12.00% | NA | NA | NA | 11.25% | 11.75% | NA |
| Effective Yield (% per Annum) | 11.02% | 11.57% | 12.13% | 12.68% | 11.00% | 11.50% | 12.00% | 11.25% | 11.75% | 12.62% |
| Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,119.70 | Rs 1,243.23 | Rs 1,404.93 | Rs 1,000.00 | Rs 1,000.00 | Rs 2,000.00 |
ICL Fincorp Ltd. NCD Rating given as following :
| S.No. | Rating Agency | NCD Rating | Outlook | Safety Degree | Risk Degree |
|---|---|---|---|---|---|
| 1 | Crisil Ratings Limited | BBB- | null | Moderate degree of safety | Moderate credit risk |
ICL Fincorp Ltd.'s revenue increased by 32% and profit after tax (PAT) rose by 2925% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 |
| Assets | 852.92 | 637.95 |
| Total Income | 191.69 | 145.69 |
| Profit After Tax | 2.44 | 0.08 |
| Net Worth | 110.07 | 85.12 |
| Reserves and Surplus | 45.11 | 32.53 |
| Total Borrowing | 87.63 | 54.32 |
| Amount in ₹ Crore | ||
| Category | Allocated (%) | Shares Reserved |
|---|---|---|
| Institutional | 5.00% | 25,000 |
| Non-Institutional | 1.00% | 5,000 |
| HNI | 30.00% | 1,50,000 |
| Retail | 64.00% | 3,20,000 |
| Total | 100.00% | 5,00,000 |
ICL Fincorp Limited is a non-deposit-taking finance company operating in the gold loan sector.
It offers loans against household gold jewellery (“Gold Loans”) in Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Odisha, Gujarat, and Maharashtra. Additionally, it provides property, business, and personal loans.
The Company provides Gold Loans to middle-class individuals, focusing on customer-centricity, efficiency, and seamless financial services.
The company emphasises its focus on customer onboarding, loan disbursal, and creating an efficient ground management team.
The company offer special schemes with shorter tenures for customers needing quick financing to repay in a limited time.
For the quarter ending June 30, 2025, the total outstanding AUM before impairment on standalone basis was ₹ 69,29,832.03 K for 2025, ₹ 64,47,890.36 K for 2024, ₹ 47,21,778.21 K for 2023, and ₹ 39,60,925.89k.
As of September 30, 2025, the company operates 300 branches across Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Odisha, Gujarat, Maharashtra, Goa, and West Bengal.
The company offers a range of tailor-made gold loan products with varied interest rates, loan amounts, and tenures to meet diverse financial needs.
As of September 30, 2025, the company had 1,433 employees, about 59% of whom were women.
The Company proposes to utilise the funds which are being raised through the Issue, after deducting the Issue-related expenses to the extent payable by the Company towards funding the following objectives:
[Dilip Davda] This is the 7th Debt offer from the company since November 2023. The last debt offer was in the month of July 2025. This debt offer is rated CRISIL BBB - /Stable by CRISIL. This offer has coupon rates ranging from 10.5% to 12%. IFL marked inconsistency in its bottom lines during the reported periods. Well-informed investors may park moderate funds for medium term. Read detail review...
The ICL Fincorp Limited NCD November 2025 was subscribed 2.85 times on Nov 28, 2025 17:00. The NCD subscribed 4.05 times in Retail, 0.84 times in HNI, 0.05 times in Non-Institutional, and 0.02 times in Institutional category.
ICL Fincorp Ltd.
Plot No: C308,
Door No: 66/40,
4th Avenue, Ashok Nagar
Chennai, Tamil Nadu, 600083
NSE and BSE offer NSEgoBid and BSEDirect apps/websites through which retail investors can apply for NCDs up to Rs 5 lakhs. Not all brokers and banks provide the facility to apply for NCD online.
To apply for an NCD online, the investor should fill in the NCD bid details online and provide the details of the DP and bank accounts (ASBA/UPI) as requested. In the case of a UPI application, the investor needs to approve the UPI mandate to complete the application process.
Steps to invest in NCD IPO through GoldenPi
Retail investors can apply for an IPO online if the investment amount is less than or up to 10 lakhs.
Steps to apply for NCD IPO with Indiabonds:
You can buy or invest in NCD IPOs through the following intermediaries:
The investor can apply for the NCD IPO online through NCD intermediaries such as a registered stockbroker, provided the broker offers an online application for the NCD IPO. Not many brokers allow you to invest in an NCD IPO online. Currently, very few brokers, such as Nuvama Wealth, Angel One, and SBI Securities, offer the facility to apply for NCD IPOs electronically. You should check with your broker or intermediary to see if the online application facility for the NCD IPO is available through them.
Refer to the detailed guidelines on NSEgoBID and BSEDirect for information on the registration process and how to apply for NCDs through the exchange.
Important links :
Read more about NCD Application Process.
The minimum amount required for NCD investment is Rs. 10,000.
Generally, the minimum lot size of NCD is 10, and the face value is 1,000.
NCD allotment can be checked on the BSE website or with the Registrar once the allotment has been made.
Steps to check the NCD allotment status at the BSE:
Alternatively, the applicant can also check the allotment status on the respective website of the Registrar for the issue. The applicant will need their PAN details or the applicant's Aadhaar number to check the status.
Generally, all applicants receive full allotment due to the retention of the oversubscription option.
Read more information on NCD Subscription and NCD Allotment Process.
No, you cannot withdraw or redeem ICL Fincorp Ltd. NCDs before maturity directly from the company. However, there are a couple of options available if you want to exit early:
If the NCDs are listed on stock exchanges (like BSE/NSE), you can:
Only possible if a "call option" exists.
Read more about NCD Subscription and Allotment Process
Bid Cancellation and Withdrawal Policy for NCD Applicants
Note:
The specific process and conditions for post-closure cancellation vary by issuer. Applicants should refer to the Offer Document for issuer-specific guidelines.
