₹300.00 Cr| Listing at BSE | Mon, Oct 13, 2025 - Fri, Oct 24, 2025
Indel Money Ltd. NCD issue is a public issue of secured, redeemable, non-convertible debenture with a base issue size of ₹150.00 Cr and an option to retain oversubscription up to ₹150.00 Cr, aggregating to a total issue size of ₹300.00 Cr. The NCDs are offered at a face value ₹1000 each and an issue price of ₹1000 per NCD.
Indel Money Ltd. NCD issue opens on Oct 13, 2025 and closes on Oct 24, 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 9.00% per annum to 11.25% per annum, depending on the series and tenure selected.
The NCD has been rated: A- Stable by Infomerics Valuation and Rating Private Limited.
Incred Capital Financial Services Pvt.Ltd. is the Lead Manager to the issue, Catalyst Trusteeship Ltd. is the Debenture Trustee, and MUFG Intime India Pvt.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, Oct 13, 2025
Close Date
Fri, Oct 24, 2025
Issue Size (Overall)
₹300.00 Cr
Indel Money Ltd. NCD Coupon Rates
| # | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 | Series 8 |
|---|---|---|---|---|---|---|---|---|
| Frequency of Interest Payment | Monthly | Cumulative | Monthly | Cumulative | Monthly | Cumulative | Monthly | Cumulative |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 366 Days | 366 Days | 24 Months | 24 Months | 36 Months | 36 Months | 60 Months | 72 Months |
| Coupon (% per Annum) | 9.00% | NA | 9.75% | NA | 10.25% | NA | 11.25% | NA |
| Effective Yield (% per Annum) | 9.38% | 9.00% | 10.20% | 9.75% | 10.74% | 10.25% | 11.84% | 12.25% |
| Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 1,090.25 | Rs 1,000.00 | Rs 1,204.51 | Rs 1,000.00 | Rs 1,340.28 | Rs 1,000.00 | Rs 2,000.83 |
Indel Money Ltd. NCD Rating given as following :
| S.No. | Rating Agency | NCD Rating | Outlook | Safety Degree | Risk Degree |
|---|---|---|---|---|---|
| 1 | Infomerics Valuation and Rating Private Limited | A- | Stable | Low credit risk |
Indel Money Ltd.'s revenue increased by 14% and profit after tax (PAT) rose by 12% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,894.85 | 1,244.93 | 1,005.45 |
| Total Income | 330.53 | 291.13 | 187.30 |
| Profit After Tax | 44.58 | 39.86 | 20.54 |
| NET Worth | 319.45 | 211.18 | 161.63 |
| Amount in ₹ Crore | |||
Indel Corporation Private Limited is a promoter of the company.
| Category | Allocated (%) | Shares Reserved |
|---|---|---|
| Institutional | 20.00% | 3,00,000 |
| Non-Institutional | 20.00% | 3,00,000 |
| HNI | 30.00% | 4,50,000 |
| Retail | 30.00% | 4,50,000 |
| Total | 100.00% | 15,00,000 |
Incorporated in 1986, Indel Money Limited is a non-deposit-taking non-banking finance company (NBFC) registered with RBI. The company deals in the gold loan sector, lending money against the pledge of household gold jewellery. The company also provides loans against property, business loans, and personal loans.
The company is present in the states of Haryana, Uttar Pradesh, Delhi, Madhya Pradesh, Odisha, Maharashtra, Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, Telangana, Andaman and Nicobar, Gujarat, and the union territory of Puducherry.
The Gold Loan portfolio for the quarter ended June 30, 2024, and Fiscal 2024, 2023, and 2022 amounted to Rs 91,481.95 lakhs, Rs 87,376.26 lakhs, Rs 57,923.24 lakhs, and Rs 42,275.76 lakhs, which is 85.70%, 84.64%, 79.35%, and 80.51% of the total loans and advances as of those dates.
The company's gold loan customers are primarily from rural and semi-urban areas. As of August 31, 2024, the company had a network of 320 branches spread in Kerala, Tamil Nadu, Karnataka, Odisha, Maharashtra and Telangana, and the union territory of Puducherry. The company's web-based centralized IT platform records all branches' details and handles the loan's management and related information. The company has also launched its web applications on the Google Play Store & and the iOS App Store. The company has developed its web-based payment portal named E-Connect which helps makes business operations more efficient.
Competitive strengths of the company
The Company proposes to utilize the funds towards funding the following objects:
[Dilip Davda] This debt offer has lowered coupon rates, with a rating of IVR A-/Stable. It marked growth in its top and bottom lines for the reported periods. Well informed /Cash surplus investors seeking regular income may park moderate funds for medium to long term. Read detail review...
The Indel Money NCD October 2025 was subscribed 3.15 times on Oct 24, 2025 17:00. The NCD subscribed 3.48 times in Retail, 2.18 times in HNI, 1.98 times in Non-Institutional, and 5.30 times in Institutional category.
Indel Money Ltd.
Office No.301, Floor No.3,
Sai Arcade N.S Road,
Mulund West, Mumbai - 400 080
Mulund, Maharashtra, 400080
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 Indel Money 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.
