Incorporated in 1980, JM Financial Credit Solutions Limited is a Systemically Important Non - Deposit taking Non - Banking Financial Company ("NBFC ND - SI") forming part of the JM Financial group. The company is a wholesale finance NBFC and provide integrated financial solutions to real estate developers with a focus on residential project financing such as funding real estate developers at various stages in the life cycle of a real estate project.
JM commenced lending to real estate developers in 2014 and its clients are located in Mumbai, Pune, Bengaluru, Chennai, Hyderabad, NCR, and Kolkata. For Fiscal 2018, its loan book stood at ₹ 73,388.8 million as compared to ₹ 56,581.5 million as of
JM Financial provides secured and unsecured lending to the real estate developers. Its product portfolio consists of -
Project finance: This includes offering loans to developers for construction of residential or commercial projects.
Loans against property: This includes loans against the residential or commercial properties with occupation certificate.
Loans against shares: This includes loans to investors against the listed or unlisted shares of corporates;
Project at early stage loans: This is primarily undertaken against projects which are expected to be launched soon; and
Loans against land: This funding is primarily undertaken for land acquisition or against land parcels which are not expected to be launched in the near future. These parcels are mostly without approvals at the time of funding.
|Issue Open||May 28, 2018 - Jun 20, 2018|
|Security Name||JM Financial Credit Solutions Limited|
|Security Type||Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) and/or Unsecured Subordinated Non-Convertible Debentures (Unsecured NCDs)|
|Issue Size (Base)||Rs 2,000.00 Crores|
|Issue Size (Shelf)||Rs [.] Crores|
|Issue Price||Rs 1000 per NCD|
|Face Value||Rs 1000 each NCD|
|Minimum Lot size||10 NCD|
|Market Lot||10 NCD|
|Basis of Allotment|
|High Net Worth Individual Investors Portion|
|Retail Individual Investors Portion|
The promoter of the company is JM Financial Limited.
The objects of the Issue are-
1. For the purpose of onward lending, financing, and
for repayment /prepayment of interest and
the principal of existing borrowings of the Company
2. General Corporate Purposes
This issue is rated IND AA/Stable by India Ratings. The rating of the NCDs by ICRA and India Ratings indicates high degree of safety regarding timely servicing of financial obligations.
NCDs have tenure of 38 months, 60 months and 120 months. It offers coupon rates ranging from 9.11% to 9.75% based on the tenure and the interest payment options.
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