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About Company:
India Infoline Finance Ltd. (IIFL) is a Systemically Important Non-deposit accepting Non-Banking Financial Company ('NBFC-NDSI') registered with the RBI, catering to the credit requirements of a diverse customer base with its plethora of products. Its offerings include mortgage loans, gold loans, commercial vehicle finance, MSME finance, construction and real estate finance, capital market finance, and micro finance; catering to both retail and corporate clients. It is a subsidiary of IIFL Holdings Limited, which is one of India's leading financial services player, primarily engaged in the business of loans and mortgages, wealth and asset management, retail and institutional broking and investment banking.
Debt Offer Details:
For the purpose of onward lending and repayment of interest and principal of existing loans (75%) as well as general corpus fund need (25%),
IIFL is coming out with Tranche-I of Secured and/or Unsecured Redeemable Non-Convertible Debentures of Rs 1000 each for a base size of Rs 100 crore with a green shoe option to retain oversubscription to the tune of Rs. 900 crore making the total issue size of Rs 1000 crore. The company has an overall shelf limit of Rs 5000 cr.
Issue opens for subscription on 06.08.19 and will close on or before 30.08.19. Minimum application is to be made for 10 NCDs (i.e. Rs. 10000) and in multiple of 1 NCD (i.e. Rs 1000) thereon, thereafter. Post allotment, NCDs will be listed on BSE and NSE.
This issue is rated as BWR AA/Stable by Brickworks, CRISIL AA/Stable by CRISIL and ICRA AA/Stable by ICRA. This rating indicates that instruments with such ratings are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. Issue is jointly lead managed by Edelweiss Financial Services Ltd., IIFL Securities Ltd., ICICI Securities Ltd. and Trust Investment Advisors Pvt. Ltd. while Link Intime India Pvt. Ltd. is the registrar to the issue. Catalyst Trusteeship Ltd. is the debenture trustee.
These NCDs have tenures of 15 months, 39 months and 69 months. It offers coupon rates ranging from 9.50% to 10.00% based on selection of investors. Frequency of interest payments will be Monthly, Quarterly, Annually or cumulative as per the choice of investors. This issue has no Put and Call options Allotment will be made on 'first come-first served' basis. Allotment of these NCDs will be in dematerialized mode only. Application is to be made through ASBA mode only.
| Series | S1- Payable at redemption- Rs 1126.75/- Tenor 15 months, for category I,II, III and IV Investors (Secured) |
|---|---|
| S2- 9.50% Tenor 39 months, for category I,II, III and IV Investors- Quarterly Option (Secured) | |
| S3- Payable at redemption- Rs 1357.33/- Tenor 39 months, for category I,II, III and IV Investors (Secured) | |
| S4- 9.85% Tenor 39 months, for category I,II, III and IV Investors- Annual Option (Secured) | |
| S5- 10.00% Tenor 69 months, for category I,II, III and IV Investors- Monthly Option (Unsecured) | |
| S6- Payable at redemption- Rs 1776.16/- Tenor 69 months, for category I,II, III and IV Investors (Unsecured) |
Financial Data:
On financial performance front, IIFL has (on a consolidated basis) posted revenue/net profits of Rs 3921.04 cr. / Rs 464.73 cr. (FY18) and Rs 5016.20 cr. / Rs 728.70 cr. (FY19).As on 31.03.19paid up equity capital of. Rs 280.92 cr. is supported by free reserves of Rs 4032 cr. Its current debt equity ratio of 6.16 will get enhanced to 6.39 post this issue. As on the said date, its capital adequacy ratio stands at 19.18%. Net NPAs are reduced to 0.62% as on 31.03.19 against 0.64% as on 31.03.18.
Review By Dilip Davda on August 3, 2019
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
The India Infoline NCD Aug 2019 Analysis helps you to understand about the company, offer detail, valuation, capital structure and financial performance. Our SEBI registered NCD Analysts tells you if India Infoline NCD Aug 2019 worth investing. The India Infoline NCD Aug 2019 Note sets the NCD expectations in systematic way which tells you if India Infoline NCD Aug 2019 good to buy (good or bad / yes or no). The NCD Forecast tells you weather to invest in India Infoline NCD Aug 2019 by providing NCD recommendations i.e. subscribe, avoid and neutral.
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