ICL Fincorp to use NCD corpus to build gold loan biz

CHENNAI: ICL Fincorp has announced that its secured redeemable Non-Convertible Debentures (NCDs) would be available for subscription till December 11, 2023.

ICL Fincorp has been rated Acuite BBB- STABLE. The public issue from November 28, gives an opportunity for safe investment, promising high returns, and flexible tenure options. With a face value of Rs 1,000 each, the issue encompasses four schemes offering a total of 10 options (10 ISINs). The minimum application size is set at Rs 10,000, allowing investors of varying capacities to participate in this venture.

Interest rates range from 11.00% to 13.01%, ensuring a diversified offering to meet the financial goals of different investors.

The NCD issue has tenure options of 13 months, 24 months, 36 months, 60 months and 68 months. Investors can opt to receive the payouts on a monthly, yearly or cumulative basis. The interest rates vary according to the option preferred by the investor. The 68 month tenure offers an effective yield of 13.73% and the investor stands to get his investment doubled. The highest interest rates under each tenure are 12.50 % for 60 months, 12.00% for 36 months, 11.50 % for 24 months and 11.00% for 13 months. The funds accumulated through this NCD issue will be strategically deployed to fortify ICL Fincorp’s gold loan business.

ICL Fincorp, under the leadership of CMD KG Anil Kumar,is over three decades old, with branches across Kerala, Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, Maharashtra and Gujarat. It is well on its way to establish a pan-India presence. The acquisition of Salem Erode Investments, a BSE-listed NBFC with over 92 years of service in TN, further enhanced ICL Fincorp’s standing in the financial sector.

ICL Group has diversified ventures that extend into travel and tourism, fashion, health diagnostics, and charitable trust initiatives, a release said.