ICL Fincorp Limited has launched a public issue worth ₹100 crore of secured, redeemable Non-Convertible Debentures (NCDs), offering up to 12.68% annual yield with multiple tenure and payment options for investors. This issue carries a credit rating of Crisil BBB- (Stable) and will be listed on BSE, with funds utilized for onward lending and refinancing borrowings.
ICL Fincorp Limited has announced a public issue of 10,00,000 secured, redeemable Non-Convertible Debentures (NCDs) of ₹1,000 face value each, aggregating up to ₹100 crore, with an option to retain oversubscription up to an additional ₹50 crore. The issue is open from November 17 to November 28, 2025, targeting retail, HNI and institutional investors through dematerialized allotment, and promises attractive returns across tenures.
Highlights of ICL Fincorp NCD Issue
- Issue Size: ₹100 crore (with base issue ₹50 crore and green shoe option ₹50 crore).
- NCD Types: Secured, Redeemable, Non-Convertible
- Tenure Options: 13, 24, 36, 60, and 70 months
- Interest Payment Options: Monthly, Annual, and Cumulative.
- Yield: Up to 12.68% per annum
- Credit Rating: CRISIL BBB- (Stable) as of July 2025
- Minimum Application: ₹10,000 (10 NCDs)
- Listing: Proposed on BSE Limited within 3 working days of closure
- Security: Pari passu charge over company assets with minimum 100% security cover.
- Use of Proceeds: At least 75% for onward lending and refinancing principal/interest on existing borrowings; up to 25% for general corporate purposes
- Eligible Investors: Retail, HNI, Institutional and Corporates
| Option | Tenure | Payment Mode | Coupon Rate (%) | Effective Yield (%) | Redemption Value (₹) | Interest Frequency |
|---|---|---|---|---|---|---|
| I | 13 months | Monthly | 10.50 | 11.02 | 1,000 | Monthly |
| II | 24 months | Monthly | 11.00 | 11.57 | 1,000 | Monthly |
| III | 36 months | Monthly | 11.50 | 12.13 | 1,000 | Monthly |
| IV | 60 months | Monthly | 12.00 | 12.68 | 1,000 | Monthly |
| V | 13 months | Cumulative | NA | 11.00 | 1,119.70 | On maturity |
| VI | 24 months | Cumulative | NA | 11.50 | 1,243.23 | On maturity |
| VII | 36 months | Cumulative | NA | 12.00 | 1,404.93 | On maturity |
| VIII | 24 months | Annual | 11.25 | 11.25 | 1,000 | Annually |
| IX | 36 months | Annual | 11.75 | 11.75 | 1,000 | Annually |
| X | 70 months | Cumulative | NA | 12.62 | 2,000 | On maturity |
Utilisation & Security
The net proceeds estimated at ₹97.6 crore (after expenses) will be mainly used for ICL’s lending business, financing activities, and repayment or prepayment of existing borrowing. The NCDs are secured by a first-ranking charge over fixed assets and current assets, excluding immovable property and regulated reserves, ensuring investor safety.
Key Dates and Credit Rating
- Issue Opening Date: November 17, 2025
- Closing Date: November 28, 2025
- Credit Rating: CRISIL BBB- (Stable).
- Listing: BSE Limited
Risk Factors
The NCDs carry moderate risk, and investors are advised to review risk factors regarding default, operational performance, and regulatory changes before investing. These NCDs offer fixed returns but are subject to market and company-specific risks, as stated in the prospectus.
