ICL Fincorp, the Kerala-based NBFC in the gold loan sector, has announced the launch of its public issue of secured redeemable Non-Convertible Debentures on November 28 and will be available for subscription till December 11.

The company has been rated Acuite BBB- Stable. With a face value of ₹1,000 each, the issue encompasses four schemes offering a total of 10 options. The minimum application size is set at ₹10,000, allowing investors of varying capacities to participate in the venture. Interest rates range from 11 to 13 per cent, ensuring a diversified offering to meet the financial goals of different investors, a press release said.

Tenure options

The NCD issue has tenure options of 13, 24, 36, 60 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 per cent and the investor stands to get his investment doubled. The highest interest rates under each tenure are 12.50 per cent for 60 months, 12 per cent for 36 months, 11.50 per cent for 24 months and 11 per cent for 13 months.

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The funds accumulated through the NCD issue will be strategically deployed to fortify ICL Fincorp’s gold loan business, the release said.

With branches across Kerala, Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, Maharashtra and Gujarat, the company 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 Tamil Nadu, has further enhanced ICL Fincorp’s standing in the financial sector, the release added.