IIFL Samasta Finance Limited NCD | Finogent Solutions LLP
Overview of IIFL Samasta Finance Limited NCD
Established in 1995, IIFL Samasta operates as a Non-Banking Finance Company Micro Finance Institution (NBFC MFI) within India. It is a subsidiary of IIFL Finance Limited and focuses on providing innovative and accessible financial solutions primarily to women, organized as Joint Liability Groups, who lack access to traditional banking services.
IIFL Samasta Finance NCD Tranche I Nov 2023 Detail:
| Issue Open | December 4, 2023 – December 15, 2023 |
| Security Name | IIFL Samasta Finance Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 1,000.00 Crores |
| Issue Size (Shelf) | Rs 2,000.00 Crores |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE, NSE |
| Credit Rating | CRISIL AA-/ Positive by CRISIL Ratings Limited |
| Tenor | 24, 36 and 60 Months |
| Series | Series I to VI |
| Payment Frequency | Monthly and Annually |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Beacon Trusteeship Limited |
NCD Allocation Ratio:
Category  |
NCD’s Allocated |
|---|---|
| Institutional | 10% |
| Non-Institutional | 10% |
| HNI | 40% |
| Retail | 40% |
Financial Products Offered
IIFL Samasta specializes in offering various financial products tailored for underserved individuals:
- Income Generating Loans (IGL): Designed to support new business ventures or expand existing ones.
- Top-Up Loans: Additional financial assistance.
- Loans Against Property: Utilizing property assets for borrowing.
- Micro-Enterprise Loans: Targeted at small-scale businesses.
- Lifestyle and Family Welfare Loans: Financing for enhancing quality of life, including loans for acquiring essential items like cook stoves, water purifiers, mobile phones, and more.
NCD Rating
The NCDs (Non-Convertible Debentures) planned for issuance have been rated CRISIL AA-/Positive by CRISIL Ratings Limited, signifying a stable outlook.
Promoters
The key promoters of IIFL Samasta include various entities and individuals such as Cholamandalam Financial Holdings Limited, Ambadi Investments Limited, and several members from the Muthiah, Alagappan, Vellayan, and Venkatachalam families.
IIFL Samasta Finance Limited NCD Coupon Rates:
| # | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 |
|---|---|---|---|---|---|---|
| Frequency of Interest Payment | Monthly | Annual | Monthly | Annual | Monthly | Annual |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 24 Months | 24 Months | 36 Months | 36 Months | 60 Months | 60 Months |
| Coupon (% per Annum) | 9.21% | 9.60% | 9.57% | 10.00% | 10.03% | 10.50% |
| Effective Yield (% per Annum) | 9.59% | 9.59% | 9.99% | 9.99% | 10.49% | 10.49% |
| Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 |
Financial Performance
Restated financial information reveals significant growth for IIFL Samasta Finance Limited:
- Revenue surged by 71.92%.
- Profit after tax (PAT) witnessed a substantial increase of 153.32% for the fiscal year ending March 31, 2023, compared to the previous year.
Utilization of Proceeds
The company plans to employ the net proceeds from the issue for the following purposes:
- Onward Lending and Financing: Providing loans and funding support.
- Repayment of Existing Borrowings: Clearing interest and principal amounts of current borrowings.
- General Corporate Purposes: Meeting operational and strategic needs.
