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 Navi Finserv Limited NCD

Navi Finserv Limited NCD

Navi Finserv Limited NCD (Navi Finserv NCD February 2024) Overview

Issue Open February 26, 2024 – March 7, 2024
Security Name Navi Finserv Limited
Security Type Secured, Redeemable, Non-Convertible Debentures (Secured NCDs)
Issue Size (Base) Rs 300.00 Crores
Issue Size (Oversubscription) Rs 300.00 Crores
Overall Issue Size Rs 600.00 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 A/Stable by CRISIL.
Tenor 18, 27 and 36 months
Series Series I to V
Payment Frequency Monthly and Annually
Basis of Allotment First Come First Serve Basis
Debenture Trustee/s Catalyst Trusteeship Limited

Navi Finserv Limited, incorporated in 2012, is a non-deposit-taking, systemically important NBFC registered with the RBI. It operates as a wholly-owned subsidiary of Navi Technologies Limited.

NCD Allocation Ratio

Category ? NCD’s Allocated
Institutional 20%
Non-Institutional 25%
HNI 25%
Retail 30%

The company specializes in offering digital personal loans, home loans, and real estate loans through its mobile application, Navi app. Formerly known as Chaitanya Rural Intermediation Development Services Private Limited, Navi Finserv Limited has adopted a mobile-first app model for its lending operations. It has also developed the Navi Lending Cloud, a cloud-native platform that facilitates real-time lending partnerships. This platform enables lending partners to evaluate customers, define loan parameters, settle collection payments, and manage reconciliation in real time. It also streamlines portfolio allocation and due diligence for direct lending.

As of September 30, 2023, Navi Finserv Limited employed 955 individuals.

NCD’s Offered by Category

Category ? NCD’s Reserved
Institutional 600,000
Non-Institutional 750,000
HNI 750,000
Retail 900,000
Total NCD’s 3,000,000

NCD Rating
The NCDs proposed for issuance under this Issue have been rated CRISIL A/Stable by CRISIL.

Navi Finserv Limited NCD Coupon Rates

# Series 1 Series 2 Series 3 Series 4 Series 5
Frequency of Interest Payment Monthly Monthly Annual Monthly Annual
Nature Secured Secured Secured Secured Secured
Tenor 18 Months 27 Months 27 Months 36 Months 36 Months
Coupon (% per Annum) 10.00% 10.40% 10.90% 10.65% 11.19%
Effective Yield (% per Annum) 10.47% 10.91% 10.94% 11.19% 11.19%
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

Navi Finserv Limited’s Promoter is Navi Technologies Limited.

Financial Performance
Navi Finserv Limited’s revenue increased by 153.52%, and its profit after tax (PAT) rose by 1902.04% between the financial years ending March 31, 2023, and March 31, 2022.

Objects of the Issue
The company intends to utilize the net proceeds from the issue for the following purposes:

1. Funding onward lending, financing, and repayment of existing loans and borrowings.
2. General corporate purposes.

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