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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 |
Promoters
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.
