Description

ICL Fincorp Limited lists 10 series of secured redeemable NCDs totaling 970,767 debentures with face value of Rs. 1,000 each, offering coupon rates from 10.50% to 12.00% p.a. with varying maturities from 2027 to 2031.

Summary

ICL Fincorp Limited has listed 10 series of Secured Redeemable Non-Convertible Debentures (NCDs) on BSE with a total of 970,767 debentures. All NCDs have a face value and issue price of Rs. 1,000 per NCD. The date of allotment is December 2, 2025. The debentures offer various interest payment options including monthly, annual, and cumulative, with coupon rates ranging from 10.50% to 12.00% per annum. Credit rating is CRISIL BBB-/Stable with a market lot of one NCD. No put/call options are available.

Key Points

  • Total of 970,767 NCDs listed across 10 series (Options I through X)
  • Face value and issue price: Rs. 1,000 per NCD for all series
  • Allotment date: December 2, 2025
  • Credit rating: CRISIL BBB-/Stable
  • Interest payment frequencies: Monthly (Options I-IV), Annually (Options VIII-IX), Cumulative (Options V-VII, X)
  • Coupon rates: 10.50%, 11.00%, 11.50%, 12.00%, 11.25%, 11.75% per annum
  • Maturity dates ranging from January 2027 to October 2031
  • Market lot: One NCD
  • No put/call options available

Series Details

Monthly Interest Payment:

  • Option I (Scrip: 940759, ISIN: INE01CYA7229): 173,800 NCDs, 10.50% coupon, 11.02% yield, maturing January 2, 2027
  • Option II (Scrip: 940761, ISIN: INE01CYA7203): 73,311 NCDs, 11.00% coupon, 11.57% yield, maturing December 2, 2027
  • Option III (Scrip: 940763, ISIN: INE01CYA7195): 138,529 NCDs, 11.50% coupon, 12.13% yield, maturing December 2, 2028
  • Option IV (Scrip: 940765, ISIN: INE01CYA7161): 201,539 NCDs, 12.00% coupon, 12.68% yield, maturing December 2, 2030

Annual Interest Payment:

  • Option VIII (Scrip: 940773, ISIN: INE01CYA7153): 8,169 NCDs, 11.25% coupon, 11.25% yield, maturing December 2, 2027
  • Option IX (Scrip: 940775, ISIN: INE01CYA7179): 15,542 NCDs, 11.75% coupon, 11.75% yield, maturing December 2, 2028

Cumulative Payment:

  • Option V (Scrip: 940767, ISIN: INE01CYA7146): 144,340 NCDs, 11.00% yield, redemption Rs. 1,119.70, maturing January 2, 2027
  • Option VI (Scrip: 940769, ISIN: INE01CYA7211): 42,580 NCDs, 11.50% yield, redemption Rs. 1,243.23, maturing December 2, 2027
  • Option VII (Scrip: 940771, ISIN: INE01CYA7187): 50,318 NCDs, 12.00% yield, redemption Rs. 1,404.93, maturing December 2, 2028
  • Option X (Scrip: 940777, ISIN: INE01CYA7138): 122,639 NCDs, 12.62% yield, redemption Rs. 2,000, maturing October 2, 2031

Regulatory Changes

No regulatory changes announced. This is a standard listing notification.

Compliance Requirements

  • ICL Fincorp Limited must comply with standard listing requirements for debt securities on BSE
  • Investors can trade these NCDs starting from the listing date
  • Market lot is one NCD, making these accessible for retail investors

Important Dates

  • Allotment Date: December 2, 2025
  • First Interest Payment Date (for non-cumulative options): January 1, 2026 or December 2, 2026
  • Maturity Dates:
    • January 2, 2027: Options I and V
    • December 2, 2027: Options II, VI, and VIII
    • December 2, 2028: Options III, VII, and IX
    • December 2, 2030: Option IV
    • October 2, 2031: Option X

Impact Assessment

Market Impact: Limited impact on broader equity markets. This listing primarily affects debt market participants and investors seeking fixed-income securities.

Investor Access: The listing provides debt investors with multiple options to match their investment preferences (monthly income, annual income, or cumulative returns) and risk-return profiles based on tenure (2 to 6 years).

Credit Profile: CRISIL BBB-/Stable rating indicates adequate degree of safety regarding timely servicing of financial obligations, though susceptible to adverse changes in circumstances. The coupon rates (10.50%-12.00%) reflect this credit profile.

Liquidity: Market lot of one NCD makes these instruments accessible to retail investors in the debt market.

Impact Justification

Routine listing of NCDs for debt market investors. Limited impact on equity markets or broader market participants.