Description

BSE announces listing of 10 options of Secured Redeemable Non-Convertible Debentures of ICL Fincorp Limited allotted on February 23, 2026, with face value of Rs. 1,000 per NCD and credit rating of CRISIL BBB-/Stable.

Summary

BSE has listed 10 series of Secured Redeemable Non-Convertible Debentures (NCDs) issued by ICL Fincorp Limited, allotted on February 23, 2026. The NCDs have a face value and issue price of Rs. 1,000 each, are rated CRISIL BBB-/Stable, and are available in both monthly interest-paying and cumulative options with maturities ranging from March 2027 to February 2032.

Key Points

  • ICL Fincorp Limited has listed 10 NCD options (Options I–X) on BSE under scrip codes 940898 to 940915
  • Face value and issue price: Rs. 1,000 per NCD; market lot is one NCD
  • Total securities across all options: 958,710 NCDs
  • Four monthly-frequency options (I–IV) with coupon rates of 10.00%, 10.50%, 11.00%, and 11.50% per annum
  • Three cumulative options (V, VI, VII) with effective yields of 10.50%, 11.00%, and 11.50% per annum
  • Two annually-paying options (VIII, IX) with coupon rates of 10.75% and 11.25% per annum
  • One cumulative option (X) with an effective yield of 12.25% per annum and redemption amount of Rs. 2,000
  • Credit rating: CRISIL BBB-/Stable; nature: Secured; Put/Call Option: Not Applicable
  • Date of allotment: February 23, 2026

Regulatory Changes

No regulatory changes. This is a standard debt listing notification in accordance with BSE listing norms for privately placed NCDs.

Compliance Requirements

  • ICL Fincorp Limited must comply with BSE’s continuing disclosure and reporting obligations for listed debt securities
  • Interest/redemption payments must be made on scheduled dates as per the terms of each NCD option
  • ISIN-level compliance required across all 10 series (INE01CYA7237 through INE01CYA7328)

Important Dates

  • Date of Allotment: February 23, 2026
  • First Interest Payment Date (Options I–IV, VIII–IX): April 1, 2026 (monthly options); February 23, 2027 (annual options)
  • Redemption Dates:
    • Option I & V: March 23, 2027
    • Options II, VI, VIII: February 23, 2028
    • Options III, VII, IX: February 23, 2029
    • Option IV: February 23, 2031
    • Option X: February 23, 2032

Impact Assessment

This listing has limited broader market impact as it pertains to a privately placed debt issuance by ICL Fincorp Limited, a mid-sized NBFC. The CRISIL BBB-/Stable rating indicates adequate creditworthiness but is below investment-grade thresholds for many institutional investors. Retail and HNI investors holding these NCDs gain liquidity through BSE listing. The diversity of 10 options (monthly, annual, cumulative; tenors of 1–6 years; yields of 10.00%–12.25%) provides flexibility but also reflects the issuer’s need to attract varied investor profiles.

Impact Justification

Routine debt listing of NCDs by a mid-sized NBFC with CRISIL BBB-/Stable rating; no regulatory changes or broad market impact, affects only direct NCD investors.