CHENNAI: ICL Fincorp’s forthcoming public issue of secured redeemable non-convertible debentures (NCDs) would be available for subscription till April 23, 2024.
This initiative presents investors with an opportunity for safe investment, promising high returns, and flexible tenure options. With a face value of Rs 1,000 each, the issue encompasses four schemes offering a total of 10 options (10 ISINs). The minimum application size is set at Rs 10,000, allowing investors of varying capacities to participate in this venture. Interest rates range from 11.00 per cent to 13.01 per cent, ensuring a diversified offering to meet the financial goals of different investors, as per a release.
The NCD issue has tenure options of 13 months, 24 months, 36 months, 60 months and 68 months. Investors can opt to receive the payouts on a monthly, yearly or cumulative basis. The interest rates vary according to the option preferred by the investor. The 68 month tenure offers an effective yield of 13.73 per cent and the investor stands to get his investment doubled. The highest interest rates under each tenure are 12.50 per cent for 60 months, 12.00 per cent for 36 months, 11.50 per cent for 24 months and 11.00 per cent for 13 months.
The funds accumulated through this NCD issue will be strategically deployed to fortify ICL Fincorp’s gold loan business.