Indel Money Secures INR 50 Cr Via Market-Linked Debentures
The fund raised from the MLDs will be utilised to expand Indel Money's book size along with its footprint
Photo Credit : Shutterstock,
: Indel Money Limited, the flagship company of Indel Corporation and gold loan non-banking finance company has raised Rs 50 crore via first tranche of its principal-protected market-linked debentures (MLDs). Issued on August 30, 2022 through Yubi (formerly CredAvenue), a fintech debt marketplace, the MLDs offer a fixed coupon rate and come with the tenors of 16 and 18 months.
The first tranche of MLDs witnessed rapid subscription from HNI offices/investment houses from cities like Mumbai, Delhi, Chennai, Jaipur, Ahmedabad, etc. Indel Money plans to raise another Rs.250 crore by issuing the second tranche of the MLDs in Q3FY23.
The fund raised from the MLDs will be utilised to expand Indel Money's book size along with its footprint.
Commenting on the launch, Mr. Umesh Mohanan, Executive Director and CEO, Indel Money Ltd said, “We are pleased to witness such a strong demand for the first tranche of our MLDs. It underlines the trust of the investors in the competitive strength of our business model and our enhanced position in the gold loan industry. The market placement expertise of Yubi also helped us develop a broad investor base for the MLDs. For investors, our MLDs offer a short tenure investment option with principal protection and assured return/pay-off despite market volatility. Our gold-backed MLDs aptly address the illiquidity concerns over the investments. The MLDs will help us further diversify fund-raising avenues. The launch of MLDs is a part of our mission to expand our presence across India and further build our operational efficiency. We look forward to a stronger investor traction for the second tranche scheduled in Q3FY23.”
Around The World