Indel Money is raising up to ₹500 crore through a public issue of Non-Convertible Debentures (NCDs) open from August 18 to August 31, 2026. With effective yields reaching up to 12.25% and a minimum investment of ₹10,000, the company aims to support its gold loan business, though investors should consider credit and liquidity risks.
Indel Money Limited is set to launch its public issue of secured, rated, and listed Non-Convertible Debentures (NCDs) on August 18, 2026, aiming to raise a total of ₹500 crore. The issue consists of a base size of ₹250 crore, with the company retaining the option to accept oversubscriptions for an additional ₹250 crore. The subscription window for the issue is scheduled to remain open until August 31, 2026, unless it is closed early by the company.
The offered NCDs come with varying tenures ranging from 400 days to 72 months. The coupon rates for these instruments range between 9% and 11.50% per annum, with the highest effective yield reaching 12.25% for specific tenures. Interested investors can participate in this public issue with a minimum application amount of ₹10,000.
Indel Money, which operates primarily in the gold loan segment, intends to use the proceeds from this fundraising for onward lending, refinancing its existing debt, and other general corporate purposes. This capital infusion is part of the company's broader strategy to support its asset growth and maintain liquidity. As of March 2026, the company reported an Asset Under Management (AUM) of ₹4,103.90 crore and a profit after tax of ₹123.97 crore for the financial year.
The NCD issue has been assigned a credit rating of IND A-/Stable by India Ratings and Research. This rating indicates that the instrument is considered investment-grade, reflecting the agency's assessment of the company’s ability to meet its financial obligations. However, investors should be aware that credit ratings are subject to review and can be downgraded if the company’s financial health or business performance changes.
When considering investment in NCDs, it is important for investors to understand the associated risks. These include credit risk, which is the possibility that the issuer may not be able to make interest or principal payments, and liquidity risk, as secondary market trading for NCDs often has lower volumes compared to equities, potentially making it difficult to exit the investment before maturity. Additionally, the gold loan sector is influenced by fluctuations in gold prices and evolving regulatory requirements, which can impact the operational performance of non-banking financial companies (NBFCs).
Investors planning to participate should track the subscription progress, the company’s ongoing financial results, and any updates regarding regulatory changes in the NBFC sector. The NCDs will be listed on the BSE Limited, and price volatility in the secondary market remains a factor to consider for those not planning to hold the instrument until maturity.