Opening Date
3 Jun 2024
Closing Date
14 Jun 2024
Yield
Upto 10.50%
Tenure
Upto 60 Months
Ongoing IPO
Opening Date
3 Jun 2024
Closing Date
14 Jun 2024
Time to close
Yield
Upto 10.50%
Tenure
Upto 60 Months
| Issue Size (Including Green Shoe Option) | 1,000 | ||
| Face Value | 1000 | ||
| Coupon | Upto 10.50% | ||
| Minimum Number of Bonds | 10 | ||
| Lot Size (Multiplier) | 1 | ||
| Allotment Date (Tentative) | 20 Jun 2024 | ||
| Listing Date (Tentative) | 24 Jun 2024 | ||
| Exchange Bid Time (24 Hours) | 10:00 to 17:00 | ||
Documents attached
*Allotment on first come first serve basis
Series | I | II | III | IV | V | VI |
Nature Of NCDs | Secured Redeemable Non-Convertible Debentures | |||||
Who Can Apply | Everyone | |||||
Tenure | 24 Months | 24 Months | 36 Months | 36 Months | 60 Months | 60 Months |
Frequency of Interest payment | MONTHLY | YEARLY | MONTHLY | YEARLY | MONTHLY | YEARLY |
Best Coupon Rate (% p.a.) for: | ||||||
Category 1 | 9.20 % | 9.60 % | 9.57 % | 10.00 % | 10.03 % | 10.50 % |
Category 2 | 9.20 % | 9.60 % | 9.57 % | 10.00 % | 10.03 % | 10.50 % |
Category 3 | 9.20 % | 9.60 % | 9.57 % | 10.00 % | 10.03 % | 10.50 % |
Category 4 | 9.20 % | 9.60 % | 9.57 % | 10.00 % | 10.03 % | 10.50 % |
Effective Yield (% p.a.) for: | ||||||
Category 1 | 9.60 % | 9.60 % | 10.00 % | 10.00 % | 10.50 % | 10.49 % |
Category 2 | 9.60 % | 9.60 % | 10.00 % | 10.00 % | 10.50 % | 10.49 % |
Category 3 | 9.60 % | 9.60 % | 10.00 % | 10.00 % | 10.50 % | 10.49 % |
Category 4 | 9.60 % | 9.60 % | 10.00 % | 10.00 % | 10.50 % | 10.49 % |
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BondsIndia is an online platform for fixed-income securities such as IPOs, bonds, 54EC bonds, and fixed deposits. With a cumulative pedigree of 50+ years in the bond market, we aim to democratize the market for common investors by stationing detailed insights, expert advice, and keeping a close watch on the market sentiment. BondsIndia brings up-to-date information when IPOs go live, fixed deposits with higher interests, and bonds with competitive price before anyone else.
BondsIndia ditches the traditional ways of investing by offering a Technology based platform for investors that ensures instant online settlements and reduces counter-party risks. Choose BondsIndia for its sleek interface, fail-safe communication and step-by-step guide to ensure a well-placed bid. You can apply for Edelweiss Financial Services Limited IPO on BondsIndia's website.
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Application process on BondsIndia platform is simple and seamless.
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Rs 11,400.26 crs
1.91%
0.34%
<B>Samasta, an NBFC and MFI, is a majority owned subsidiary of IIFL Finance. Samasta started operations in March 2008 by taking over Colanac Finance Ltd, an NBFC. It follows the standard Grameen Bank model and lends to groups of five. The centres have 25 30 members. IIFL Finance acquired significant stake in Samasta in fiscal 2017.
Strong financial and managerial support from IIFL Finance
The parent will continue to provide support on an ongoing basis and in the event of distress, given its majority ownership and Samastas strategic importance to the group, and presence in the board of directors. The microfinance business is strategically important and helps diversify the financial product suite of the parent and expand its presence in the financial inclusion space. Also, the microfinance business is scalable, and expected to grow materially over the medium term. Samastas business is well established and is growing at a healthy pace and formed around 15 Percent of the groups assets under management AUM as on March 31, 2023.
Adequate capitalisation
Networth was adequate at Rs 1322 crore as on March 31, 2023. Adjusted gearing has been historically on the higher side and stood at 6.7 times as on March 31, 2023. The capital position is supported by regular infusions by the parent IIFL Finance as is evidenced by the latest Rs 200 cr infusion done in February 2023. Capital adequacy ratio CAR stood at 17.14 Percent as on March 31, 2023, in comparison to 16.91Percent three years ago.
Improving diversity in funding profile
Samasta has significantly improved the diversity in its resource profile since its acquisition by IIFL Finance. Nearly 8.8Percent of the external liabilities were from capital market instruments as on March 31, 2023, and bank loans and loans from non banking financial company NBFCs accounted for 65.1 Percent. The cost of funds on incremental borrowing has also improved considerably post acquisition.
Geographic concentration in operations
Though diversifying gradually, the loan portfolio of Samasta is still highly concentrated with 60 Percent of its own portfolio as on March 31, 2023, housed in four states Tamil Nadu, Bihar, Rajasthan and Karnataka. The top five districts accounted for 9.5 Percent of the loan book. Post acquisition by IIFL Finance, the company has operations in Bihar, Kerala, Rajasthan, Goa, Chhattisgarh and Gujarat.
Ability to maintain asset quality performance and control credit losses in the near term remains a monitorable
The asset quality, that saw some moderation in fiscal 2020 primarily on account of political unrest in Karnataka and natural calamities in Orissa which led to 90 Plus dpd of 1.5 Percent as on March 31, 2020 further weakened because of the pandemic and the 90plus dpd stood at 2.6 Percent as on March 31, 2021. However, with the company making write offs of Rs 132 crore in March 2022, the 90 Plus dpd improved to 2.8 Percent as on March 31, 2022. During fiscal 2023 as well, the company made provisions of Rs 4.4 crore and wrote off its portfolio to the tune of Rs 450.9 crore.
Susceptibility to regulatory and legislative risks associated with the microfinance sector
The microfinance sector witnessed two major disruptive events in the past decade. The first was the crisis promulgated by the ordinance passed by the government of Andhra Pradesh in 2010, and the second was demonetisation in 2016. In addition, the sector faced issues of varying intensity in several geographies. Promulgation of the ordinance on MFIs by the government of Andhra Pradesh in 2010 demonstrated their vulnerability to regulatory and legislative risks.
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