Event Date: May 1, 2024
ICL Fincorp Limited is offering 94,78,712 equity shares of Rs. 10 each for cash at a premium of Rs. 15 each, aggregating to Rs. 23,69,67,800, on a rights basis to the existing equity shareholders in the ratio of 1:5, meaning one equity share for every five equity shares held as of January 05, 2024, the record date.
Offer Details: The offer was approved on January 9, 2024, and is open for 13 days, from January 13, 2024, until January 25, 2024 (5:00 p.m.). The offer is subject to the terms and conditions outlined in the letter of offer, the Companies Act, 2013, the Memorandum and Articles of Association of the Company, and Reserve Bank of India regulations.
Summary of Business: ICL Fincorp Limited is a Non-Banking Financial Company (NBFC) providing gold and business loan products for the past 32 years. Incorporated in 1991, it has a registered office in Chennai and a corporate office in Irinjalakuda, Thrissur, Kerala. Headed by Mr. K.G. Anilkumar, the company has expanded from its first branch in April 2013 to 278 branches. It employs over 1000 people. The total asset size crossed Rs. 500 Crores in FY 2022-23, and the company is now categorized as a Systemically Important Non-Deposit Taking NBFC (NBFC-ND-SI). The company successfully completed its first Public Issue of NCDs for Rs. 100 Crores, which was oversubscribed and pre-closed before the closure date. The NCDs were listed on the BSE effective December 15, 2023. The company operates in approximately 8 states and aims to become a Pan India NBFC.
Object of the Issue: The company plans to use the proceeds for general corporate purposes and for onward lending, financing, and repayment of existing borrowings. The management reserves the right to determine the utilization of the net proceeds.
Promoters: Mr. K.G. Anilkumar (Managing Director) and Ms. Umadevi Anilkumar (Wholetime Director) are the promoters and may subscribe to the issue.
Financial Summary: The document includes standalone and consolidated financial summaries for the last three financial years (ended March 31, 2021, 2022, and 2023), presenting key figures for total income, total expense, profit/loss, income tax, and earnings per share.
Key Financial Data (Standalone):
Key Financial Data (Consolidated):
The record date for determining eligible shareholders is 05.01.2024.
Principal Terms and Conditions: The equity shares are offered on a rights basis in the ratio of 1:5 to eligible shareholders as of the record date. If the shareholding is not a multiple of 5, fractional entitlements are generally ignored, though some preference may be given for the allotment of one additional rights equity share. The face value is Rs. 10 per share, with an offer price of Rs. 25 per share (including a premium of Rs. 15). The full amount is payable on application by January 25, 2024. Payment must be made via account payee cheque/internet banking in the name of “ICL Fincorp Ltd Share Application.”
Capital Structure: The authorized share capital is Rs. 150,00,00,000, consisting of Rs. 100,00,00,000 in equity shares and Rs. 50,00,00,000 in preference shares. The paid-up share capital is Rs. 47,39,35,610 for equity shares and Rs. 2,84,00,000 for preference shares. The ISIN number of the equity shares is INE01CY01013.
Shareholder Options & Application Process: Shareholders have options to apply for rights entitlement in full, in part, with additional shares, renounce entitlement, or reject the offer. The application must be made on the provided form and submitted with payment by January 25, 2024. Applications must be complete and adhere to instructions. Renunciation is allowed, subject to Board approval. Allotment will prioritize shareholders/renouncees who applied for their rights, then original shareholders who applied for additional shares. Demat account details are required for dematerialized shares.
Other Information: The annual report for FY 2022-23 is available on the company website. Contact information is provided for queries. The Board of Directors consists of 6 Directors, including K.G. Anilkumar (Managing Director) and other executive and independent directors. Equity investments involve risks, and investors should rely on their own examination. The company accepts responsibility for the accuracy of the information in the letter of offer. Issue materials will only be sent to shareholders with Indian addresses.
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