Indel Money Announces Public Issue of NCDs to Raise Up to ₹500 Crore
Indel Money Limited, a non-deposit taking Non-Banking Financial Company – Middle Layer (NBFC-ML), has announced a public issue of Secured, Rated, Listed and Redeemable Non-Convertible Debentures (NCDs) with an overall issue size of up to ₹500 crore.
The NCD issue will open on August 18, 2026, and close on August 31, 2026, with an option for early closure, subject to the relevant approvals.
The NCDs will have a face value of ₹1,000 each. Investors can make one or more applications across the available series, with a minimum application size of ₹10,000 and in multiples of ₹1,000 thereafter.
₹250 Crore Base Issue With ₹250 Crore Green Shoe Option
The public issue comprises a base issue of ₹250 crore, along with a Green Shoe Option of up to ₹250 crore to retain oversubscription.
If fully subscribed, the overall issue size will therefore reach ₹500 crore.
The merchant bankers to the issue are Trust Investment Advisors Private Limited, Nuvama Wealth Management Limited and IDBI Capital Markets & Securities Limited.
Funds to Support Lending and Debt Obligations
According to the company, the net proceeds from the NCD issue will primarily be used for onward lending, financing or refinancing existing debt and debt servicing.
This includes payment of interest as well as repayment or prepayment of interest and principal on the company's existing borrowings. A portion of the proceeds may also be used for general corporate purposes, subject to applicable regulatory requirements.
The company has stated that the proceeds will not be used to pay any prepayment penalty, if applicable. The amount allocated towards general corporate purposes will not exceed 25% of the gross proceeds, in accordance with applicable SEBI NCS Regulations.
Indel Money Reports Growth in AUM During FY26
Indel Money reported significant growth in its Assets Under Management (AUM) during FY26.
As of March 31, 2026, the company's AUM stood at ₹4,103.90 crore, compared with ₹2,334.44 crore in FY25.
During FY26, the company reported:
- Total income: ₹605.96 crore
- Profit after tax: ₹123.97 crore
- Net worth: ₹631.77 crore
- Gross NPA: 1.65%
- Net NPA: 1.30%
- Tier I Capital Adequacy Ratio: 18.95%
The company said it continued to focus on asset quality and capital strength during the financial year.
Umesh Mohanan Highlights Investor Confidence
Umesh Mohanan, Whole Time Director, Indel Money, said the company had received an encouraging response to its earlier NCD issues and remains optimistic about the response to the latest offering.
According to Mohanan, continued investor confidence reflects trust in the company's business model, management team, corporate governance practices and long-term growth strategy.
He added that continued economic resilience and healthy credit demand are creating opportunities for organised lenders, including gold loan NBFCs, to meet the financing requirements of individuals and businesses.
The latest fundraise, he said, is expected to strengthen Indel Money's capital position, support its long-term growth objectives and help the company respond to evolving credit demand while meeting regulatory requirements.
Presence Across Multiple Indian States
As of June 30, 2026, Indel Money had operations spread across several states and Union Territories, including Haryana, Rajasthan, Uttar Pradesh, Delhi, Madhya Pradesh, Odisha, Maharashtra, Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, Telangana, Gujarat and Puducherry, among others.
The NCD issue comes as the company looks to strengthen its funding base and support lending and refinancing requirements as it continues to expand its financial services operations.
