India Infoline Finance ( IIFL) non-convertible debenture (NCD) issue got good response and has managed to collect over Rs 110 crore on first day of subscribing to the issue.
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Issue opens:
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Wednesday, September 5, 2012
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Coupon Rate :
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12.75% per annum*
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Issue closes:
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Tuesday, September 18, 2012
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Tenor for all options
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72 months
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Issue Price:
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Rs.1000 per NCD
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Rating
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'CRISIL AA‐/Stable'
'[ICRA] AA‐ Stable'
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Face Value:
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Rs.1000 per NCD
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Issuance
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Listing on:
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NSE and BSE
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Registrar:
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Link Intime India Private
Limited
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SPECIFIC TERMS FOR EACH SERIES OF BONDS
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Options
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I
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II
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III
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Frequency of Interest Payment
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Monthly
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Annually
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NA
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Minimum Application
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Rs. 5,000 (5 NCDs) (for all options of NCDs, namely Options I, II and III, either taken individually
or collectively)
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In Multiples of
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1 NCD after the minimum application
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Face Value of NCDs (Rs. / NCD)
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Rs. 1,000
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Issue Price (Rs. / NCD)
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Rs. 1,000
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Mode of Interest Payment/Redemption
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Through Various options available
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Through Various options available
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Redemption through
various options available
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Coupon (%) for NCD Holders
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12.75% per annum
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12.75% per annum
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NA
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Effective Yield (per annum)
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13.52%
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12.75%
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12.75%
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Redemption Date
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72 months from the Deemed Date of Allotment
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Redemption Amount (Rs. /NCD)
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Face Value of the NCDs plus any interest that may have accrued
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Face Value of the NCDs plus any interest that may have accrued
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Rs. 2054.50
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Deemed Date of Allotment
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Date of issue of the Allotment advice
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Nature of Indebtedness
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Un‐Secured Redeemable Subordinated Debt
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*For option I & II
NCD: Un-secured Non Convertible Deventures
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However, below are the reasons due to which investors should not subscribe the issue:
- It is unsecured NCD. It means there is no collateral against these bond. This makes this issue little riskier. There are other secured NCDs available in the market.
- Sectors in which IIFL is operating are not that promising. They are not market leader in any of them.
- It will double your money in 6 years. But there are NCDs from Muthoot Finance can double your money in 5.5 years. Those NCDs still can be bought through stock exchanges (BSE / NSE).
- Issue got rating of AA- from both Crisil and ICRA.
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