Cholamandalam Investment and Finance Company Limited NCD
Incorporated in 1978, Cholamandalam Investment and Finance Company Limited (Chola) is a non-banking finance company categorized as NBFC Investment and Credit Company (NBFC-ICC). It is the financial services arm of the Murugappa Group.
Chola started out as an equipment financing company and has since expanded to offering vehicle finance, loans against property, home loans, supply chain financing, term loans, equipment financing, loans against securities, and invoice discounting to small and medium-sized enterprises (SMEs), consumer and small enterprise loans, and secured business and personal loans as well as to providing investment advisory services, stock broking, and other financial services.
The company has three subsidiaries, namely,
- Cholamandalam Securities Limited (CSL), provides stock broking & depository participant services.
- Cholamandalam Home Finance Limited (CHFL). CHFL is engaged in the business of distribution of insurance products.
- Payswiff Technologies Private Limited (PTPL), provides payment gateway services for e-commerce businesses and ecommerce solutions.
As of September 30, 2023, Chola has over 1,267 branches and 571 resident locations across 29 States and Union Territories in India with 30.94 lakh active customers.
| Issue Open | November 28, 2023 - December 1, 2023 |
| Security Name | Cholamandalam Investment and Finance Company Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 500.00 Crores |
| Issue Size (Shelf) | Rs 5,000.00 Crores |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE, NSE |
| Credit Rating | IND AA+/Stable by India Ratings & Research Private Limited and ICRA AA+ (Stable) by ICRA Limited |
| Tenor | 24, 36 and 60 Months |
| Series | Series I to VI |
| Payment Frequency | Annually and Cumulative |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Idbi Trusteeship Services Ltd. |
NCD Allocation Ratio
Category  | NCD's Allocated |
|---|---|
| Institutional | 20% |
| Non-Institutional | 35% |
| HNI | 25% |
| Retail | 20% |
NCD's Offered by Category
| Category | NCD's Reserved |
|---|---|
| Institutional | 1,000,000 |
| Non-Institutional | 1,750,000 |
| HNI | 1,250,000 |
| Retail | 1,000,000 |
| Total NCD's | 5,000,000 |
Cholamandalam Investment and Finance Company Limited NCD Coupon Rates
| # | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 |
|---|---|---|---|---|---|---|
| Frequency of Interest Payment | Annual | Cumulative | Annual | Cumulative | Annual | Cumulative |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 24 Months | 24 Months | 36 Months | 36 Months | 60 Months | 60 Months |
| Coupon (% per Annum) | 8.40% | NA | 8.50% | NA | 8.60% | NA |
| Effective Yield (% per Annum) | 8.39% | 8.40% | 8.49% | 8.50% | 8.59% | 8.60% |
| Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 1,175.32 | Rs 1,000.00 | Rs 1,277.58 | Rs 1,000.00 | Rs 1,511.28 |
NCD Rating
The company has received a rating of ICRA AA+ (Stable) by ICRA Limited and IND AA+ (Stable) by India Ratings & Research Private Limited for the NCDs proposed to be issued pursuant to this Issue.
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