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JM Financial Products Limited announces Tranche I Public Issue of upto Rs. 500 crore of NCDs

Posted On: 2021-09-17 17:21:03 (Time Zone: IST)


JM Financial Products Limited, the flagship NBFC arm of the JM Financial Group, announced Tranche - I public issue of Secured NCDs of face value of Rs. 1,000 each.

Mr. Vishal Kampani, Managing Director, JM Financial Products Limited, (also MD, JM Financial Group), said, "JM Financial Products has fortified its position across business verticals with a diversified product mix while maintaining a focus on risk adjusted profitable growth. The Company has maintained strong liquidity buffers. This public issuance will continue to help us diversify our borrowing and investor mix. Our strong balance sheet, well-capitalised and diverse set of businesses and strategic clientfocused approach position us to drive sustainable value for our stakeholders."

The Tranche I Issue offers 4 Series - Series I comes with floating interest rate option in the tenor of 39 Months. Series I carries floating interest rate based on 3-month TBill Rate published by the Financial Benchmarks India Pvt. Ltd. ("FBIL") plus 3.15% spread. The Coupon for Series I NCDs will depend on the movement of the T-bill rate.

In addition, Series II, III and IV comes with fixed interest rate option in the tenor of 60 Months (Annual), 60 Months (Monthly) and 100 Months (Annual), respectively. Effective annual yield for Series II, III and III NCDs (fixed interest rate) ranges from 8.19% to 8.30% per annum. The Tranche I Issue offers options for subscription with coupon rates ranging from 7.91% to 8.30% per annum for Series II, III and IV NCDs a(fixed interest rate).

The funds raised through this Tranche I Issue will be used for the purpose of onward lending, financing, and for repayment / prepayment of interest and principal of the borrowings of the Company (at least 75%) and for general corporate purposes (up to 25%).

Key Highlights:

- Secured NCDs of face value of Rs.1,000 each

- The Tranche I Issue includes a Base Issue Size for an amount of up to Rs.100 crore with an option to retain oversubscription upto Rs. 400 crore aggregating up to Rs.500 crore which is within the Shelf Limit of Rs. 1,500 crore

- Tranche I Issue opens on September 23, 2021 and closes on October 14, 2021

- Tranche I Issue rated as [ICRA] AA/(STABLE) by ICRA and CRISIL AA/STABLE by CRISIL

- The Tranche I Issue offers 4 Series - Series I comes with floating interest rate option and Series II, III and IV comes with fixed interest rate option

- Fixed Coupon Rate of up to 8.30% per annum

- Floating interest rate to be calculated based on 91 day T-bill +3.15% spread

- Tenor ranging from 39 months to 100 months

- Minimum application size Rs. 10,000 collectively across all Series

- Allotment on first-come, first-serve basis#

- Investors can apply for NCDs only in dematerialized form

- The NCDs are proposed to be listed on BSE

# debt excludes borrowing for episodic financing of Rs.949.55 crore as of June 30, 2021

Shares of JM Financial Limited was last trading in BSE at Rs. 91.25 as compared to the previous close of Rs. 91.4. The total number of shares traded during the day was 153583 in over 2005 trades.

The stock hit an intraday high of Rs. 92.9 and intraday low of 89.2. The net turnover during the day was Rs. 13930726.


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