Cholamandalam Investment and Finance Company Limited Price, Ratio & Allotment Details

Cholamandalam Investment and Finance Company Limited NCD Issue Record Date, Price & Details

Cholamandalam Investment and Finance Company (CIFCL), founded in 1978, is the financial services branch of the Murugappa group, headquartered in Chennai. The company primarily engages in the commercial vehicle financing and loan against property industries. CIFCL entered the small and medium enterprise loan and housing finance businesses in FY15.

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CIFCL has an excellent franchisee network and a reasonably varied product portfolio, which has helped it develop an established reputation in the car loan industry. It had 1,166 branches in India as of December 2022. Approximately 80% of CIFCL’s branches are located in rural areas. As of December 2022, the company’s network is diverse, with no single region (North/South/East/West) accounting for more than 30% of total branches. Loans are available for commercial vehicles, passenger vehicles, two-wheelers, tractors, construction equipment, residences, SMEs, and other uses.

The AUM raised by 31% year on year in 9M FY2023, compared to 10% year on year in FY2022, with a compound annual growth rate (CAGR) of 20% between March 2017 and March 2021. The AUM was INR 95,468 crores in December 2022, with auto finance, home equity, home finance, and new companies contributing 64%, 21%, 8%, and 7%, respectively.

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.

Cholamandalam Investment NCD Tranche I April 2023 Detail

Issue OpenApr 25, 2023 – Apr 27, 2023
Security NameCholamandalam Investment and Finance Company Limited
Security TypeSecured, Redeemable, Non-Convertible Debentures (Secured NCDs)
Issue Size (Base)Rs 500.00 Crores
Issue Size (Shelf)Rs 5,000.00 Crores
Issue PriceRs 1000 per NCD
Face ValueRs 1000 each NCD
Minimum Lot size10 NCD
Market Lot1 NCD
Listing AtBSE, NSE
Credit RatingICRA AA+ (Stable) by ICRA Limited and IND AA+ (Stable) by India Ratings & Research Private Limited
Tenor22, 37 and 60 months
SeriesSeries I to VI
Payment FrequencyAnnually and Cumulative
Basis of AllotmentFirst Come First Serve Basis
Debenture TrustiesIdbi Trusteeship Services Ltd.

NCD Allocation Ratio

Category NCD’s Allocated
Institutional20%
Non-Institutional25%
HNI25%
Retail30%

NCD’s Offered by Category

Category NCD’s Reserved
Institutional1,000,000
Non-Institutional1,250,000
HNI1,250,000
Retail1,500,000
Total NCD’s5,000,000

Cholamandalam Investment and Finance Company Limited NCD Coupon Rates

#Series 1Series 2Series 3Series 4Series 5Series 6
Frequency of Interest PaymentAnnualCumulativeAnnualCumulativeAnnualCumulative
NatureSecuredSecuredSecuredSecuredSecuredSecured
Tenor22 Months22 Months37 Months37 Months60 Months60 Months
Coupon (% per Annum)8.25%NA8.30%NA8.40%NA
Effective Yield (% per Annum)8.26%8.25%8.30%8.30%8.39%8.40%
Amount on Maturity (In Rs.)Rs 1,000.00Rs 1,156.64Rs 1,000.00Rs 1,279.15Rs 1,000.00Rs 1,497.40

Company Promoters

Cholamandalam Financial Holdings Limited, Ambadi Investments Limited, M V Subbiah, M A Alagappan, A Vellayan, A Venkatachalam, M M Murugappan, M M Venkatachalam, M A M Arunachalam, S Vellayan, Arun Alagappan, M M Veerappan, V Narayanan, V Arunachalam, M M Muthiah, M V Muthiah, Arun Venkatachalam, M V Subramanian, M V Murugappan HUF, M V Subbiah HUF, M A Alagappan HUF, A Vellayan HUF, A Venkatachalam HUF, M M Murugappan
HUF, M A M Arunachalam HUF, M M Venkatachalam HUF, M M Muthiah HUF, A M M Arunachalam HUF, Murugappa & Sons (M V Subbiah, M A Alagappan & M M Murugappan hold shares on behalf of the firm) Tube Investments of India Limited New Ambadi Estates Private Limited, Coromandel International Limited, Ambadi Enterprises Limited, Carborundum Universal Limited, E.I.D. Parry (India) Limited, M A Alagappan (holds shares on behalf of Kadamane Estates) are the company promoters.

Cholamandalam Investment and Finance Company Limited Financial Information (Restated Consolidated)

Period EndedTotal AssetsTotal RevenueProfit After Tax
31-Mar-1844,089.735,479.66918.30
31-Mar-1957,490.127,108.831,196.94
31-Mar-2064,058.388,712.631,053.72
31-Mar-2174,644.169,639.721,521.39
31-Mar-2282,478.6810,231.812,158.89

Cholamandalam Investment NCD Tranche I April 2023 Subscription Status

The Cholamandalam Investment NCD Tranche I April 2023 was subscribed 5.17 times on Apr 27, 2023 5:00:00 PM. The NCD subscribed 2.05 times in Retail, 2.06 times in HNI, 10.49 times in Non-Institutional, and 7.10 times in the Institutional category.

Category ?Subscription (times)
Retail2.05x
HNI2.06x
Non-Institutional10.49x
Institutional7.10x
Total5.17x

Objects of the Issue

The proceeds from the issue will be used for the following objects:

  • Onward lending, financing, and repayment of interest and principal of existing borrowings of the company.
  • General corporate purposes.

Cholamandalam Investment NCD Tranche I April 2023 Lead Manager(s)

  • A.K. Capital Services Limited

Cholamandalam NCD April 2023 FAQs

Q1. What are the face value and lot size of Cholamandalam NCD April 2023?

Ans. The NCDs will be issued at a face value of INR 1,000 each NCD and the minimum lot size is 10 NCDs.

Q2. What is the frequency of interest payment in Cholamandalam NCD April 2023?

Ans. The frequency of payment for Cholamandalam NCD is Annual, & Cumulative.

Q3. What is the basis of allotment in the Cholamandalam NCD April 2023 offer?

Ans. Cholamandalam NCDs will be allotted on a First Come First Serve Basis.

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