Indel Money Plans To Raise Rs 150 Crore Through Non-Convertible Debentures For Growth

Gold loan financier Indel Money on Monday said it plans to raise up to Rs 150 crore through non-convertible debentures to fund business growth. The issue, which is open from Oct. 21 to Nov. 4, has an option of early closure in case of early over-subscription, Indel Money said in a statement.

The funds raised through this issue will be used for the purpose of onward lending, financing, and for repayment/prepayment of principal and interest on borrowings of the company and general corporate purposes, it said.

The company expects to penetrate new markets and expand its customer base in rural and semi-urban markets where a large portion of the population has limited access to credit, it said.

Gold loan accounts for 91.82% of the company's loan portfolio.

The company has a network of 324 branches.