Indiabulls Commercial Credit Limited’s NCD Tranche I Issue Open. Coupon Rate Upto 10.30% p.a.#Effective Yield Up to 10.30% p.a.#

 Indiabulls Commercial Credit Limited’s NCD Tranche I Issue Open.

Coupon Rate Upto 10.30% p.a.^#Effective Yield Up to 10.30% p.a.^#

·         Public issue of secured redeemable non-convertible debentures (“NCDs”) of face value and issue price of ₹ 1,000 each

·         The Tranche I Issue includes a base issue size of ₹ 100 crores with an option to retain oversubscription up to ₹ 100 crores aggregating up to ₹ 200 crores; within a shelf limit of ₹ 1,000 crore 

·         NCDs proposed to be issued pursuant to the Tranche I Issue are rated as “CRISIL AA/Stable” by CRISIL Ratings Limited and “[ICRA]AA (Stable)” by ICRA Limited

·         Tenor options: 24 months, 36 months & 60 months with monthly, annual and cumulative coupon payment options

·         Staggered Redemption Options for 36 months & 60 months; Coupon rate up to 10.30% p.a.# and Effective Yield up to 10.30% p.a.^#

·         The Tranche I Issue opened on Thursday, January 05, 2023 and closes on Friday, January 27, 2023 **

·         The NCDs are proposed to be listed on BSE Limited and National Stock Exchange of India Limited. BSE Limited is the designated stock exchange for the Tranche I Issue.

^#For further details, please refer to the section titled “Issue Related Information” on Page 79 of the Tranche I Prospectus dated December 30, 2022

**The Tranche I Issue shall remain open for subscription on Working Days from 10 a.m. to 5 p.m. (Indian Standard Time) during the period indicated above, except that the Tranche I Issue may close on such earlier date or extended date as may be decided by the Board of Directors of the Company or the Bond Issue Committee, thereof, subject to relevant approvals. In the event of an early closure or extension of the Tranche I Issue; the Company shall ensure that notice of the same is provided to the prospective investors through an advertisement in a daily national newspaper with wide circulation and a regional daily at the place where the registered office of the Company is situated on or before such earlier or extended date of Tranche I Issue closure. Applications Forms for this Tranche I Issue will be accepted only from 10:00 a.m. to 5:00 p.m. or such extended time as may be permitted by BSE and NSE, on Working Days during the Tranche I Issue Period. On the Tranche I Issue Closing Date, Application Forms will be accepted only between 10:00 a.m. to 3:00 p.m. and uploaded until 5:00 p.m. (Indian Standard Time) or such extended time as may be permitted by BSE and NSE. Further, pending mandate requests for bids placed on the last day of bidding will be validated by 5 PM on one Working Day after the Tranche I Issue Closing Date. For further details please refer to the section titled “Issue Related Information” on page 79 of the Tranche I Prospectus.

Mumbai, January 05, 2023: Headquartered in New Delhi, Indiabulls Commercial Credit Limited (ICCL) (“Company” or “Issuer”), is a Non-Banking Financial Company (NBFC), registered with the Reserve Bank of India (RBI), has announced the public issue of secured, redeemable, non-convertible debentures of the face value of Rs. 1,000 each (“NCDs”). The Tranche I Issue openedToday, January 05, 2023 and closes on Friday, January 27, 2023.

The Tranche I Issue has a base issue size of ₹ 100 crores with an option to retain oversubscription up to ₹100 crores, aggregating up to ₹200 crores (“Tranche I Issue”) within a shelf limit of ₹ 1,000 crore. The Tranche I Issue offers various series of NCDs for subscription with coupon rates ranging from 9.05%p.a to 10.30% p.a. The NCDs are proposed to be listed on BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE” together with BSE, the “Stock Exchanges”)BSE shall be the Designated Stock Exchange for the Tranche I Issue. The NCDs have been rated “CRISIL AA/Stable” by CRISIL Ratings Limited and “[ICRA]AA (Stable)” by ICRA Limited.

The NCDs under the Tranche I Issue have tenures of 24 months (Series I, II, III), 36 months (Series IV, V, VI), and 60 months (Series VII, VIII). Effective yield (per annum) for the NCD holders in Category I (Institutional Investors) & Category II (Non-Institutional Investors) ranges from 9.39%p.a to 9.81% p.aand for Category III (High Net-worth Individual Investors) and Category IV (Retail Individual Investors) holders ranges from 9.79%p.a to 10.30% p.a. Interest payment modes for the NCDs are Annually, Monthly or Cumulative as per the series selected by the investors. Amount on maturity for the NCD holders in Category I (Institutional Investors) & Category II (Non-Institutional Investors) ranges from ₹ 1,000 to ₹ 1,315.10 per NCD and for Category III (High Net-worth Individual Investors) and Category IV (Retail Individual Investors) ranges from ₹ 1,000 to ₹ 1,333.20 per NCD.The Tranche I Issue option forstaggered redemption by face value through annual payments under 36 months (Series IV and Series VI) and 60 months (Series VII and Series VIII).

The Company is also offering an additional incentive of 0.25% to the Category III and Category IV Investors in the proposed Tranche I Issue who are also holders of NCD(s)/bond(s) previously issued by Company, and/or its holding company as the case may be, and/or are equity shareholder(s) of Indiabulls Housing Finance Limited as the case may be (“Primary Holder(s)”) on the Deemed Date of Allotment and applying in Series I, Series III, Series IV, Series VI, Series VII and/or Series VIII, provided the NCDs issued under this Tranche I Issue are held by the investors on the relevant Record Date applicable for payment of respective coupons, in respect of Series I, Series III, Series IV, Series VI, Series VII and/or Series VIII.

The Lead Managers to the Issue areEdelweiss Financial Services Limited, Elara Capital (India) Private Limited, and Trust Investment Advisors Private Limited. Beacon Trusteeship Limited is the Debenture Trustee to the Issue and KFin Technologies Limited is the Registrar to the Tranche I Issue.

Net proceeds of the Tranche I Issue, after meeting the expenditures of and related to the Tranche I Issue, at least 75% shall be utilised for the purpose of onward lending, financing, and for repayment of interest and principal of existing borrowings of the Company and up to 25% for general corporate purposes.

For the six months endedSeptember 30, 2022, ICCL reported a PAT of ₹236.90 crore on a total income of ₹937.11 crore, compared with ₹268.53 crore and ₹859.60 crore, respectively during the corresponding period of the previous fiscal.

The terms of each series of NCDs offered under the Tranche I Issue are set out below:

Series	I	II	III	IV*	V	VI	VII	VIII
Frequency of Interest Payment	Annual	Cumulative	Monthly	Annual	Cumulative	Monthly	Annual	Monthly
Minimum Application	₹ 10,000 (10 NCDs) across all Series
Face Value/ Issue Price of NCDs (₹/ NCD)	₹ 1,000
In Multiples of thereafter (₹)	₹ 1,000 (1 NCD)
Type of Instrument	Secured NCDs
Tenor	24 Months	24 Months	24 Months	36 Months	36 Months	36 Months	60 Months	60 Months
Coupon (% per annum) for NCD Holders in Category I & II	9.40%	NA	9.05%	9.55%	NA	9.16%	9.80%	9.40%
Coupon (% per annum) for NCD Holders in Category III & IV	9.80%	NA	9.40%	10.05%	NA	9.61%	10.30%	9.85%
Effective Yield (per annum) for NCD Holders in Category I & II	9.39%	9.40%	9.43%	9.54%	9.55%	9.54%	9.79%	9.81%
Effective Yield (per annum) for NCD Holders in Category III & IV	9.79%	9.80%	9.80%	10.04%	10.05%	10.04%	10.29%	10.30%
Mode of Interest Payment	Through various modes available
Amount (₹ / NCD) on Maturity for NCD Holders in Category I & II	₹ 1,000	₹ 1,197.15	₹ 1,000	Staggered Redemption in Three (3) annual payments of ₹ 333 for year 1, ₹ 333 for year 2 and ₹ 334 for year 3 starting from 1st Anniversary* until Maturity	₹ 1,315.10	Staggered Redemption in Three (3) annual payments of ₹ 333 for year 1, ₹ 333 for year 2 and ₹ 334 for year 3 starting from 1st Anniversary* until Maturity	Staggered Redemption in Five (5) annual payments of ₹200 each, starting from 1st Anniversary* until Maturity	Staggered Redemption in Five (5) annual payments of ₹200 each, starting from 1st Anniversary* until Maturity
Amount (₹ / NCD) on Maturity for NCD Holders in Category III & IV	₹ 1,000	₹ 1,206.00	₹ 1,000	Staggered Redemption in Three (3) annual payments of ₹ 333 for year 1, ₹ 333 for year 2 and ₹ 334 for year 3 starting from 1st Anniversary* until Maturity	₹ 1,333.20	Staggered Redemption in Three (3) annual payments of ₹ 333 for year 1, ₹ 333 for year 2 and ₹ 334 for year 3 starting from 1st Anniversary* until Maturity	Staggered Redemption in Five (5) annual payments of ₹200 each, starting from 1st Anniversary* until Maturity	Staggered Redemption in Five (5) annual payments of ₹200 each, starting from 1st Anniversary* until Maturity
Maturity / (from the Deemed Date of Allotment)	24 Months	24 Months	24 Months	36 Months	36 Months	36 Months	60 Months	60 Months
Maturity / Redemption Date  (Months from the Deemed Date of Allotment)	24 Months	24 Months	24 Months	Staggered Redemption by Face Value as per “Principal Redemption Schedule and Redemption Amounts” on page 102 of the Tranche I Prospectus	36 Months	Staggered Redemption by Face Value as per “Principal Redemption Schedule and Redemption Amounts” on page 102 of the Tranche I Prospectus	Staggered Redemption by Face Value as per “Principal Redemption Schedule and Redemption Amounts” on page 102 of the Tranche I Prospectus	Staggered Redemption by Face Value as per “Principal Redemption Schedule and Redemption Amounts” on page 102 of the Tranche I Prospectus
Put and Call Option	Not Applicable

*Company shall allocate and allot Series IV NCDs wherein the Applicants have not indicated the choice of the relevant NCD Series.