Indel Money readies its biggest ever public sale of debt: Bankers

India's Indel Money ​is planning to raise as ​much as 5 billion rupees ($52.47 million) ​later this month in what would be its biggest public issue of debt, merchant bankers say.

Here are a few details ‌of the ⁠issue, according ⁠to a termsheet seen by Reuters:

* Indel Money aims ​to raise at least 2.50 billion rupees through public issue, which ​includes a similar greenshoe option.


* The company will issue bonds maturing in 400 days, two-years, three-years and ​six years, with a monthly ⁠and a cumulative ‌coupon payment option.

* The coupons ​on these ​instruments will range from 9.00% to 11.50%, ⁠with the cumulative yield for the six-year ​papers at 12.25%, and the principal amount ​more than doubling till the maturity.

* The company will also sell five-year bonds with only monthly payment option and a coupon of 11.00%.

* The bonds are rated A- by India Ratings and ‌will close for subscription on August 31.

* This would be the biggest public debt ​issue by ​the firm, surpassing ⁠its previous 3 billion rupees raised last fiscal year.

* So far in fiscal 2027, only six companies have ​raised around 17.42 billion rupees through public issue of such bonds, sharply lower than the more than 42 billion rupees raised in the first four months of fiscal 2026.