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ICL Fincorp Rights Issue Details:
The Board of Directors of ICL Fincorp Limited has decided to raise funds in order to strengthen its financial position and meet its current and future financial needs to support its business operations and branch expansions.
The company is in a growth phase and requires additional investment. As a result, the Company intends to raise the necessary funds through the induction of new equity share capital from the Company’s existing equity shareholders via a rights issue. The infusion of funds will also strengthen the Company’s balance sheet and lower its finance costs.
- At its meeting on December 19, 2022, the Board of Directors approved the aforementioned rights issue of 4,43,34,952 equity shares at Rs.25/- each for cash (face value of Rs.10/- and premium of Rs.15/-) on a rights basis to the Company’s existing equity shareholders in the ratio of 1:1, i.e., 1 equity share for every 1 fully paid-up equity share held by the eligible equity shareholders.
- These shares are being offered to shareholders whose names appear in the Company’s Register of Members on December 19, 2022, the record date set by the Board of Directors.
- The issue will be open for 30 days, beginning on January 2, 2023 and ending at 5:00 p.m. on January 31, 2023.
Objects of the Rights Issue:
The Company intends to utilize the proceeds from issue towards funding the
- Working capital and general corporate purposes.
- Business expansion and diversification by opening new branches PAN India.
About ICL Fincorp
ICL Fincorp Ltd., established in the year 1991 with a registration under The Companies Act 1956, was started of as a financial services providing company. In the year 1991, the company forayed into the non-banking financial sector (NBFC) with the approval of the Reserve Bank of India.
Today, ICL Fincorp, is one of the leading Gold Loan oriented Non-Banking Finance Companies (NBFC) in South India. Few decades back on a strong launching in Chennai and Kerala, ICL Fincorp has expanded its operations in terms of business volume and also geographical reach.
Today, ICL Fincorp has its branches spread across all five states in South India and is poised to spread its wings Pan India very soon. ICL Fincorp has also in its portfolio, other services like Vehicle Loans, Business Loans, Money Transfer, Forex, Travel, and Tourism, etc.
ICL Fincorp is based in Irinjalakuda, a town in Thrissur, the cultural capital of Kerala, their Head office is in Irinjalakuda which is known for its historical and cultural importance.
Since its inception, ICL Fincorp, has witnessed unparalleled growth under the leadership of its Chairman and Managing Director, Mr. K G Anilkumar.
It was by the sheer business acumen that Mr K G Anilkumar, acquired a Chennai based NBFC company, Jawahar Finance Company and thus forayed into Non-Banking Finance field by naming the company “Irinjalakuda Credits and Leasing Company Limited” in the year 1991, with the approval of Reserve Bank of India.
The timing was perfect, with the general finance cum chity companies were facing increasing regulatory hurdles from state authorities. Many such companies became non-viable and faced closure. NBFC companies were in the right place to tap into the vast potential from Gold loan and other loan requirements from general public.
ICL Fincorp’s first branch was established at a small town called Annamanada in Thrissur District on 20/4/2013. Since then, ICL Fincorp has maintained consistent and rapid growth. Today, ICL Fincorp has over 179 branches spread across South India.
ICL Fincorp has set a tall aim to achieve a total of 1000 branches all across India by the end of the year 2023.
With the pan India ambition in mind, the company changed name to “ICL Fincorp Ltd” (formerly, Irinjalakuda Credits and Leasing Co. Ltd) to be in tune with the Group’s ambitious plans to spread across India.
As an organization, ICL Fincorp has a presence through its branches across six states in India, viz. Kerala, Tamil Nadu, Karnataka, Telengana and Andhra Pradesh, and Odisha. The ICL Group consists of other concerns viz. , ICL Tour and Travels P.Ltd, ICL Tours and Travels LLC, ICL Medilab P Ltd, ICL Cultural and charitable trust Snow View Tex Collections P Ltd, ICL Nidhi Ltd.
ICL Fincorp Services:
- Gold Loan
- Vehicle Loan
- Money Transfer
- Foreign Exchange
ICL Fincorp Performance FY2021-22
- The AUM of ICL Fincorp jumped to apprx ~ Rs. 350 crore in FY22 against ~ Rs. 300 crore in FY21
- Number of Branches of ICL Fincorp went to 221 in FY22 against 200 branches in FY21
- NPAs of ICL Fincorp remained under 2%
- More than 90% portfolio in under gold loan
- Capital to Risk Assets Ratio (“CRAR”) of ICL Fincorp is 17.14% (Minimum requirement prescribed by RBI is 15%)
- Interest Income of ICL Fincorp was Rs. 87.37 crore in FY22 against Rs. 74.13 crore in FY2021
- ICL Fincorp Profit after tax (PAT) was Rs. 2.71 crore in FY22 which was Rs. 2.79 crore in FY21
How to apply ICL Fincorp Rights Issue
Eligible shareholders who are interested in applying ICL Fincorp Rights Issue have to fill the application form with required details and make payment of the application money.
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