About Right Issue
ICL Fincorp Limited has decided to raise funds via the induction of fresh shares from existing shareholders of the Company through the right issue to strengthen its financial position and support its business operations and expansion of its branches. In the board meeting held on 19th December 2022, the board passed a resolution for the right issue.
- As per the offer letter, the size of the rights issue is RS. 110,83,73,800 aggregating 4,43,34,952 fresh equity shares at Rs.25/- each for cash (face value of Rs.10/- and premium of Rs.15/-) on rights basis to the existing equity shareholders of the Company in the ratio of 1:1 i.e, 1 equity share for every 1 equity share held as on record date December 19, 2022, by the eligible equity shareholders.
- The issue will remain open for 30 days starting from January 02, 2023, till the working hours i.e. 5.00 pm on January 31, 2023.
Why is the company raising funds via Right Issue.?
As per the offer letter, the Company proposed to utilize the fund to strengthen its financial position and support its business operations and expansion of its branches. The Company is in its growing phase and requires sufficient working capital. The fund will help the Company to strengthen its balance sheet and lessen finance costs. In FY22, the company acquired Kolkata-based Non-Banking Financial Company, Salem Erode Investments Limited (SEIL), so the workforce of the Company has also reached 1000 plus.
About ICL Fincorp
ICL Fincorp Limited is a leading nonbanking financial company engaged in offering business loans, gold loans, hire purchase loan, personal loans, loans for home appliances, loans for vehicle purchases etc.
ICL Fincorp Limited is a leading Non-Banking Financial Company that providing gold loans, business loans, hire purchase loans, etc. for the past 31 years. With its lending business and financial products, the company enables its customers to pursue ambitious growth strategies and execute value-creating transactions. The Company provides services suited to serve the general public financial needs.
Incorporated in 1991, the company has its registered office in Chennai and its administrative office at Irinjalakuda, Thrissur, Kerala. As of now, the Company is operating in the southern region of the country. It has recently opened two new branches in Odisha. The Company is planning to expand its business in the northern part of the country as well starting from New Delhi, Madhya Pradesh, Maharashtra, West Bengal, Puducherry, and Goa.
How to apply in Right Issue
In the offer letter of the right issue of the Company, an application form is given which is needed to be filled out by those who are interested in applying for the right issue. In the application form, it is mandatory to fill in all the details correctly asking in the application form. Following are the points needed to be filled such as the name and contact details of the applicant, Demat account details, nominee details, application details, payment details, and declaration.
The applicant should make sure that the application form should reach the following address or the nearest branches of the Company and make payment of the application money on or before the issue closing date.
Address
ICL Fincorp Limited
Secretarial Department
Corp Office: Main Road,
Irinjalakuda, Thrissur, Kerala – 680121
Ph: 0480 - 2828071, 2831305
Payment Channel
Name: ICL Fincorp Ltd – Share Application
Account No: 918020066281959
Bank: Axis Bank Limited
Branch : Irinjalakuda
IFSC: UTIB0000879
Note: Application forms with any incorrect information or unfilled point will summarily be rejected without any intimation. The application form must be filled in English and in block letters.
https://unlistedzone.com/shares/icl-fincorp-limited-unlisted-shares/
ICL Fincorp announced the right issue at Rs.25 per share
