L&T Finance 9.35% NCDs – March 2019 Issue

This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at skukreja@investitude.co.in

L&T Finance is going to launch its public issue of secured, redeemable, non-convertible debentures (NCDs) from this coming Wednesday, 6th of March. The company plans to raise Rs. 1,500 crore from this issue, including the green-shoe option to retain oversubscription of Rs. 1,000 crore. These NCDs will carry coupon rates between 8.89% for 60 months and 9.35% for 120 months.

Maturity period will range between 37 months to 120 months, having monthly, annual and cumulative interest payment options. The issue is scheduled to remain open for 15 days only to close on March 20, 2019. However, in case of high demand for these NCDs and raising Rs. 1,500 crore before 20th March, the company might close it prematurely.

Here are the salient features of the issue you should consider before taking a decision to invest or not:

Size of the issue – Base size of the issue is Rs. 500 crore and the company will have the option to retain oversubscription to the tune of Rs. 1,500 crore, including the green-shoe option of Rs. 1,000 crore.

Minimum Investment – Investors are required to apply for a minimum of ten bonds of Rs. 1,000 face value i.e. an investment of at least Rs. 10,000.

Interest Rate on Offer, Effective Yield & Tenor of the Issue – The issue will carry coupon rate of 9.35% p.a. for a period of 120 months, 9.25% p.a. for 60 months and 9.10% p.a. for 37 months. These rates would be applicable for annual interest payment options only. Monthly interest payment option is also available with 120 months and 60 months, and coupon rates for these periods would be 8.98% p.a. and 8.89% p.a. respectively.

You can check the rates offered for different maturities and different payment options from the table below:

Categories of Investors & Allocation Ratio – The investors have been classified in the following four categories and each category will have certain percentage fixed for the allotment:

Category I – Qualified Institutional Buyers (QIBs) – 20% of the issue is reserved i.e. Rs. 300 crore

Category II – Non-Institutional Investors & Corporates – 20% of the issue is reserved i.e. Rs. 300 crore

Category III – High Net Worth Individuals (HNIs) & HUFs investing more than Rs. 10 lakhs – 30% of the issue is reserved i.e. Rs. 450 crore

Category IV – Retail Individual Investors, including HUFs investing up to Rs. 10 lakhs – 30% of the issue is reserved i.e. Rs. 450 crore

Allotment on First-Come First-Served Basis –Allotment will be made on a first-come first-served basis, as well as on a date priority basis i.e. on the date of oversubscription, the allotment will be made on a proportionate basis to all the applicants of that day on which it gets oversubscribed.

NRI/QFI Investments – Non-Resident Indians (NRIs), foreign nationals and Qualified Foreign Investors (QFIs) among others are not allowed to invest in this issue.

Ratings & Nature of NCDs – ICRA, CARE and India Ratings, the three rating agencies involved in this issue, have assigned ‘AAA/Stable’ rating to the issue, indicating the issue to be safe as far as timely payments of interest and principal investments are concerned. As mentioned above as well, all these NCDs are ‘Secured’ in nature.

Demat Account Mandatory – The company has decided to issue these NCDs compulsorily in demat form. So, if you don’t have a demat account, you won’t be able to apply for these NCDs.

ASBA Mandatory – Like equity IPOs, SEBI has made ASBA mandatory to apply for debt issues also, effective October 1, 2018. So, you are no longer required to issue cheques to apply for these NCD issues. In case of physical applications, you just need to sign on the application form as per your bank records.

Taxability & TDS – No TDS in Demat Form – Interest income with these NCDs is taxable in the hands of the investors and you will have to pay tax on the interest income while filing your income tax return. However, as demat account is mandatory to invest in this issue, no TDS would get deducted from your interest income on NCDs held in demat form.

But, in case you decide to close your demat account, you can get these NCDs rematerialised. So, if rematerialised and held in physical form after the allotment, and if the annual interest income is more than Rs. 5,000, TDS @ 10% will be deducted.

Listing, Premature Withdrawal – L&T Finance has decided to get its NCDs listed on both the stock exchanges, Bombay Stock Exchange (BSE) as well as National Stock Exchange (NSE). Allotment as well as listing of these NCDs will happen within 6 working days from the closing date of the issue. There is no option of a premature redemption back to the company. However, the investors can always sell these NCDs on the stock exchanges to encash their investments.

Should you invest in L&T Finance 9.35% NCDs?

What we have seen recently in the cases of IL&FS and especially DHFL, it has taught us that nothing is permanent in the financial world and things could change very quickly with any of the private lenders. It doesn’t mean that we should never invest with private companies. I just want to reiterate here that one should be mentally prepared for any kind of adverse event with private companies, and enough research should be done before you hand over your hard-earned money to these private companies.

L&T Finance is a fundamentally sound company and has the brand name of L&T to generate trust with its investors. Probably that is why also it has been rated ‘AAA’ by the rating agencies. But, after all it is a private company. As I have expressed my views earlier as well, one should invest in such debt instruments of private companies for the shortest maturity period, and here 120 months is a very long period of investment with a private company. So, personally I would advise my clients to avoid such a long period of investment with L&T Finance. If you trust L&T Finance more than any other private lender, then you should go with 60-months tenor, otherwise there is not much difference in interest rates of 60 months and 37 months tenors. So, ideally one should invest for 37 months only.

On the other hand, more conservative investors should wait for the NHAI issue details to get announced. God knows why, but the wait for the NHAI issue has been longer than what I initially expected. I hope they issue their bonds this month itself, otherwise I don’t think their issue will see the light anytime before the elections get over and it could even get delayed by 2-3 months after the new government gets going.

Application Forms – L&T Finance NCDs

Note: As per SEBI guidelines, ‘Bidding’ is mandatory before banking the application form, else the application is liable to get rejected. For bidding of your application, any further info or to invest in L&T Finance NCDs, you can contact us at +91-9811797407

Muthoot Finance 10% NCDs – February 2019 Issue

This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at shivskukreja@gmail.com

Muthoot Finance has launched its latest public issue of secured, redeemable, non-convertible debentures (NCDs) from today, February 14, 2019. The company plans to raise Rs. 750 crore from this issue, including the green-shoe option to retain oversubscription of Rs. 650 crore. These NCDs will carry coupon rates between 9.25% for 24 months and 10% for 60 months.

Maturity period will range between 24 months to 60 months, having monthly, annual and cumulative interest payment options. The issue is scheduled to remain open for a month to close on March 14, 2019. However, in case of oversubscription above Rs. 100 crore, the company has the right to close it prematurely.

Here are the salient features of the issue you should consider before taking a decision to invest or not:

Size of the issue – Base size of the issue is Rs. 100 crore and the company will have the option to retain oversubscription to the tune of Rs. 750 crore, including the green-shoe option of Rs. 650 crore.

Minimum Investment – Investors are required to apply for a minimum of ten bonds of Rs. 1,000 face value i.e. an investment of at least Rs. 10,000.

Interest Rate on Offer, Effective Yield & Tenor of the Issue – The issue will carry coupon rate of 10% p.a. for a period of 60 months, 9.75% p.a. for 38 months and 9.50% p.a. for 24 months. These rates would be applicable for annual interest payment options only. Monthly interest payment option is also available and coupon rates for these periods are 9.75% p.a., 9.50% p.a. and 9.25% p.a. respectively.

You can check the rates offered for different maturities and different payment options from the table below:

Categories of Investors & Allocation Ratio – The investors have been classified in the following four categories and each category will have certain percentage fixed for the allotment:

Category I – Qualified Institutional Buyers (QIBs) – 20% of the issue is reserved i.e. Rs. 150 crore

Category II – Non-Institutional Investors & Corporates – 20% of the issue is reserved i.e. Rs. 150 crore

Category III – High Net Worth Individuals (HNIs) & HUFs investing more than Rs. 10 lakhs – 30% of the issue is reserved i.e. Rs. 225 crore

Category IV – Retail Individual Investors, including HUFs investing up to Rs. 10 lakhs – 30% of the issue is reserved i.e. Rs. 225 crore

Allotment on First-Come First-Served Basis –Allotment will be made on a first-come first-served basis, as well as on a date priority basis i.e. on the date of oversubscription, the allotment will be made on a proportionate basis to all the applicants of that day on which it gets oversubscribed.

NRI/QFI Investments – Non-Resident Indians (NRIs), foreign nationals and Qualified Foreign Investors (QFIs) among others are not allowed to invest in this issue.

Ratings & Nature of NCDs – CRISIL and ICRA, the two rating agencies involved in this issue, have assigned ‘AA/Stable’ rating to the issue, indicating the issue to be safe as far as timely payments of interest and principal investments are concerned. As mentioned above as well, all these NCDs are ‘Secured’ in nature.

Demat Account Mandatory – The company has decided to issue these NCDs compulsorily in demat form. So, if you don’t have a demat account, you won’t be able to apply for these NCDs.

Taxability & TDS – No TDS in Demat Form – Interest income with these NCDs is taxable in the hands of the investors and you will have to pay tax on the interest income while filing your income tax return. Moreover, as demat account is mandatory to invest in this issue, no TDS would get deducted from your interest income on NCDs held in demat form.

But, in case you decide to close your demat account, you can get these NCDs rematerialised. So, if rematerialised and held in physical form after the allotment, and if the annual interest income is more than Rs. 5,000, TDS @ 10% will be deducted.

Listing, Premature Withdrawal – Muthoot has decided to get its NCDs listed only on the Bombay Stock Exchange (BSE). Allotment as well as listing of these NCDs will happen within 6 working days from the closing date of the issue. There is no option of a premature redemption back to the company, but the investors can always sell these NCDs on the stock exchange to encash their investments.

Should you invest in Muthoot Finance NCDs?

Financial results declared by both the gold-financing companies, Manappuram Finance and Muthoot Finance, have been above analysts expectations for the two straight quarters in a row. So, from the fundamentals point of view, both these companies are doing good and it seems there is no immediate threat to their business model due to the recent NBFC liquidity crisis, as well as the NPA issues.

The interest rates offered by Muthoot this time around are exactly 1% higher as compared to its previous issue of April 2018. Given the fundamentals are still strong and the asset quality too is not deteriorating in any negative manner, the interest rates on offer look reasonable.

However, the point again is whether one should take risk with these NBFCs for a slightly higher rate of interest these companies are offering. The answer is ‘No’, if you have a limited amount to capital to invest and it is your hard earned money you need to invest to achieve any of your long term financial goals. You should also avoid it if you are in a higher tax bracket.

I also have a view that you should not make more than 5-10% of your debt investment with any one such private company. So, if you have already invested a sizable amount with Muthoot, then you should avoid increasing your exposure here. Investors, who understand risk with such debt investments and are not liable to pay high tax on their taxable investments, can consider investing in these NCDs.

Application Forms – Muthoot Finance NCDs

Note: As per SEBI guidelines, ‘Bidding’ is mandatory before banking the application form, else the application is liable to get rejected. For bidding of your application, any further info or to invest in Muthoot NCDs, you can contact us at +91-9811797407

Bharat 22 ETF – February 2019 Additional Offer

This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at shivskukreja@gmail.com

ICICI Prudential AMC has launched an additional offer for Bharat 22 ETF in order to raise a minimum of Rs. 3,500 crore for the government to meet its disinvestment target for FY 2018-19. This additional offer will remain open for today only and the company will accept its applications till 8 pm in the evening today.

As the name suggests, Bharat 22 ETF has 22 companies as its constituents, 3 of which are private companies – Axis Bank, ITC and L&T, and rest 19 are public sector enterprises, few of them are ONGC, SBI, IOC, Coal India, NTPC, Power Grid, BPCL and GAIL.

Bharat 22 ETF closely tracks “S&P BSE Bharat 22 Index”. This index has been designed by the Bombay Stock Exchange (BSE) in consultation with the government.

Before we check how the issue looks from an investment point of view, let us take a look at some of its key features:

Investment Objective – Bharat 22 ETF intends to generate returns that closely correspond to the total returns earned by the securities as represented by the Bharat 22 Index. However, the performance of the scheme may differ from that of Bharat 22 Index due to tracking error and also due to the scheme expenses.

Offer Timeline – Unlike its NFO in November 2017, this additional offer will remain open for just one day only i.e. today, January 14, 2019. It is a very short period of time provided for this investment, but that is how it should be for the offers for sale (OFS) and exchange traded funds (ETFs).

Reference Market Price/NAV – As Bharat 22 ETF is already listed on the stock exchanges, you will not get its units allotted at its face value of Rs. 10. Its last trading price on the NSE today was Rs. 32.98. So, the investors should expect the allotment price to be around this price only, adjusted for a discount of approximately 3.9% for the individual investors.

The daily NAV of this scheme is based on the Bharat 22 Index, and the allotment price would be approximately equal to 1/100th of Bharat 22 Index and calculated post adjusting approx. 3.9% discount offered by the government to Bharat 22 ETF for buying the underlying Bharat 22 Index shares.

Approximately 3.9% Discount for Investors – Investors making an investment during the offer period will be given a discount of approximately 3.9% on their investment. Yes, you have read it right here. The discount you must have heard or read elsewhere would have been 5%. But, actually it is not 5%. The government is offering 5% discount to the investors of the ETF on the shares of the companies to be sold by the government. These are 20 such companies which carry a cumulative weightage of 78% in the Bharat 22 ETF. There will be no such discount on the remaining 2 companies, which carry a cumulative weightage of 22% in the Bharat 22 ETF.

Target Amount to be Raised – The government is targeting to raise Rs. 3,500 crore from this offer. However, in case of oversubscription, the government would like to retain the whole of oversubscription in order to bridge its disinvestment target gap. So, it is highly likely that full allotment will be made to the investors.

Minimum/Maximum Investment Size – Retail individual investors can invest in the scheme with a minimum investment amount of Rs. 5,000. To remain a retail investor, the investment limit has been set at Rs. 2 lakhs.

Demat Account Mandatory – As you cannot hold and trade ETFs in physical form, it is mandatory to have a demat account for you to invest in this scheme. Applications without relevant demat account details are liable to be rejected.

No Lock-In Period – As this is an ETF which gets traded on the stock exchanges, the investors can sell these units anytime post allotment.

Should you invest in Bharat 22 ETF Additional Offer?

Indian markets have underperformed the global markets by a huge margin this calendar year. We are down by approximately 3.5% year to date, as compared to an average positive return of 7% in global markets. But, this negative 3.5% too does not reflect the true picture of the kind of bloodbath we are having in our markets. Many of the mid-cap and small-cap stocks are trading below their 2014 levels, and many of them are down 50-80% from their January 2018 highs. It has been a very painful period for the investors post January 2018. So, if there is any stock or fund or a portfolio which has given a positive return, or has fallen less than 10% in the past 1 year or so, then the investors of that stock or fund or portfolio should actually thank God for saving their hard earned money.

This Bharat 22 ETF too has fallen less than 10% in the past one year, and I was really surprised to know that. Actually, Axis Bank and ITC have given positive returns in the past one year, and these two are the only stocks in this Bharat 22 ETF which have succeeded to remain in the green, while L&T and all its public sector enterprises have given negative returns.

When Bharat 22 ETF was launched in November 2017, most of its constituents were trading close to their 52-week highs, the momentum was favoring the stock markets, there was buoyancy all around and the government successfully raised Rs. 17,000 crore. The picture is pretty much different this time around. Most of its constituents are trading close to their 52-week lows, the momentum is not favoring the stock markets at all, there is pessimism all around and the government is targeting to raise only Rs. 3,500 crore, and might even fail to raise that.

Like earlier as well, I think it is the government’s policies which are going to drive the share prices of these companies and thereby this ETF. If you have a view that Modi government has done a good job for the country and its economy, and it could win the general elections in May 2019, then you should invest in this ETF for the medium to long term. However, if you think it is difficult for the BJP to make a comeback this time around, then I think you would do better to skip it for now, and wait for the markets to suffer a fall due to a knee-jerk reaction to the elections outcome and then deploy your money for long-term wealth creation.

ICICI Prudential Bharat 22 ETF Application Form

Should You Invest in Indiabulls Consumer Finance 11% NCDs?

This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at shivskukreja@gmail.com

Should you invest in Indiabulls Consumer Finance NCDs?

Indiabulls Consumer Finance Limited (IBCFL) is a wholly owned subsidiary of Indiabulls Ventures Limited. The company has a limited track record as it started its lending operations during 2016-17 only. It has a presence in three lending segments – personal loans (29% of total loan portfolio), secured SME loans (52%) and unsecured SME loans (19%) as on September 30, 2018.

IBCFL reported profit after tax (PAT) of Rs. 191.52 crore on a total income of Rs.700.07 crore during FY 2017-18, as against PAT of Rs. 6.69 crore on a total income of Rs. 57.24 crore during FY 2016-17. During the six-months period ending September 30, 2018, the company reported PAT of Rs. 199.29 crore on a total income of Rs. 657.87 crore.

The company launched its lending App ‘Indiabulls Dhani’ in the first half of FY 2017-18 for sourcing its personal loans along with sourcing of business loans, and has been able to scale up its operations significantly post that. Gross loan portfolio of the company stood at Rs. 10,140 crore as on September 30, 2018. Although, the asset quality parameters stood comfortable with Gross NPA ratio of 0.13% and Net NPA ratio of 0.03% as on September 30, 2018, the asset quality of its loan portfolio is yet to be tested as its loan portfolio remains largely unseasoned.

Now, the important question is “Whether this NCDs issue carrying high interest rate of 11% worth considering in this volatile, uncertain scenario?”. The answer could be simple theoretically, but it has really become very difficult to take a decision post the recent IL&FS and DHFL developments. DHFL NCD issues were rated ‘AAA’ till last week, and all these issues received overwhelming response from the institutional investors, corporate investors, and individual investors as well. So, when the NCDs from a ‘AAA’ rated company like DHFL are yielding more than 17-18% and are trading at a discount of more than 25-30%, then it really becomes difficult to take a decision whether to take any further exposure to NCDs of a similar private NBFC or not.

Personally, I would avoid any such NCD issues from a private issuer, at least for the time being, as the problem is that it is not easy to foresee any such problematic scenario well in advance for any such issuer. So, what should be done? Whether we should avoid all such NCD issues from the private companies? The answer is ‘Yes’, if you are a conservative investor, and you don’t want to lose your hard earned money, or if you don’t trust the management of the issuer, or you don’t know anything about the company and its management, or you don’t understand the business of the issuer, or you foresee a decline in the fortunes of the issuer or the industry it is operating in.

So, now when I’m writing these points for this post, I’m getting more and more closer to all those points which I consider while investing in equity shares of a company. Yes, that is the whole point. If you are a prudent investor, rules of investing should be similar for both equity, as well as debt investments, if not the same.

Although, on the other hand, I have a view that the interest rates it is offering are quite attractive and the growth it is showing in expanding its business network is also encouraging. So, if you have faith in Indiabulls Consumer Finance, and its management, and its business prospects, only then you should invest in this issue. Conservative investors should still wait for the NHAI to launch its bonds issue sometime in the last two months of the current financial year.

Application Form of Indiabulls Consumer Finance NCDs

Note: As per SEBI guidelines, ‘Bidding’ is mandatory before banking the application form, else the application is liable to get rejected. For bidding of your application, any further info or to invest in Indiabulls Consumer Finance NCDs, you can contact us at +91-9811797407


Indiabulls Consumer Finance 11% NCDs – February 2019 Issue

This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at shivskukreja@gmail.com

Indiabulls Consumer Finance Limited (ICFL) is launching its public issue of non-convertible debentures (NCDs) from Monday, 4th of February. The company wants to raise Rs. 3,000 crore from this issue, including the green-shoe option of Rs. 2,750 crore. These NCDs will carry interest rates in the range of 10.40% for 38 months and 11% for 60 months.

The issue is scheduled to close on March 4, unless the company decides to close the issue prematurely. The issue is rated ‘AA+’ by Brickwork Ratings and ‘AA’ by CARE.

Before we check how the issue looks from an investment point of view, let us take a look at some of its key features:

Size & Objective of the Issue – Base size of the issue is Rs. 250 crore, with an option to retain oversubscription of an additional Rs. 2,750 crore, making the total issue size to be Rs. 3,000 crore. The company plans to use the issue proceeds for its lending and financing activities, to repay interest and principal of its existing borrowings and other general corporate purposes.

Interest Rate on Offer, Effective Yield & Tenor of the Issue – The issue will carry coupon rate of 11% p.a. for a period of 60 months, 10.90% p.a. for 38 months and 10.75% p.a. for 26 months. These rates would be applicable for annual interest payment options only. Monthly interest payment option is also available with 38 months and 60 months, and coupon rates for these periods are 10.40% p.a. and 10.50% p.a. respectively.

ASBA Mandatory – Like equity IPOs, SEBI has made ASBA mandatory to apply for debt issues as well, effective October 1, 2018. So, you are no longer required to issue cheques to apply for these NCD issues. In case of physical applications, you need to sign on the application form as per your bank records.

Credit Rating & Nature of NCDs – CARE and Brickwork Ratings have been appointed as the credit rating agencies for this issue. While CARE has rated the issue as ‘AA’ with a ‘Stable’ outlook, Brickwork Ratings has rated it as ‘AA+’ with a ‘Stable’ outlook. Moreover, these NCDs are ‘Secured’ in nature.

NRIs Not Allowed – Non-Resident Indians (NRIs), foreign nationals and qualified foreign investors (QFIs) among others are not eligible to invest in this issue.

Categories of Investors – The company has decided to categorise investors in the following four categories:

Category I – Qualified Institutional Bidders (QIBs) – 20% of the issue i.e. Rs. 600 crore

Category II – Non-Institutional Investors (NIIs) – 20% of the issue i.e. Rs. 600 crore

Category III – High Net Worth Individuals (HNIs) including HUFs – 30% of the issue is reserved i.e. Rs. 900 crore

Category IV – Resident Indian Individuals including HUFs – 30% of the issue is reserved i.e. Rs. 900 crore

Allotment on First Come First Served Basis – Subject to the allocation ratio, allotment will be made on a first-come first-served basis, as well as on a date priority basis, i.e. on the date of oversubscription, the allotment will be made on a proportionate basis to all the applicants of that day on which it gets oversubscribed.

Minimum Investment – An investor needs to invest a minimum of Rs. 10,000 in this issue i.e. 10 NCDs worth Rs. 1,000 each.

Listing, Premature Withdrawal – These NCDs are proposed to get listed on both the stock exchanges, Bombay Stock Exchange (BSE) as well as National Stock Exchanges (NSE). The listing will take place within 6 working days after the issue gets closed. Though there is no option of a premature redemption, the investors can always sell these NCDs on the stock exchanges.

Demat A/c. Mandatory – Demat account is mandatory to invest in these NCDs, as the company is not providing the option to apply for these NCDs in physical or certificate form.

No TDS in Demat Form – Interest income with such NCDs is taxable in the hands of the investors and you will have to pay tax on the interest income while filing your income tax return. Moreover, as demat account is mandatory to invest in this issue, no TDS would get deducted from your interest income on NCDs held in demat form.

But, in case you decide to close your demat account, you can get these NCDs rematerialised. So, if rematerialised and held in physical form after the allotment, and if the annual interest income is more than Rs. 5,000, TDS @ 10% will be deducted.

Should you invest in Indiabulls Consumer Finance NCDs?

I’ll update this post soon.

Application Form of Indiabulls Consumer Finance NCDs

Note: As per SEBI guidelines, ‘Bidding’ is mandatory before banking the application form, else the application is liable to get rejected. For bidding of your application, any further info or to invest in Indiabulls Consumer Finance NCDs, you can contact us at +91-9811797407

Manappuram Finance Limited 10.15% NCDs – January 2019 Issue

This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at shivskukreja@gmail.com

Manappuram Finance Limited (MFL) is launching its public issue of non-convertible debentures (NCDs) from today, 28th of January. The company wants to raise Rs. 737 crore from this issue, including the green-shoe option of Rs. 587 crore, and is offering interest rate in the range of 9.35% for 36 months and 10.15% for 60 months.

The issue is scheduled to close on February 27, unless the company decides to close the issue prematurely. The issue is rated ‘AA+’ by Brickwork Ratings and ‘AA’ by CARE.

Before we check how the issue looks from an investment point of view, let us take a look at some of its key features:

Size & Objective of the Issue – Base size of the issue is Rs. 150 crore, with an option to retain oversubscription of an additional Rs. 587 crore, making the total issue size to be Rs. 737 crore. The company plans to use the issue proceeds for its lending and financing activities, to repay interest and principal of its existing borrowings and other general corporate purposes.

Interest Rate on Offer, Effective Yield & Tenor of the Issue – The issue will carry coupon rate of 10.15% p.a. for a period of 60 months and 9.75% p.a. for 36 months. These rates would be applicable for annual interest payment options only. Monthly interest payment option is also available with these tenors, and coupon rates for these periods are 9.75% p.a. and 9.35% p.a. respectively. There is one more option of 2,617 days investment period, which doubles your money in this period.

ASBA Mandatory – Like equity IPOs, SEBI has made ASBA mandatory to apply for debt issues as well, effective October 1, 2018. So, you are no longer required to issue cheques to apply for these NCD issues. In case of physical applications, you need to sign on the application form as per your bank records.

Credit Rating & Nature of NCDs – CARE and Brickwork Ratings have been appointed as the credit rating agencies for this issue. While CARE has rated the issue as ‘AA’ with a ‘Stable’ outlook, Brickwork Ratings has rated it as ‘AA+’ with a ‘Stable’ outlook. Moreover, these NCDs are ‘Secured’ in nature.

NRIs Not Allowed – Non-Resident Indians (NRIs), foreign nationals and qualified foreign investors (QFIs) among others are not eligible to invest in this issue.

Categories of Investors – The company has decided to categorise investors in the following four categories:

Category I – Qualified Institutional Bidders (QIBs) – 10% of the issue i.e. Rs. 73.7 crore

Category II – Non-Institutional Investors (NIIs) – 10% of the issue i.e. Rs. 147.4 crore

Category III – High Net Worth Individuals (HNIs) including HUFs – 30% of the issue is reserved i.e. Rs. 221.1 crore

Category IV – Resident Indian Individuals including HUFs – 50% of the issue is reserved i.e. Rs. 368.5 crore

Allotment on First Come First Served Basis – Subject to the allocation ratio, allotment will be made on a first-come first-served basis, as well as on a date priority basis, i.e. on the date of oversubscription, the allotment will be made on a proportionate basis to all the applicants of that day on which it gets oversubscribed.

Minimum Investment – An investor needs to invest a minimum of Rs. 10,000 in this issue i.e. 10 NCDs worth Rs. 1,000 each.

Listing, Premature Withdrawal – These NCDs are proposed to get listed only on the Bombay Stock Exchange (BSE). The listing will take place within 6 working days after the issue gets closed. Though there is no option of a premature redemption, the investors can always sell these NCDs on the stock exchange.

Demat A/c. Mandatory – Demat account is mandatory to invest in these NCDs, as the company is not providing the option to apply for these NCDs in physical or certificate form.

No TDS in Demat Form – Interest income with such NCDs is taxable in the hands of the investors and you will have to pay tax on the interest income while filing your income tax return. Moreover, as demat account is mandatory to invest in this issue, no TDS would get deducted from your interest income on NCDs held in demat form.

But, in case you decide to close your demat account, you can get these NCDs rematerialised. So, if rematerialised and held in physical form after the allotment, and if the annual interest income is more than Rs. 5,000, TDS @ 10% will be deducted.

Should you invest in Manappuram Finance NCDs?

Financial results announced by both the gold-financiers, Manappuram Finance and Muthoot Finance, were healthy in the previous quarter. So, from the fundamentals point of view, Manappuram Finance is doing well and it seems there is no immediate threat to its business model as of now.

Moreover, with global crude prices falling more than 30% from its peak of 2018, Indian rupee has strengthened and bond yields have corrected very sharply. Following such a sharp correction in bond yields, debt issuers are also reducing their interest rates on NCDs. Interest rates offered by Manappuram in this issue are 0.25% lower than the interest rates offered in its previous issue of October 2018.

Liquidity concerns of NBFCs have also eased somewhat, but the crisis has resulted in a slowdown in disbursements of loans and business growth. It is yet to be seen whether these companies are able to avoid this crisis completely or not. So, till the time you are confident that the crisis is over, and these NBFCs will have better time in the days to come, I think you should either avoid such NCDs or invest in a diversified manner.

Application Form of Manappuram Finance NCDs

Note: As per SEBI guidelines, ‘Bidding’ is mandatory before banking the application form, else the application is liable to get rejected. For bidding of your application, any further info or to invest in Manappuram NCDs, you can contact us at +91-9811797407


India Infoline Finance Limited (IIFL) 10.50% NCDs – January 2019 Issue

This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at skukreja@investitude.co.in

India Infoline Finance Limited (IIFL) is coming out with its public issue of non-convertible debentures (NCDs) from tomorrow, 22nd of January. The company wants to raise Rs. 2,000 crore from this issue, including the green-shoe option of Rs. 1,750 crore, and is offering interest rate in the range of 9.60% for 39 months and 10.50% for 120 months.

The issue is scheduled to close on February 20, unless the company decides to close the issue prematurely as it is able to raise the desired amount before the scheduled closing date. The issue is rated ‘AA+’ by Brickwork Ratings and ‘AA’ by CRISIL and ICRA.

Before we check how the issue looks from an investment point of view, let us take a look at some of its key features:

Size & Objective of the Issue – Base size of the issue is Rs. 250 crore, with an option to retain oversubscription of an additional Rs. 1,750 crore, making the total issue size to be Rs. 2,000 crore. The company plans to use the issue proceeds for its lending and financing activities, to repay interest and principal of its existing borrowings and other general corporate purposes.

Interest Rate on Offer, Effective Yield & Tenor of the Issue – The issue will carry coupon rate of 10.50% p.a. for a period of 120 months, 10.20% p.a. for 60 months and 9.60% p.a. for 39 months. These rates would be applicable for annual interest payment options only. Monthly interest payment option is also available with 120 months and 60 months tenors, and coupon rates for these periods will be 10% p.a. and 9.75% p.a. respectively, interest payable on a monthly basis.

ASBA Mandatory – Like equity IPOs, SEBI has made ASBA mandatory to apply for debt issues as well, effective October 1, 2018. So, you are no longer required to issue cheques to apply for these NCD issues. In case of physical applications, you need to sign on the application form as per your bank records.

Credit Rating & Nature of NCDs – CRISIL, ICRA and Brickwork Ratings have been appointed as the credit rating agencies for this issue. While CRISIL and ICRA have rated the issue as ‘AA’ with a ‘Stable’ outlook, Brickwork Ratings has rated it as ‘AA+’ with a ‘Stable’ outlook. Moreover, 39-month and 60-month NCDs are ‘Secured’ in nature, whereas 120-month NCDs are ‘Unsecured’ in nature.

NRIs Not Allowed – Non-Resident Indians (NRIs), foreign nationals and qualified foreign investors (QFIs) among others are not eligible to invest in this issue.

Categories of Investors – The company has decided to categorise investors in the following four categories:

Category I – Qualified Institutional Bidders (QIBs) – 20% of the issue i.e. Rs. 400 crore

Category II – Non-Institutional Investors (NIIs) – 20% of the issue i.e. Rs. 400 crore

Category III – High Net Worth Individuals (HNIs) including HUFs – 30% of the issue is reserved i.e. Rs. 600 crore

Category IV – Resident Indian Individuals including HUFs – 30% of the issue is reserved i.e. Rs. 600 crore

Allotment on First Come First Served Basis – Subject to the allocation ratio, allotment will be made on a first-come first-served basis, as well as on a date priority basis, i.e. on the date of oversubscription, the allotment will be made on a proportionate basis to all the applicants of that day on which it gets oversubscribed.

Minimum Investment – An investor needs to invest a minimum of Rs. 10,000 in this issue i.e. 10 NCDs worth Rs. 1,000 each.

Listing, Premature Withdrawal – These NCDs are proposed to be listed on both the stock exchanges, Bombay Stock Exchange (BSE) as well as National Stock Exchange (NSE). The listing will take place within 6 working days after the issue gets closed. Though there is no option of a premature redemption, the investors can always sell these NCDs on either of the stock exchanges.

Demat A/c. Mandatory – Demat account is mandatory to invest in these NCDs, as the company is not providing the option to apply for these NCDs in physical or certificate form.

No TDS – As it is mandatory to have a demat account to apply and get these NCDs allotted, no tax would get deducted at source on the interest payments. However, as the interest income is taxable, you are supposed to disclose it while filing your ITR.

But, in case you decide to close your demat account, you can get these NCDs rematerialised. So, if rematerialised and held in physical form after the allotment, and if the annual interest income is more than Rs. 5,000, TDS @ 10% will be deducted.

Should you invest in India Infoline Finance Limited (IIFL) NCDs?

As there was no fresh flow of bad news from the domestic markets, as well as from the global front, market sentiment has improved somewhat in the last 15 days or so. But, is it some kind of calm before the storm? Nobody knows with certainty. But, one thing I am very confident of, like 2018, 2019 will also have high volatility in both equity, as well as the bond markets. US-China trade war, slowdown of economic growth both in China, as well as the US, India’s twin deficit problem and the crucial general elections here in India, all these are very important events to be closely monitored, and will play a very crucial role in market movement going ahead.  

But, as far as the NBFCs’ liquidity crisis is concerned, I think the situation was not as bad as it was made out to be and it should improve going forward. RBI is taking all measures possible to defy the crisis, and easing global crude prices has also worked in allaying the fear among the investors.

As far as this issue is concerned, I think the interest rate for the 39-month option is low for my expectations, and 120-month investment period is too long a period to for my investments with a private company. So, if I were to invest in this issue, I would have opted for the monthly interest option of 60-month investment period, i.e. Series III. I don’t know when the NHAI is going to launch its public issue of taxable bonds, but I would advise the conservative investors to wait for it, as it makes more sense to invest in debt securities of government companies as compared to the private companies.

Application Form of India Infoline Finance Limited NCDs

Note: As per SEBI guidelines, ‘Bidding’ is mandatory before banking the application form, else the application is liable to get rejected. For bidding of your application, any further info or to invest in IIFL NCDs, you can contact us at +91-9811797407

Shriram Transport Finance 9.70% NCDs – January 2019 Issue

This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at shivskukreja@gmail.com

Shriram Transport Finance Company Limited (STFCL) is launching its public issue of non-convertible debentures (NCDs) from today, January 7, 2019. This will be the third public issue of NCDs by the company this financial year. The company plans to raise Rs. 700 crore from this issue, including the green shoe option of Rs. 500 crore.

These NCDs will carry coupon rates in the range of 9.12% per annum to 9.70% per annum, resulting in an effective yield of 9.39% p.a. to 9.70% p.a. for the investors. The issue is scheduled to close on January 31, unless the company decides to foreclose it.

Before we take a decision whether to invest in this issue or not, let us first check the salient features of this issue.

Size & Objective of the Issue – Base size of the issue is Rs. 200 crore, with an option to retain oversubscription of an additional Rs. 500 crore, making the total issue size to be Rs. 700 crore. The company plans to use the issue proceeds for its lending and financing activities, to repay interest and principal of its existing borrowings and other general corporate purposes.

Coupon Rate & Tenor of the Issue – The issue will carry coupon rate of 9.70% p.a. for a period of 10 years, 9.50% p.a. for 5 years and 9.40% p.a. for 3 years. These interest rates would be applicable for annual interest rate options only. Monthly interest payment option is also available for 5 years and 10 years, with coupon rates of 9.12% p.a. and 9.30% p.a. respectively. For 3 years and 5 years, cumulative interest payment option is also there, with an effective yield of 9.40% and 9.50% respectively.

Categories of Investors & Allocation Ratio – The investors have been classified in the following four categories and each category will have the below mentioned percentage fixed in the allotment:

Category I – Qualified Institutional Bidders (QIBs) – 10% of the issue i.e. Rs. 70 crore

Category II – Non-Institutional Investors (NIIs) – 10% of the issue i.e. Rs. 70 crore

Category III – High Net Worth Individuals (HNIs) including HUFs – 40% of the issue is reserved i.e. Rs. 280 crore

Category IV – Resident Indian Individuals including HUFs – 40% of the issue is reserved i.e. Rs. 280 crore

Allotment on First Come First Served Basis – Subject to the allocation ratio, allotment will be made on a first-come first-served basis, as well as on a date priority basis, i.e. on the date of oversubscription, the allotment will be made on a proportionate basis to all the applicants of that day on which it gets oversubscribed.

NRIs Not Allowed – Non-Resident Indians (NRIs), foreign nationals and qualified foreign investors (QFIs) among others are not eligible to invest in this issue.

Credit Rating & Nature of NCDs – CRISIL and India Ratings have rated this issue as ‘AA+’ with a ‘Stable’ outlook. Also, these NCDs are ‘Secured’ in nature.

Listing, Premature Withdrawal – These NCDs are proposed to get listed on both the stock exchanges, Bombay Stock Exchange (BSE) as well as National Stock Exchange (NSE). The listing will take place within 6 working days after the issue gets closed. The investors will not have the option to prematurely redeem these NCDs back to the company, however the investors can always sell these NCDs on any of the stock exchanges.

ASBA Mandatory – Like equity IPOs, SEBI has made ASBA mandatory to apply for these debt issues also effective October 1, 2018. So, no cheque would be required to apply for these NCDs now.

Demat A/c. Mandatory – Demat account is mandatory to invest in these NCDs, as the company is not providing the option to apply for these NCDs in physical or certificate form.

No TDS – As it is mandatory to have a demat account to apply and get these NCDs allotted, no tax would get deducted at source on the interest payments. However, as the interest income is taxable, you are supposed to disclose it while filing your ITR. Moreover, in case you decide to close your demat account, you can get these NCDs rematerialised. So, if rematerialised and held in physical form after the allotment, and if the annual interest income is more than Rs. 5,000, TDS @ 10% will be deducted.

Minimum Investment Size – The company has fixed Rs. 10,000 as the minimum amount to invest in this issue. So, if you want to invest in this issue, you need to apply for a minimum of ten NCDs worth Rs. 1,000 each.

Should you invest in Shriram Transport Finance 9.70% NCDs?

There has been a considerable volatility in the stock markets, as well as the bond markets in the past 4-5 months. Market volatility is expected to continue in 2019 as well. So, the conservative investors are advised either to avoid the equity investments at least for the next 6 months or so, or invest in equities in a phased manner.

As far as fixed income investments are concerned, I expect the interest rates to remain range bound with a downward bias for the next 6 months or so. Post that, I think it would primarily depend on two factors – one, the elections outcome in May this year, and the other, macro economic outlook for India as well as China and the US.

As mentioned above as well, this is the third public issue by Shriram Transport Finance in the current financial year. Interest rates offered by the company in this issue are exactly the same as they were in the second issue of October 2018, and slightly higher than the first issue of June 2018. Still, I find these rates to be on a lower side of my expectations from a private company. I would have liked the company to offer 10%+ coupon rate for the 3-year or 5-year investment period option. Again, as the interest rates expected to be offered by the NHAI in the range of 8.50% and 9% for a period of 5 years to 10 years, I would like to consider the NHAI issue first before committing my funds elsewhere.

Application Form of Shriram Transport Finance NCDs

Note: As per SEBI guidelines, ‘Bidding’ is mandatory before banking the application form, else the application is liable to get rejected. For bidding of your application, any further info or to invest in STFC NCDs, you can contact us at +91-9811797407

Mahindra & Mahindra Financial Services 9.50% NCDs – January 2019 Issue

This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at shivskukreja@gmail.com

Mahindra & Mahindra Financial Services Limited (MMFSL) is launching its public issue of non-convertible debentures (NCDs) from Friday this week, January 4, 2019. This will be the first public issue of NCDs by the company this financial year. The company plans to raise Rs. 3,500 crore from this issue, including the green shoe option of Rs. 3,000 crore.

These NCDs will carry coupon rates in the range of 9.05% to 9.50%, resulting in an effective yield of 9.07% to 9.50% for the investors. The issue is scheduled to close on January 25, unless the company decides to foreclose it.

Before we take a decision whether to invest in this issue or not, let us first check the salient features of this issue.

Size & Objective of the Issue – Base size of the issue is Rs. 500 crore, with an option to retain oversubscription of an additional Rs. 3,000 crore, making the total issue size to be Rs. 3,500 crore. The company plans to use the issue proceeds for its lending and financing activities, to repay interest and principal of its existing borrowings and other general corporate purposes.

Coupon Rate & Tenor of the Issue – The issue will carry coupon rate of 9.50% p.a. for a period of 120 months (10 years), 9.30% p.a. for 96 months (8 years), 9.15% p.a. for 60 months (5 years) and 9.05% p.a. for 39 months (3.25 years). Interest will be paid only on an annual basis, as the company has not provided any other interest rate payment option.

Categories of Investors & Allocation Ratio – The investors have been classified in the following four categories and each category will have the below mentioned percentage fixed in the allotment:

Category I – Qualified Institutional Bidders (QIBs) – 20% of the issue i.e. Rs. 700 crore

Category II – Non-Institutional Investors (NIIs) – 20% of the issue i.e. Rs. 700 crore

Category III – High Net Worth Individuals (HNIs) including HUFs – 30% of the issue is reserved i.e. Rs. 1,050 crore

Category IV – Resident Indian Individuals including HUFs – 30% of the issue is reserved i.e. Rs. 1,050 crore

Allotment on First Come First Served Basis – Subject to the allocation ratio, allotment will be made on a first-come first-served basis, as well as on a date priority basis, i.e. on the date of oversubscription, the allotment will be made on a proportionate basis to all the applicants of that day on which it gets oversubscribed.

NRIs Not Allowed – Non-Resident Indians (NRIs), foreign nationals and qualified foreign investors (QFIs) among others are not eligible to invest in this issue.

Credit Rating & Nature of NCDs – CARE and India Ratings have rated this issue as ‘AAA’ with a ‘Stable’ outlook. Also, these NCDs are ‘Secured’ in nature, except Series IV NCDs, the 120-months investment period option. Series IV NCDs are ‘Unsecured’ in nature.

Listing, Premature Withdrawal – These NCDs are proposed to get listed only on the Bombay Stock Exchange (BSE). The listing will take place within 6 working days after the issue gets closed. The investors will not have the option to prematurely redeem these NCDs back to the company, however the investors can always sell these NCDs on the stock exchange.

Demat A/c. Mandatory – Demat account is mandatory to invest in these NCDs as the company is not providing the option to apply for these NCDs in physical or certificate form.

No TDS – As it is mandatory to have a demat account to apply and get these NCDs allotted, no tax would get deducted at source on the interest payments. However, as the interest income is taxable, you are supposed to disclose it while filing your ITR. Moreover, in case you decide to close your demat account, you can get these NCDs rematerialised. So, if held in physical form and annual interest income is more than Rs. 5,000, TDS @ 10% will get deducted.

Minimum Investment Size – The company has fixed Rs. 10,000 as the minimum amount to invest in this issue. So, if you want to invest in this issue, you need to apply for a minimum of ten NCDs worth Rs. 1,000 each.

Should you invest in Mahindra & Mahindra Financial Services 9.50% NCDs?

The ongoing trade war between the US and China has resulted in a lot of volatility in the financial markets worldwide. Investors have also turned cautious with respect to the economic growth prospects of both these countries. Considering a high probability of these two major economies getting slower in 2019, interest rates are also expected to go down following some dovish measures expected to be taken by the central banks worldwide, including India.

So, it creates a base case in favour of some of the good fixed income investments yielding high returns at present. Do these NCDs fall in that category of attractive fixed income investments? I would say ‘Yes’, if you are a relatively conservative investor, and considering these NCDs are ‘AAA’ rated. As these NCDs are carrying higher interest rates as compared to the bank fixed deposits, they seem relatively attractive to invest in.

However, considering that ECL Finance and SREI Equipment Finance are offering 10%+ returns on their respective NCDs, I would say interest rates offered by Mahindra are on a lower side for my expectations. I would rather wait for the NHAI to launch its bonds issue sometime this month and announce its interest rates, which I expect should be closer to 9% for a 10-year option.

Application Form of Mahindra & Mahindra Financial Services 9.50% NCDs

Note: As per SEBI guidelines, ‘Bidding’ is mandatory before banking the application form, else the application is liable to get rejected. For bidding of your application, any further info or to invest in Mahindra & Mahindra Financial Services NCDs, you can contact us at +91-9811797407

Reliance CPSE ETF FFO 3

This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at shivskukreja@gmail.com

Reliance Nippon Life Asset Management Limited has launched its third issue of CPSE ETF. Called CPSE ETF Further Fund Offer (FFO) 3, the issue opened yesterday for the Anchor investors and will open today for the Non-Anchor investors, including the retail investors. The government targets to raise between Rs. 12,000 to Rs. 14,000 crore from this issue by selling its stake in the eleven constituents of the CPSE ETF.

Nifty CPSE Index – It is one of the indices of the National Stock Exchange (NSE) carrying 11 public sector undertakings (PSUs) in which the central government has more than 53% stake and these companies have more than Rs. 1,000 crore in market capitalisation. All these companies are profitable and are either Maharatnas, Navratnas or Mini Ratnas.

CPSE Index Composition as on October 31, 2018 & February 28, 2017

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Features of CPSE ETF Further Fund Offer (FFO) 3

High Dividend Yield & Reasonable Valuations – All the constituents of CPSE ETF are profitable and have paid around 5.25% dividend to their investors on an average. As per the data compiled by equity analysts, high dividend yield stocks carry lower volatility in returns as compared to growth stocks. So, one can expect a relatively stable performance from these stocks. Moreover, CPSE ETF has a P/E ratio of 9.37 times and P/B ratio of 1.42 times, which as compared to some of the other indices is quite attractive.

4.5% Discount for Investors – As against 3.5% discount the government had offered to the investors in its issue in March 2017, the discount has been increased to 4.5% to the investors of CPSE ETF this time around, probably because the issue size is 4 times bigger than the previous one. This 4.5% discount will be calculated on the “FFO 2 Reference Market Price” of the underlying shares of the Nifty CPSE Index and will be passed on to the CPSE ETF by the government of India.

Reference Market Price/NAV – CPSE ETF is currently trading at Rs. 24.24 on the stock exchanges. This is also its reference market price or NAV. As the investors get allotment and FFO units get listed on the stock exchanges, market price of each unit of this ETF will be linked to the Nifty CPSE Index and its returns would be quite close to the returns generated by the CPSE Index.

Investment Objective – The scheme intends to generate returns that closely correspond to the total returns generated by the Nifty CPSE Index, by investing in the securities which are constituents of the Nifty CPSE Index in the same proportion as in the index. However, the performance of the scheme may differ from that of the Nifty CPSE Index due to tracking error, scheme expenses and the initial discount of 4.5%.

Target Amount to be Raised – The government has fixed the base issue size to be Rs. 8,000 crore during this 4-day offer period. In case of oversubscription, the government plans to retain oversubscription to the extent of Rs. 4,000 crore to Rs. 6,000 crore. However, the government is yet to decide the final amount it would like to retain post the issue closure.

Minimum/Maximum Investment Size – Individual investors can invest in the scheme with a minimum investment amount of Rs. 5,000 and there is no upper limit on the investment amount. However, retail investors investing upto Rs. 2 lakhs will be given preference in allotment in case there is an oversubscription.

Allotment & Listing – As per the offer document, units of this ETF will get allotted and listed on the NSE and BSE within 5 business days from the closing date of the issue.

Demat Account Mandatory – Investors need to have a demat account to apply for this FFO. Applications without relevant demat account details are liable to get rejected.

Entry & Exit Load – This scheme is not subject to any entry load or any exit load.

Categories of Investors & Allocation Ratio

Anchor Investors – Maximum 30% of Rs. 8,000 crore i.e. Rs. 2,400 crore will be allocated to the anchor investors.

Retail Individual Investors – After the anchor book closure on November 27, retail individual investors are allowed to take up all of the remaining portion of this FFO i.e. Rs. 5,600 crore.

Qualified Institutional Buyers (QIBs) & Non-Institutional Investors (NIIs) – QIBs and NIIs will have nothing reserved for them in this FFO. They will be allotted units only if the subscription numbers of the retail investors and/or anchor investors fall short of their reserved quotas.

Application Form – CPSE ETF FFO 3

For any further info or to invest in the CPSE ETF  FFO 3, you can contact us on +91-9811797407