ICL Group, the name synonymous with credibility is on the anvil to place its name to a new milestone. ICL Fincorp is all set to undertake Kolkata based Non Banking Finance Company M/s. Salem Erode Investments Limited. 74.27% of stake is with the promoter group of the said company and ICL has already signed Share Purchase Agreement to take over the company. ICL Fincorp propose to release the Public Issue of Secured Non-Convertible Debentures (NCD) by the end of FY 2019-20. The Size of upcoming Public issue of NCD by ICL Fincorp will be Rs. 100 crores. Besides these, ICL Fincorp has Obtained Trade Licence in Dubai, United Arab Emirates in the similar trade name ICL Fincorp. The Department of Economic Development (DED) is the regulatory authority that manages and delivers business licenses in UAE. ICL Fincorp had its official launch in Middle East in a meeting held at Hotel Grand Hyatt, UAE this month. The company is prepared to commence its operations in UAE within three months.
Picture Caption: L- R
R Subramaniyan- CFO, Raghu Mohan N- Finance Director, KG Anil Kumar MD & Chairman, TG Babu- AGM