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* Secured NCDs of face value of Rs.1,000 each

* The Tranche I Issue includes a Base Issue Size for an amount of up to Rs.100 crore with an option to retain oversubscription upto Rs. 400 crore aggregating up to Rs.500 crore which is within the Shelf Limit of Rs. 1,500 crore

* Tranche I Issue opens on September 23, 2021 and closes on October 14, 2021

* Tranche I Issue rated as [ICRA] AA/(STABLE) by ICRA and CRISIL AA/STABLE by CRISIL

* The Tranche I Issue offers 4 Series – Series I comes with floating interest rate option and Series II, III and IV comes with fixed interest rate option

* Fixed Coupon Rate of up to 8.30% per annum

* Floating interest rate to be calculated based on 91 day T-bill +3.15% spread

* Tenor ranging from 39 months to 100 months

* Minimum application size Rs. 10,000 collectively across all Series*  Allotment on first-come, first-serve basis#

* Investors can apply for NCDs only in dematerialized form

* The NCDs are proposed to be listed on BSE

Mumbai, September 17, 2021: JM Financial Products Limited, the flagship NBFC arm of the JM Financial Group, announced Tranche – I public issue of Secured NCDs of face value of Rs. 1,000 each.

Mr. Vishal Kampani, Managing Director, JM Financial Products Limited, (also MD, JM Financial Group), said, "JM Financial Products has fortified its position across business verticals with a diversified product mix while maintaining a focus on risk adjusted profitable growth. The Company has maintained strong liquidity buffers. This public issuance will continue to help us diversify our borrowing and investor mix. Our strong balance sheet, well-capitalised and diverse set of businesses and strategic clientfocused approach position us to drive sustainable value for our stakeholders.”

# debt excludes borrowing for episodic financing of Rs.949.55 crore as of June 30, 2021

The Tranche I Issue offers 4 Series – Series I comes with floating interest rate option in the tenor of 39 Months. Series I carries floating interest rate based on 3-month TBill Rate published by the Financial Benchmarks India Pvt. Ltd. (“FBIL”) plus 3.15% spread. The Coupon for Series I NCDs will depend on the movement of the T-bill rate.

In addition, Series II, III and IV comes with fixed interest rate option in the tenor of 60 Months (Annual), 60 Months (Monthly) and 100 Months (Annual), respectively. Effective annual yield for Series II, III and III NCDs (fixed interest rate) ranges from 8.19% to 8.30% per annum. The Tranche I Issue offers options for subscription with coupon rates ranging from 7.91% to 8.30% per annum for Series II, III and IV NCDs (fixed interest rate)

*Issue Structure:

T-bill refers to 3-month T-Bill Rate published by the Financial Benchmarks India Pvt. Ltd. (“FBIL”) on their website http://www.fbil.org.in/ in the “T-Bill Curve” sub-tab or sub-menu under the main tab or main menu “Money Market/ Interest Rates” or on any other such part of the respective website of FBIL as may be reorganized from time to time. For more details about the Series I NCDs, please see "Additional terms specific to Series I NCDs" hereafter.

The Coupon for Series I NCDs will depend on the movement of the T-bill rate. Actual coupon shall be derived by adding spread of 315 basis points to the reference 91DayT-Bill Benchmark i.e. simple average (rounded off to two decimal after zero) of the 91Day T-Bill Rate published by FBIL for last 10 working days prior to the respective Benchmark Determination Date

For the purpose of Series I NCDs, the cash flows shall change in accordance with change in reference 91DayTBill Benchmark.

The Floating Coupon to be rounded upto 2 decimals.

The Company shall allocate and allot Series IV NCDs wherein the Applicants have not indicated the choice of the relevant NCD Series.

With respect to Series where interest is to be paid on an annual basis, relevant interest will be paid on each anniversary of the Deemed Date of Allotment on the face value of the NCDs. The last interest payment under annual Series will be made at the time of redemption of the NCDs. With respect to Series where interest is to be paid on a monthly basis, relevant interest will be calculated from the first day till the last date of every month during the tenor of such NCDs, and paid on the first day of every subsequent month. For the first interest payment for NCDs where interest is to be paid on a monthly basis, interest from the Deemed Date of Allotment till the last day of the subsequent month will be clubbed and paid on the first day of the month next to that subsequent month. The last interest payment will be made at the time of redemption of the NCDs.

Notes to the Editor: About JM Financial Products Limited

Our Company is a “Systemically Important Non – Deposit Taking NBFC” (NBFC-ND-SI) registered with the Reserve Bank of India and operates under the “JM Financial” franchise. Incorporated as J.M. Lease Consultants Private Limited on July 10, 1984, we are focused on offering a broad suite of loan products which are customized to suit the needs of the corporates, institutions, SMEs and individuals. Our Company broadly operates under the following verticals viz.

(i) Bespoke financing;

(ii) Real estate financing;

(iii) Capital market financing; (iv) Retail mortgage financing; and (v) Financial institution financing.

* Bespoke financing – This vertical caters to corporates and includes all types of bespoke lending to companies across various sectors, promoter financing against listed / unlisted securities and property collateral, acquisition financing, subordinated or mezzanine financing, other secured lending and syndication.

* Real estate financing – Our real estate financing segment includes loan against land, loan against project at early stage, project funding, loan against ready residential / commercial property and loan against shares.

* Capital market financing – Our capital market financing segment includes loans against securities, margin trade financing, arbitrage, buy now sell later, ESOP financing, broker financing, public offer financing and personal loans.

* Retail mortgage financing – Under this segment, our Company offers home loans, education institutions loans and loan against property. Loans under this segment are primarily provided against collateral of property and receivables.

* Financial institution financing – Under this segment, our Company offers loans to RBI registered financial institutions (NBFCs, MFIs, etc) against the receivables in their loan book. The funds shall be used for onward lending to their customers, working capital requirements, refinancing and/or any other purpose as acceptable to our Company.

In addition to the above, we have ventured into digital led real estate broking/consulting business under the brand name “Dwello”. Our Company, through Dwello, operates primarily in the residential real estate segment and assists buyers during all the stages of their real estate buying cycle. Further, we have entered in the housing finance business through our subsidiary, JM Financial Home Loans Limited. The focus of our housing finance business would be to provide home loans to retail customers with a focus on affordable housing segment. We have also entered into the institutional fixed income business. The focus of the business is on mobilizing debt capital for corporates by way of distribution to various investor segments, sales and distribution in secondary bond markets and credit research. JMFPL’s aggregate loan book (excluding episodic financing) stood at Rs. 3,228.11 crore* as of June 30, 2021.

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