October 13, 2023: InCred Financial Services Limited (formerly known as KKR India Financial Services Limited), a non-deposit taking systemically important NBFC registered with RBI, has filed its prospectus dated October 11, 2023 for public issue of secured, rated, listed, redeemable, non-convertible debentures of the face value of ₹ 1,000 each. The Issue opens on Wednesday, October 25, 2023, and closes on Tuesday, November 7, 2023 with an option of early closure or extension as may be decided by the Board of Directors or Finance Committee of the Company in compliance with Securities and Exchange Board of India Issue and listing of (Non-Convertible Securities) Regulations 2021, as amended (“SEBI NCS Regulations”). The NCDs have been rated CRISIL A+/Stable (pronounced as CRISIL A plus rating with Stable outlook) by CRISIL Ratings Limited. Mr. Bhupinder Singh, Whole Time Director and Chief Executive Officer, of InCred Financial Services Limited said, “We have established ourselves as a diversified lending NBFC with a business model rooted in cutting edge tech and analytics and focussed on risk metrics reflected in the strength of our asset quality. This is a consequence of a tried and tested approach to credit risk and collections. We continuously leverage technology and data-science to make lending quick, simple and hassle-free. A key component of our growth so far has been the success of our liabilities strategy, and this public issuance of NCDs will play a role in further diversifying and strengthening our borrowing mix” The minimum application size would be ₹ 10,000 (i.e. 10 NCDs) and thereafter in multiples of ₹ 1,000 (i.e. 1 NCD) thereof. This issue has maturity / tenure options of 18 months, 24 months and 36 months for NCDs with monthly, quarterly and an annual coupon payment being offered across series I, II, III, IV and V. Effective yield for NCD holders in various categories ranges from 9.88% to 10.29% per annum. Out of the net proceeds of the Issue, at least 75% of the net proceeds shall be utilised for the purpose of onward lending, financing and for repayment of interest and principal of existing borrowings of the Company) and a maximum up to 25% of the net proceeds may be utilised for general corporate purposes. For the fiscal year 2023, the company’s consolidated total revenue from operations stood at ₹ 864.58 crore and consolidated net profit before tax for the fiscal year 2023 was ₹ 203.17 crore. For the three months ending June 2023, total revenue from operations stood at ₹ 266.94 crore and profit before tax for the period stood at ₹ 83.00 crore. The terms of each series of Secured NCDs, offered under the Issue are set out below: Series I II III IV V* Frequency of Interest Payment Monthly Quarterly Monthly Annual Monthly Minimum Application ₹10,000 (10 NCDs) across all series In Multiples of thereafter (₹) ₹ 1,000 (1 NCD) Face Value/ Issue Price of NCDs (₹/NCD) ₹1,000 Tenor 18 Months 24 Months 24 Months 36 Months 36 Months Coupon (% per annum) for NCD Holders in all categories 9.48% 9.55% 9.66% 10.30% 9.84% Effective Yield (% per annum) for NCD Holders in all categories 9.88% 9.88% 10.08% 10.28% 10.29% Mode of Interest Payment Through various modes available Redemption Amount (₹/NCD) on Maturity for NCD Holders in all categories ₹1,000 Staggered Redemption in eight (8) quarterly payments of ₹125 each, starting from 1st quarter** until maturity ₹ 1,000 Staggered Redemption in Three (3) annual payments of ₹333 for year 1, ₹333 for year 2, and ₹ 334 for year 3 starting from 1st anniversary** until maturity ₹ 1,000 Maturity/Redemption Date (from the Deemed Date of Allotment) 18 Months 24 Months (Staggered Redemption as per “Principal Redemption Schedule and Redemption Amounts for Series II and Series IV NCDs“as given on page 377 of the Prospectus) 24 Months 36 Months (Staggered Redemption as per “Principal Redemption Schedule and Redemption Amounts for Series II and Series IV NCDs“as given on page 377 of the Prospectus) 36 Months Put and Call Option Not Applicable Nature of Indebtedness Secured *The Company shall allocate and allot Series V NCDs (Monthly option) wherein the Applicants have not indicated the choice of the relevant NCD Series. ** From the deemed date of allotment. JM Financial Limited, and InCred Capital Wealth Portfolio Managers Private Limited* are the lead managers to the Issue (“Lead Managers”). CRISIL Ratings Limited is the Credit Rating Agency. Catalyst Trusteeship Limited is the Debenture Trustee to the Issue and Link Intime India Private Limited is the Registrar to the Issue. * InCred Capital Wealth Portfolio Managers Private Limited is deemed to be an associate of the Issuer as per the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, as amended (Merchant Bankers Regulations). Further, in compliance with the provisions of Regulation 21A and explanation to Regulation 21A of the Merchant Bankers Regulations, InCred Capital Wealth Portfolio Managers Private Limited would be involved only in marketing of the Issue and as per Regulation 25 (3) of SEBI NCS Regulations shall not issue a due diligence certificate. Please note that the allotment under Issue will be on the basis of the date of upload of each application into the electronic book of the Stock Exchange in accordance with the SEBI Master Circular. However, from the date of oversubscription and thereafter, the allotments will be made to the applicants on a proportionate basis. For further details, refer section titled “Issue Procedure” on page 399 of the Prospectus.