ICICI Pru Credit AIF

Question 1

World One Pvt Ltd

Answer 1

Amount : 67.06 Cr
Tenure : 3 Years
Yield : 14.4 %
Security Type : Secured
Investment date : May 30, 2022
Instrument : Rated, Listed

WPL buying 96.2 % stake in Jindal Power Ltd from JSPL for Rs 3015 Cr.

It raised NCD of Rs 2500 Cr + Rs 515 Cr of Equity Capital

WPL is getting merged with JPL after which debt of JPL will be transferred to WPL

Debt/EBITDA has moved to 0.79x in FY 23 from 5.79x in FY 20

Income has moved to 10,391 Cr in FY 23 from 3,951 Cr in FY 20

Question 2

Shapporjee Pallonji Infrastructure Capital Private Ltd (SP Infra)

Answer 2

Amount : 130 Cr
Tenure : 3Yrs
Yield : 15.52%
Security Type: Secured
Instrument: Unrated, Unlisted

Invested 130 Cr in NCD issued by SP Infra backed by Corporate Guarantee from SP Finance Pvt Limited, Charge over identified land parcel

SP infra holds ~18% stake in Tata Sons valued at 2.06L Cr

Question 3

Horizon Impex Pvt Ltd & Subhashis Impex Pvt LTD

Answer 3

📌 Amount : 150 Cr
📌 Tenure : 3Yr 9 months
📌 Yield : 13.96%

📌 Co is promoted by Mr Amit Jatia has combined holding of 51.5% in Westlife Foodworld Limited a listed co with market cap of 13400cr as on June 23.WFL runs McDonalds chain in 56 cities in South n West of India

📌 Scheme has invested in NCDs
- HIPL: 90L out of 459L
- SAEPL : 60L out of 306L

📌 Security
- PG of Mr Amit Jatia
- CG by HIPL and SAEPL for NCDs
- Charge over asset created from the proceeds of the NCDs
———————————————-

Question 4

SAMHI Hotels (Ahmedabad) Pvt Ltd

Answer 4

📌 Amount : 200 Cr
📌 Tenure : 3.5 Yrs
📌 Yield : 14%

📌 Samhi Hotels Ltd SHL, is a hotel investment and development co.
- 3rd largest portfolio of 3839 keys across 25 hotels in 12 cities
- These hotels have long term contracts with international hotel operators such as Mariott, Hyatt, and IHG(Holiday Inn).
- SHL is rated BBB by CARE
- SHAPL is subsidiary, owns a mix of hotel cum official block in Hyderabad

📌 Scheme has invested in NCDs issued by SHAPL to refinance the existing debt

📌 Security
- Pledge of SHAPL Share
- Pari passu charge on co asset
- Unconditional irrevocable CG of SHL
———————————————-

Question 5

Shilpa Pharma Lifesciences Ltd & Shilpa Biologicals Ltd

Answer 5

📌 Amount : 225 Cr
📌 Tenure : 3.75 Years
📌 Yield : 14.25%

📌 Shilpa Medicare Limited(SML) is a co promoted by Vishnukant Bhutada and Mr Prakash Innani is engaged in the business of Active Pharmaceutical Ingredients(APIs), Formulations & Biologics

📌 Scheme has invested in NCDs issued by SPL and SBPL. proceeds will be used to refinance existing debt.
- SBPL : 125 out of 350Cr
- SBL : 100 out of 100 Cr

📌 Security
- First charge by way of mortgage over immovable assets of SPLL & SBPL
- 2nd charge by way of hypothecation of current assets of SPLL & SBPL
- Pledge over 100% shares of SPLL & SBPL
- Corporate guarantee of SML
- CG of SPLL for NCDs issued by SBPL and vice versa
———————————————-

Question 6

Apeejay Infra-Logistics Private Limited

Answer 6

📌 Amount : 100 Cr
📌 Tenure : 3.5 Years
📌 Yield : 14.28%
📌 Instrument: Unrated, Unlisted
📌 Investment Date : Feb 21, 2023

📌 Incorporated in 1910, Apeejay grp has presence in shipping, hospitality, Tea, Real Estate, Retail, Marine and Logistics Park
Apeejay Shipping Ltd(ASL) is in the business of dry bulk shipping and owns a fleet of 9 ships and operates them in Easter coast of India.
In April 2023, ICRA has upgraded ASL to A+ stable from A

📌 Scheme has invested 100Cr in NCDs issued by AILPL

📌 Security
- Share pledge of ALPL and AILPL
- Unconditional, irrevocable shortfall undertaking from ASL
- Exclusive charge by way of mortgage over kand measuring 119acres situated in Haldia.
———————————————-

Question 7

Zuari International Ltd

Answer 7

📌 Amount : Rs 89 Cr
📌 Tenure : 3 Years
📌 Yield : 14.16%
📌 Instrument: Unrated, Unlisted
📌 Investment Date : Jan 2, 2023

📌 ZAL is one of the holding co of Adventz grp promoted by Saroj Poddar son in law of KK Birla.
- Grp cos are Chambal Fertilizers, Paradeep Phosphate, Manglore Chemicals, Texmaco Rail Engineering, Hettich India Limited
- CFL is AA+ Stable rated by CRISIL

📌 Scheme has invested in NCDs issued by Zuari International Ltd

📌 Security
- Share pledge of Zuari Agro Chemicals Ltd and Chambal Fertilizers & Chemical Ltd

• CG of Zuari Industries Ltd which holds 14.8% stake in Chambal Fertilizers Chemical Ltd
• ## Exclusive charge by way of mortgage over identified land parcel