FIXED INCOME & EQUITY VALUATION

GROUP ASSIGNMENT

Submitted to
DR. M. Jeevananthan
Submitted by:

21PGDM117-Aswath.C

21PGDM099-Abhishek Kumar Giri

21PGDM176-Sneha Chatterjee

21PGDM174-Rajnandini Ganai

21PGDM189-Tanish Mour

21PGDM193-Vikash Agarwal

21PGDM194-Yash Pareek

21PGDM111-DIvyratn Singh
 PINEWOOD HOUSING FINANCE LIMITED
New Delhi PINEWOOD Housing Finance Limited (the “Company” or “Issuer”) was
incorporated at Mumbai on June 30, 2001 as a public limited company with the name
‘PINEWOOD Housing Finance Limited’ under the provisions of the Companies Act,
1956. The Company received its certificate for commencement of business on July 22,
2001. Our Company is registered with the National Housing Bank (“NHB”) as housing
finance company vide registration no. 06.0041.03 dated March 07, 2002.

SECURITY NAME PINEWOOD housing finance ltd, bond 2032

ISSUER PINEWOOD HOUSING FINANCE LIMITED
ISSUE OPEN DATE 20TH OCTOBER 2022
ISSUE CLOSE DATE 10TH NOVMBER 2022
LISITNG The NCDs offered through this Prospectus are proposed
to be listed on BSE Limited (“BSE”) and BSE shall be
the Designated Stock Exchange.
SECURITY FEATURES PUBLIC ISSUE BY THE COMPANY OF SECURED,
REDEEMABLE, NON-CONVERTIBLE
DEBENTURES.
ISSUE SIZE DEBENTURES OF FACE VALUE ₹ 1,000 EACH
(“NCDs” OR “DEBENTURES”), AMOUNTING TO ₹
1,500 MILLION (“BASE ISSUE SIZE”).
COUPON TYPE Floating
COUPON PAYMENT On half yearly basis.
TENOR 10 years
RATING OF THE The NCDs proposed to be issued under the Issue have
INSTRUMENT been rated CRISIL AA-/ Negative (pronounced as
CRISIL double A minus rating with Negative outlook)
for an amount of ₹ 5,000 million by CRISIL Ratings
Limited vide their rating letter dated December 13, 2021
and revalidated as on March 17, 2022 and “ACUITE
AA/Negative” (pronounced as ACUITE double A rating
with Negative outlook) for an amount of ₹5,000 million
by Acuité Ratings & Research Limited vide their rating
letter dated December 29, 2021 and revalidated as on
March 21, 2022. The rating is not a recommendation to
buy, sell or hold securities and investors should take
their own decision. The rating may be subject to revision
or withdrawal at any time by the assigning rating agency
and each rating should be evaluated independently of
any other rating. The rating agency has a right to suspend
or withdraw the rating at any time on the basis of factors
such as new information. Please refer to Annexure A and
Annexure B of this Prospectus for the rating, rating
rationale and press release of the above rating.
ELIGIBILITY OF THE Category I
SUBCRIBERS • Public financial institutions, scheduled commercial
banks, Indian multilateral and bilateral development
financial
institutions which are authorised to invest in the NCDs;
• Provident funds and pension funds each with a
minimum corpus of ₹ 250 million, superannuation funds
and gratuity
funds, which are authorised to invest in the NCDs;
• Alternative Investment Funds, subject to investment
conditions applicable to them under the Securities and
Exchange
Board of India (Alternative Investment Funds)
Regulations, 2012;
• Resident Venture Capital Funds registered with SEBI;
• Insurance companies registered with the IRDAI;
• State industrial development corporations;
• Insurance funds set up and managed by the army, navy,
or air force of the Union of India;
• Insurance funds set up and managed by the Department
of Posts, the Union of India;
• Systemically Important Non-Banking Financial
Company registered with the RBI and having a net-
worth of more
than ₹ 5,000 million as per the last audited financial
statements;
• National Investment Fund set up by resolution no.
F.No. 2/3/2005-DDII dated November 23, 2005 of the
Government of India published in the Gazette of India;
and
• Mutual funds registered with SEBI.
Category II
• Companies within the meaning of Section 2(20) of the
Companies Act, 2013; statutory bodies/ corporations and
societies registered under the applicable laws in India
and authorised to invest in the NCDs;
• Co-operative banks and regional rural banks;
• Trusts including public/private charitable/religious
trusts which are authorised to invest in the NCDs;
• Scientific and/or industrial research organisations,
which are authorised to invest in the NCDs;
• Partnership firms in the name of the partners;
• Limited liability partnerships formed and registered
under the provisions of the Limited Liability Partnership
Act,
2008 (No. 6 of 2009);
• Association of Persons; and
• Any other incorporated and/ or unincorporated body of
persons.
Category III
• High Net-worth Individual Investors - Resident Indian
individuals or Hindu Undivided Families through the
Karta
applying for an amount aggregating to above ₹
10,00,000 across all options of NCDs in the Issue
 Category IV
• Retail Individual Investors - Resident Indian
individuals or Hindu Undivided Families through the
Karta applying
for an amount aggregating up to and including
₹10,00,000 across all options of NCDs in the Issue and
shall include
333
Retail Individual Investors, who have submitted bid for
an amount not more than ₹200,000 in any of the bidding
options in the Issue (including HUFs applying through
their Karta and does not include NRIs) though UPI
Mechanism.

BENEFITS TO ISSUER:
 Debentures are debt securities issued by a corporation that promise a set
interest rate on the due date.When compared to equity, debentures are one of
the most effective ways for a company to obtain capital.
 These products are liquid and may be exchanged on the stock
exchange.Debenture holders have no voting rights at corporate meetings. As a
result, equity stockholders' interests are not diluted.
 During periods of inflation, issuing debentures can be advantageous since they
provide a set interest rate.
 When the firm has excess cash, it may quickly redeem them.
 Non-convertible Debentures (NCDs) are fixed income instruments issued by
corporations in order to raise long-term financing through public offerings.
They are issued for a set amount of time, say one to seven years, and pay
interest on a regular basis or at maturity.
 Many NCDs issued to retail investors (with a face value of Rs 1,000 or less)
are listed on exchanges and traded like equity shares. A couple of them have
decent liquidity and higher yields. Investors with a medium risk tolerance who
are seeking for alternatives to bank and corporate FDs can consider purchasing
these NCDs. These NCDs, however, are vulnerable to credit and interest rate
issues. As a result, NCDs with higher ratings, stronger yield-to-maturity
(YTM), and significant liquidity on exchanges should be considered.

Benefits to investors:
 Investor’s demand investing alternatives that balance liquidity and risk while
providing high returns. Debentures are long-term financial instruments issued by a
firm with the guarantee to pay a fixed interest rate to the investor. Debentures are
classified into two types: convertible debentures and non-convertible debentures
(NCD). Non-convertible debentures (NCDs) cannot be converted into shares or
equity. The interest rate on an NCD is determined by the firm issuing the NCD.
 Individuals, banking corporations, main dealers, other corporate organisations
registered or incorporated in India, and unincorporated bodies can all invest in
NCDs.Convertible debentures are financial instruments that try to achieve a balance
between debt and equity.
 Investors are paid a fixed rate and have the option to participate in any increase in
stock price.
 If the issuer's stock price declines, investors can keep the bond until maturity and earn
interest income.
 In the event of a company's bankruptcy, convertible bondholders are paid before
shareholders.