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Muthoot Finance to raise Rs. 300 Cr Via Public Issue Of Secured NCDs
The issue is set to open on 28 November 2022, and will close on December 19, 2022, with an option to close on a much earlier date or on an extended date, as may be decided by the Board of Directors or NCD committee.
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Muthoot Finance on Friday announced its 29th series of public issue of secured redeemable Non-Convertible Debentures (NCDs) of face value Rs. 1,000 each.
The issue is set to open on November 28, 2022 and will close on December 19, 2022, with an option to close on a much earlier date or on extended date, as may be decided by the Board of Directors or NCD committee.
The secured NCDs proposed to be issued under this Issue have been rated ICRA AA+ (Stable) by ICRA. The rating of the Secured NCDs by ICRA indicates ‘high degree of safety regarding timely servicing of financial obligations’.
The NCDs are proposed to be listed on BSE. The allotment will be on a first come first serve basis.
There are 7 investment options for Secured NCDs with ‘Monthly’ or ‘Annual’ interest payment frequency or ‘on maturity redemption’ payments. For Individual Investors, the interest rate for these investment options are ranging from 7.75 per cent p.a to 8.25 per cent p.a., which has increased by 0.25 per cent-0.35 per cent p.a. from the last issue. 90 per cent of this issue is allotted for retail and high networth individual investors who will be benefited with 0.50 per cent p.a more than the interest rate applicable for institutions and corporates.
George Alexander Muthoot, Managing Director, Muthoot Finance said,“We, at Muthoot Finance, are happy to announce the launch of our 29th series of Public Issue of Secured Redeemable Non-Convertible Debentures. We plan to utilise these funds in our primary lending activities. With the backdrop of the increase in interest rates by RBI, we have also increased interest rates on NCDs offered in this issue by 0.25 per cent-0.35 per cent p.a. for tenors of 2, 3 and 5 years. We value the safety of our investors and assure them with our AA+/Stable rating, coupled with an attractive rate of return of 7.75 per cent to 8.25 per cent p.a. We expect that the issue will see good demand from investors.”
The Lead Manager to the Issue is A. K. Capital Services Limited. IDBI Trusteeship Services Limited is the Debenture Trustee for the Issue. Link Intime India Private Limited is the Registrar to the Issue.