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Muthoot Finance Ltd to raise Rs.790crores through NCD

Posted On: 2019-11-28 17:54:07


Muthoot Finance Ltd has announced its 22nd series of Public Issue of Secured Redeemable Non-convertible Debentures. The issue is with a base issue size of Rs. 100 crores with an option to retain oversubscription upto Rs. 690 crores aggregating upto tranche limit of Rs. 790 crores ("Tranche IV issue"). The issue opens on November 29, 2019 and closes on December 24, 2019 with an option to close on such earlier date or extended date as may be decided by the Board of directors or NCD committee.

The issue is rated by two Credit Rating Agencies - CRISIL Ltd and ICRA Ltd. Both agencies have awarded long term debt rating of 'AA/Stable' for the debentures offered under the issue. The rating scale denotes 'High degree of safety regarding timely servicing of financial obligations and very low credit risk'.

The NCDs are proposed to be listed on BSE . The allotment is based on first come first serve basis.

There are ten investment options for Secured NCDs with 'Monthly' or 'Annual' interest payment frequency or 'on maturity redemption' payments with effective yield p.a. ranging from 9.25% to 10.00%.

Mr.George Alexander Muthoot , Managing Director, Muthoot Finance Ltd, said "The issue will help the company to have long term funds and diversify borrowing basket as well. The previous NCD issues were well received in the market and were over-subscribed."

He further added, "It provides an opportunity to Retail and High Networth Individual investors, to whom we have allocated 80% of the total issue size, with stable and attractive long term returns when there are only limited comparable alternative avenues for investments."

The funds raised through this issue will be utilised primarily for lending activities of the Company.

The Lead Managers to the issue are Edelweiss Financial Services Limited and 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.

Shares of MUTHOOT FINANCE LTD. was last trading in BSE at Rs.691 as compared to the previous close of Rs. 693.1. The total number of shares traded during the day was 19615 in over 825 trades.

The stock hit an intraday high of Rs. 700.1 and intraday low of 686.95. The net turnover during the day was Rs. 13591376.


Source: Equity Bulls

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