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Muthoot Finance Ltd to raise Rs. 1,700 crores through Public Issue of Secured Redeemable NCDs

Posted On: 2021-04-07 08:23:38 (Time Zone: Arizona, USA)


Muthoot Finance Ltd has announced its 25th series of Public Issue of Secured Redeemable Non-Convertible Debentures of face value of Rs. 1,000 each ("Secured NCDs"). The Issue is with a base issue size of ₹ 100 crores with an option to retain oversubscription upto ₹ 1600 crores aggregating upto tranche limit of ₹ 1700 crores ("Issue"). The Issue opens on 08th April, 2021 and closes on 29th April, 2021 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 Secured NCDs proposed to be issued under this Issue have been rated CRISIL AA+/ Stable by CRISIL and [ICRA] AA+ (Stable) by ICRA. The rating of the Secured NCDs by CRISIL and 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 first come first serve basis.

There are 8 investment options for Secured NCDs with 'Monthly' or 'Annual' interest payment frequency or 'on maturity redemption' payments with coupon ranging from 6.60% p.a to 8.25% p.a.

Mr.George Alexander Muthoot , Managing Director, Muthoot Finance Ltd, said "This is the first NCD Public Issue after our credit rating got upgraded to AA+ by CRISIL and ICRA. Incidentally, this is our 25th public issue of ncds too. We have allocated 80% of the issue for retail and high networth individual investors who will be getting 0.25% p.a more than the interest rate applicable for institutions and corporates. In the issue, investors get the twin advantage of better rating as well as attractive interest rate. We have also introduced a 10 year NCD for those investors who want to lock in the interest rates for long period as well as reduce the uncertainty of fluctuations in interest rates in future. We are expecting a good response for the issue."

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, J M Financial Limited, Equirus Capital Private 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.1200.9 as compared to the previous close of Rs. 1204.3. The total number of shares traded during the day was 39855 in over 2260 trades.

The stock hit an intraday high of Rs. 1218 and intraday low of 1198.25. The net turnover during the day was Rs. 48081184.


Source: Equity Bulls

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