The Issue opened on April 12, 2023, and closes on April 26, 2023, with an possibility to shut on an earlier date or to an prolonged date.
The base dimension of the problem is Rs 75 crore with an possibility to retain oversubscription up to Rs 225 crore, aggregating up to a tranche restrict of Rs 300 crore
Muthoot Finance on Friday has introduced its thirty first public difficulty of secured redeemable non-convertible debentures (NCDs) of the face worth of Rs 1,000 every. The base dimension of the problem is Rs 75 crore with an possibility to retain oversubscription up to Rs 225 crore, aggregating up to a tranche restrict of Rs 300 crore.
“The Issue opened on April 12, 2023, and closes on April 26, 2023, with an possibility to shut on an earlier date or to an prolonged date, as could also be determined by the Board of Directors or the NCD committee. The Secured NCDs proposed to be issued below this Issue have been rated AA+ (Stable) by ICRA. This ranking of the Secured NCDs signifies a ‘high degree of safety regarding timely servicing of financial obligations’. The NCDs are proposed to be listed on BSE and the allotment might be on a primary come first serve foundation,” Muthoot Finance mentioned in an announcement.
There are 7 investment options for Secured NCDs with ‘Monthly’ or ‘Annual’ interest payment frequency or ‘on maturity redemption’ payments with interest rates ranging from 8.25 per cent per annual to 8.60 per cent per annual for Individual Investors.
George Alexander Muthoot, managing director of Muthoot Finance, said, “Our 31st NCD issue is open for subscription and the interest rate offered on our NCDs are in line with the prevailing interest rates, especially subsequent to the RBI pause on repo rate hike in the April 2023 monetary policy. As such, in comparison to similar available other investment avenues, our NCDs are rated ‘AA+/Stable’ and are an attractive investment option.”
He added that the corporate has allotted 90 per cent of the problem for retail and excessive networth particular person buyers who might be getting 0.50 per cent each year greater than the rate of interest relevant for establishments and corporates. “We count on a very good response from the marketplace for our difficulty.”
The funds raised through this issue will be utilised primarily for lending activities of the Company.
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.
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