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Muthoot Finance Ltd on Tuesday announced its 28th public issue of Secured Redeemable Non-Convertible Debentures (NCDs) of face value ₹1,000 each.
The issue has a base issue size of ₹75 crore with an option to retain over subscription up to ₹ 225 crore aggregating up to tranche limit of ₹300 crore, Muthoot Finance said in its statement.
The issue will open on 6 October and close on 28 October, with an option to close on an earlier date or an extended date as decided by the Board of Directors or NCD committee.
The NCDs to be issued are rated AA+ (Stable) by ICRA.
“As we have an AA+/Stable rating by ICRA and we are offering attractive interest rates, we are sure this edition of NCD will see an ample of subscriptions. We have allocated 90% of the issue for retail and high networth individual investors who will be getting 0.50% p.a more than the interest rate applicable for institutions and corporates. As such we expect a good response for the issue. Investors are bound to see this as a great investment option, when compared to similar available avenues,” said George Alexander Muthoot, Managing Director, Muthoot Finance Ltd.
Individual investors will get 7 investment options for the NCDs to be issued with monthly or annual interest payment frequency or ‘on maturity redemption’ payments with coupons ranging from 7.50% to 8% per annum. These will be alloted to the investors on a first come first serve basis.
The funds raised through this issue will be utilised primarily for lending activities of the company, Muthoot Finance said.
Muthoot Finance claims to have over 2 lakh retail investor base for its NCDs.
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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