Muthoot Finance raises up to Rs 300 cr via public issue of bonds
ECONOMY & POLICY

Muthoot Finance raises up to Rs 300 cr via public issue of bonds

On Tuesday, Muthoot Finance Ltd told the media that it would raise up to Rs 300 crore through a public issue of bonds.

Declaring its 27th series of public issues of secured redeemable Non-Convertible Debentures (NCDs) of the face value of Rs 1,000 each, Muthoot Finance said the issue includes a Rs 75 crore base issue size with an option for oversubscription retention up to Rs 225 crore.

The issue will be aggregating up to a tranche limit of Rs 300 crore.

On May 25, the issue opens and closes on June 17 with an option to close on such an earlier date or extended date as may be fixed by the board of directors or NCD committee.

The non-banking finance company told the media that the funds raised through this issue would be utilised mainly for the company's lending activities.

The bonds will have seven investment options with monthly or annual interest payment frequency or on maturity redemption payment with coupons varying from 7.25% to 8% per annum.

The NCDs are offered to be listed on the Bombay Stock Exchange (BSE). The allocation will be on a first-come and first-serve basis.

Muthoot Finance Ltd, Managing Director, George Alexander Muthoot, told the media that it has allocated 90% of the issue for retail and high-net-worth individual investors, who will be getting 0.50% per annum more than the applicable interest rate for institutions and corporates.

Moreover, interest rates have grown by 0.25% per annum in this issue, which corresponded to the previous issue. In this issue, investors get the twin benefit of a better rating and an attractive interest rate.

Image Source

Also read: IIFL HFL funds upto Rs 500 cr to promote green housing projects

On Tuesday, Muthoot Finance Ltd told the media that it would raise up to Rs 300 crore through a public issue of bonds. Declaring its 27th series of public issues of secured redeemable Non-Convertible Debentures (NCDs) of the face value of Rs 1,000 each, Muthoot Finance said the issue includes a Rs 75 crore base issue size with an option for oversubscription retention up to Rs 225 crore. The issue will be aggregating up to a tranche limit of Rs 300 crore. On May 25, the issue opens and closes on June 17 with an option to close on such an earlier date or extended date as may be fixed by the board of directors or NCD committee. The non-banking finance company told the media that the funds raised through this issue would be utilised mainly for the company's lending activities. The bonds will have seven investment options with monthly or annual interest payment frequency or on maturity redemption payment with coupons varying from 7.25% to 8% per annum. The NCDs are offered to be listed on the Bombay Stock Exchange (BSE). The allocation will be on a first-come and first-serve basis. Muthoot Finance Ltd, Managing Director, George Alexander Muthoot, told the media that it has allocated 90% of the issue for retail and high-net-worth individual investors, who will be getting 0.50% per annum more than the applicable interest rate for institutions and corporates. Moreover, interest rates have grown by 0.25% per annum in this issue, which corresponded to the previous issue. In this issue, investors get the twin benefit of a better rating and an attractive interest rate. Image Source Also read: IIFL HFL funds upto Rs 500 cr to promote green housing projects

Related Stories

Gold Stories

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 81086 03000

Join us Telegram