Muthoot Finance to use secured redeemable NCDs to raise Rs 3 billion

30 Nov 2022 CW Team

Muthoot Finance has announced the launch of its 29th series of secured redeemable non-convertible debentures (NCD) with a face value of Rs 1,000 each. The issue offers a 7.75 per cent to 8.25 per cent rate of return to retail and high net worth individual investors. In comparison to the previous issue, the interest rate has been raised by 0.25-0.35 per cent per year. ICRA rates the proposed NCD issue as AA+ (stable), indicating a high level of safety. The issue has a Rs 750 million base issue size with an option to retain oversubscription up to Rs 2.25 billion, for a total tranche limit of Rs 3 billion (issue).

The issue is scheduled to begin on November 28 and end on December 19, with the option of closing on a much earlier or later date, as determined by the board of directors or NCD committee. The NCDs would be listed on the Bombay Stock Exchange. The allocation will be done on a first-come, first-served basis.

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