Muthoot FinCorp to raise ₹300 crore through public issue of secure NCDs
₹300 crores, which is within the shelf limit of ₹1,100 crore. The third tranche issuance amounts to ₹75 crore with a green shoe option of ₹225 crore aggregating up to ₹300 crore.
The Tranche III Issue with a face value of ₹1000 for each NCD will be open to public from Friday, 12th January 2024 to Thursday, 25th January 2024. Also read: Reliance Industries to announce Q3FY24 results on 19 January The NCDs under the Tranche III Issue are being offered with maturity/tenure options of 24 months, 36 months, 60 months, and 96 months with monthly, annual, and cumulative payment options across options I, II, III, IV, V, VI, VII, VIII, IX and X from which the customers can conveniently choose.
“This is the third in the XVI series of NCDs that we are issuing; both our existing and prospective customers can either visit any of our 3600+ branches across India or log in to our mobile app – Muthoot FinCorp ONE to invest in the NCDs. With a CRISIL rating of AA-/Stable, we expect a good response for this issue, and propose to use the funds for onward lending activities," said Shaji Varghese, CEO - Muthoot FinCorp Limited.
Also read: Factory output: IIP rises 2.4% in November, says govt While option X is restricted to 50 crores, effective yield (per annum) for the NCD holders in all categories of investors ranges from 9.26 % to 9.75 %. The secured NCDs issued under Tranche III have been rated at AA-/ Stable by CRISIL and is proposed to be listed on the debt market segment of BSE.
Potential investors should thoroughly evaluate their investment objectives, risk tolerance, and the terms of the Non-Convertible Debentures (NCDs) to ascertain compatibility with their financial strategy, according to experts. Milestone Alert!
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