Effective yield p.a. from 9.25% to 10.00% : Muthoot Finance to raise Rs. 1000 crore through NCD - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
Trending
Powered by Blogger.
Friday, September 27, 2019

Effective yield p.a. from 9.25% to 10.00% : Muthoot Finance to raise Rs. 1000 crore through NCD



Muthoot Finance to raise Rs. 1000 crore through NCD

Muthoot Finance Ltd has announced its 21stseries of Public Issue of Secured Redeemable Non-convertible Debentures. The issue is with a base issue size of ₹ 100crores with an option to retain oversubscription upto ₹ 900crores aggregating upto tranche limit of ₹ 1,000 crores (“Tranche III issue”).The issue opens on September 27,2019 and closes on October 25,2019with an option to close on such earlier date or extended date as may be decided bythe Board of directors or NCD committee.

Mr. George Alexander Muthoot , Managing Director, Muthoot Finance, said“The issue will help the company to have long term funds and diversify borrowing basket as well. The previous NCD issues were well received in the market and were over-subscribed.

He further added, “It provides an opportunity to Retail and High Networth Individual investors, to whom we have allocated 80% of the total issue size, with  stable and attractive long term returns when there are only limited comparable alternative avenues for investments.”

The issue is rated by two Credit Rating Agencies – CRISIL Ltd and ICRA Ltd. Both agencies have awarded long term debt rating of ‘AA/Stable’for the debentures offeredunder the issue.The rating scale denotes‘High degree of safety regarding timely servicing of financial obligations and very low credit risk’.


The NCDs are proposed to be listed on BSE.The allotment is based on first come first serve basis.

There are ten investment options for Secured NCDs with ‘Monthly’ or ‘Annual’ interest payment frequency or ‘on maturity redemption’ payments with effective yield p.a. ranging from 9.25% to 10.00%.
The funds raised through this issue will be utilised primarily for lending activities of the Company.

The Lead Managers to the issue are Edelweiss Financial Services Limited and 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.

For Further information, please contact:
Dimple Momaya,
Adfactors Public Relations Pvt Ltd
Contact: +9198207 62036


Effective yield p.a. from 9.25% to 10.00% : Muthoot Finance to raise Rs. 1000 crore through NCD Reviewed by Investment Guru on September 27, 2019 Rating: 5 Muthoot Finance to raise Rs. 1000 crore through NCD Muthoot Finance Ltd has announced its 21 st series of Public Issue of Secured Re...

No comments: