Subscription window open from August 28, 2024 till September 10, 2024
Bengaluru, August 29, 2024: Muthoot FinCorp Limited (MFL or “Company”) the flagship company of 137-year-old Muthoot Pappachan Group (Muthoot Blue) has announced Tranche I series of secured, redeemable, non-convertible debentures of face value of Rs 1,000 each (“NCDs”) to raise an amount aggregating to Rs 350 crore which is within the shelf limit of Rs 2000 crore. This is the 17th issuance from the Company. The Tranche I issuance amounts to Rs 100 crore (“Base Issue Size”) with a green shoe option of Rs 250 crore aggregating up to Rs 350 crore (“Tranche I Issue Limit”) (“Tranche I Issue”). The Tranche I Issue with a face value of Rs 1,000 has been open to public from August 28, 2024 and closes on September 10, 2024 subject to an early closure as may be approved by our Board of Directors or the Stock Allotment Committee thereof of the Company, and subject to relevant approvals, in accordance with the Regulation 33A of the Securities and Exchange Board of India (Issue And Listing Of Non-Convertible Securities) Regulations, 2021, as amended (SEBI NCS Regulations).
The NCDs under the Tranche I Issue are being offered with maturity/tenure options of 24,36,60,72 and 92 months, with monthly, annual and cumulative payment options across different Options – I, II, III, IV, V, VI, VII, VIII, IX, X, XI, XII and XIII from which the customers can conveniently choose. Effective yield (per annum) for the NCD holders in all categories of investors ranges from 9.38% to 10.10%. The NCDs issued under NCD Tranche I have been rated at CRISIL AA-/Stable (pronounced as CRISIL double A minus rating with a Stable outlook) by CRISIL Ratings Limited and is proposed to be listed on the debt market segment of BSE. The funds raised through the Tranche I Issue will be used for onward lending, financing, and for repayment/prepayment of interest and principal of existing borrowings of our Company and for the general corporate purposes
“We are happy to share the new series of NCDS which comes with attractive interest rates, tenure options for investors and flexibility in interest payout options. The investors can invest through the 3700+ branches of Muthoot FinCorp across the country or easily via our mobile app Muthoot FinCorp ONE (upto Rs. 5lakhs) at the convenience of their homes.”, said Shaji Varghese, CEO – Muthoot FinCorp Limited.
