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The issue opened on 8 January 2024 and it will close on 19 January 2024. The company is offering NCDs worth Rs 100 crore with a green-shoe option to retain oversubscription up to Rs 900 crore, aggregating to a total of Rs 1000 crore. The bonds will be issued at a face value of Rs 1,000, with a minimum lot size of 10 NCDs, and will be listed on the Bombay Stock Exchange (BSE).
The NCDs will be available in seven series, with tenors of 24, 36, and 60 months, carrying a fixed coupon rate of 8.75% to 9% per annum.
The NCDs proposed to be issued have been rated [ICRA] AA+/Stable. Such instruments carry very low credit risk.
Muthoot Finance will utilize at least 75% of the total estimated net proceeds for lending purposes and up to 25% of the total estimated net proceeds for general corporate purposes.
Muthoot Finance, the largest gold loan NBFC in India, offers secured personal and business loans using gold jewelry as collateral to individuals without formal credit access. Its gold loan portfolio as of 30 September 2023, included approximately 8.52 million loan accounts serviced through 4,745 branches across 22 states, the national capital territory of Delhi, and six union territories in India. The company employed 28,097 individuals in its operations as of the same date. Its branches play a crucial role as the primary point of sale, handling loan origination, disbursal, and collection processes, while also facilitating customer interaction.
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