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The issue opened on 12 April 2023 and it will close on 26 April 2023. The company is offering NCDs worth Rs 75 crore with a green-shoe option to retain oversubscription up to Rs 225 crore, aggregating to a total of Rs 300 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 25, 37, and 61 months, carrying a fixed coupon rate of 7.75% to 8.10% per annum. The effective yield (% per annum) ranges from 8.25% to 8.60%.
The NCDs offered under the issue have been rated "[ICRA] AA+/Stable" by ICRA, indicating a high degree of safety regarding timely servicing of financial obligations. Such instruments carry a 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 is a leading NBFC, primarily engaged in providing loans against gold jewelry. The company's gold loan portfolio as of 31 December 2022 comprised approximately 8.11 million loan accounts in India that it serviced through 4,672 branches across 22 states, the national capital territory of Delhi and six union territories in India.
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