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CreditAccess Grameen has launched Tranche II of secured, redeemable, non-convertible debentures (NCDs). The issue has a base issue size of Rs 400 crore and an oversubscription option of Rs 600 crore, aggregating up to Rs 1,000 crore.
The NCDs will be issued in eight series, with tenors of 24, 33, 50 and 60 months. The coupon rates for the NCDs will range from 9.10% to 9.70%, while effective yield (% per annum) ranges from 9.48% to 10.13%. The issue price for the NCDs will be Rs 1,000 per NCD.
The NCDs will be listed on the BSE and NSE. The credit rating for the NCDs is "IND AA-/Stable” for an amount of Rs 1,500 crore by India Ratings.
Investors can purchase the NCDs at a face value of Rs 1000 each. The minimum lot size is 10 NCDs, and the market lot is 1 NCD.
The company will use the proceeds for onward lending, financing, and repayment of existing borrowings and general corporate purposes.
Bengaluru-based CreditAccess Grameen is a microfinance institution, focused on providing micro-loans to women customers predominantly in rural areas across India. The company is now operating in 352 districts in 14 states (Karnataka, Maharashtra, Tamil Nadu, Chhattisgarh, Madhya Pradesh, Odisha, Kerala, Goa, Gujarat, Rajasthan, Uttar Pradesh, Bihar, Jharkhand, and West Bengal) and one union territory (Puducherry) in India through 1,786 branches.
The company's net profit surged 151.5% to Rs 348.46 crore on 53.9% jump in total income to Rs 1,170.72 crore in Q1 FY24 over Q1 FY23.
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