Muthoot NCD Issue Oversubscribed On Day 1
Muthoot Finance's 32nd series of Public Issue of Secured Redeemable Non-Convertible Debentures, with a base issue of Rs 100 crore and an option to retain oversubscription up to Rs 600 crore, aggregating to a tranche limit of Rs 700 crore ('Issue'), was oversubscribed on the first day of the issue with an offer worth Rs 770.35 crore.
George Alexander Muthoot, MD of Muthoot Finance, said, "This shows our dedication to providing excellent service to our retail investors, who have been an integral part of our journey. The company has always prioritised the safety of its investors by providing them with AA+/Stable-rated NCDs by ICRA, along with an attractive rate of return."
The issuance of bonds has always been primarily focused on empowering retail investors and providing them with a solid avenue to diversify their investment portfolio, he added.
The interest rate for this issue has been increased by 0.50 per cent p.a. compared to the previous issue, the statement said.
The company said that there are seven investment options for Secured NCDs with ‘monthly’ or ‘annual’ interest payment frequency or ‘on maturity redemption’ payments with interest rates ranging from 8.75 per cent p.a to 9.00 per cent p.a. for Individual Investors and Corporate Investors.
The funds raised through this issue will be utilised primarily for lending activities of the company. The Lead Manager to the Issue is A. K. Capital Services. IDBI Trusteeship Services is the Debenture Trustee for the Issue. Link Intime India Private Limited is the Registrar to the Issue.
