Muthoot Fincorp plans NCD issue to raise Rs 400 crore

Mumbai: Muthoot FinCorp plans to raise up to ₹400 crore through the issuance of secured, redeemable, non-convertible debentures with varying tenures.

“The Tranche I Issue with a face value of ₹1,000 has been open to the public from Friday, September 1 till Thursday, September 14, 2023, subject to an early closure as may be approved by our Board of Directors or a duly constituted committee thereof of the Company, and subject to relevant approvals,” the non-banking financial company said in a statement.

The funds raised will be used for onward lending, financing and repayment and prepayment of interest and principal of existing borrowing, the firm said.

Muthoot Fincorp is offering the NCDs with maturity options of 24 months, 36 months, 60 months, and 96 months, with monthly, annual and cumulative payment options across different schemes.

The effective yield for investors in all categories ranges from 8.65% to 9.43%, the company said, adding that the bonds have been rated AA-/ Stable by CRISIL and are proposed to be listed on the debt market segment of BSE.

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Top Trending Stocks: Sensex Today Live, SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

Source link

Leave a comment

%d bloggers like this: