365Telugu.com online news,Trivandrum, October 15th, 2024: Muthoot FinCorp Limited (MFL), the flagship company of the 137-year-old Muthoot Pappachan Group, has announced the launch of its XVII Tranche II series of secured, redeemable non-convertible debentures (NCDs) with a face value of ₹1,000 each. The company aims to raise a total of ₹250 crore, which falls within its shelf limit of ₹2,000 crore.
The XVII Tranche II issuance consists of a base issue size of ₹75 crore, with a green shoe option of ₹175 crore, bringing the total issue limit to ₹250 crore. The public offering for this tranche opened on October 11, 2024, and will close on October 24, 2024, unless an early closure is approved by the Board of Directors or the Stock Allotment Committee. This issuance is in accordance with Regulation 33A of the Securities and Exchange Board of India (SEBI) guidelines for non-convertible securities.
Investors can choose from various maturity and tenure options ranging from 24 to 92 months, with payment options available on a monthly, annual, or cumulative basis. The effective yield for NCD holders varies from 9.00% to 10.10% per annum across different investor categories. The NCDs have received a CRISIL AA-/Stable rating from CRISIL Ratings Limited and are proposed to be listed on the debt market segment of the Bombay Stock Exchange (BSE).
The funds raised through this issuance will be utilized for onward lending, financing, and repayment or prepayment of interest and principal on existing borrowings, as well as for general corporate purposes.
Shaji Varghese, CEO of Muthoot FinCorp Limited, stated, “We are pleased to offer this new series of NCDs, providing secure investment opportunities for our valued investors. They can easily invest through any of Muthoot FinCorp’s 3,700+ branches nationwide or via our mobile app, Muthoot FinCorp ONE, from the comfort of their homes for investments up to ₹5 lakhs.