Muthoot Finance Ltd (MFL) is the largest gold financing company in India in terms of loan portfolio. They provide personal and business loans secured by gold jewellery, or Gold Loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements.
They are a 'Systemically Important Non-deposit taking NBFC' headquartered in the south Indian state of Kerala. In addition to Gold Loans business, they provide money transfer services through their branches as sub-agents of various registered money transfer agencies, and have commenced providing collection agency services. They also operate three windmills in the state of Tamil Nadu.
As of September 30, 2018 the company has approximately 8.15 million loan accounts. It has built a strong network of 4,370 branches across 23 states, Delhi and five union territories in India.
|Issue Open||Feb 14, 2019 - Mar 14, 2019|
|Security Name||Muthoot Finance Limited|
|Security Type||Secured, Redeemable, Non-Convertible Debentures (Secured NCDs)|
|Issue Size (Base)||Rs 100.00 Crores|
|Issue Size (Shelf)||Rs 650.00 Crores|
|Issue Price||Rs 1000 per NCD|
|Face Value||Rs 1000 each NCD|
|Minimum Lot size||10 NCD|
|Market Lot||1 NCD|
|Credit Rating||AA (Stable) by ICRA and AA (Stable) by CRISIL|
|Tenor||24 Months, 38 Months and 60 Months|
Series I to Series IX
|Payment Frequency||Monthly, Annual and Cumulative|
|Basis of Allotment||First Come First Serve Basis|
|High Net Worth Individual Investors Portion||30%|
|Retail Individual Investors Portion||30%|
|Series 1||Series 2||Series 3||Series 4||Series 5||Series 6||Series 7||Series 8||Series 9|
|Frequency of Interest Payment||Monthly||Monthly||Monthly||Annually||Annually||Annually||NA||NA||NA|
|Tenor||24 months||38 months||60 months||24 months||38 months||60 months||24 months||38 months||60 months|
|Amount on Maturity||₹1,000||₹1,000||₹1,000||₹1,000||₹1,000||₹1,000||₹1,193.56||₹1,333.72||₹1,592.29|
The NCDs proposed to be issued under this Issue have been rated [ICRA] AA (Stable) by ICRA for an amount of up to Rs 40,000 million and have been rated CRISIL AA/Stable by CRISIL for an amount up to Rs 40,000 million. The rating of the NCDs by ICRA and CRISIL indicates a high degree of safety regarding timely servicing of financial obligations.
The promoters of the company are:
1. M G George Muthoot,
2. George Alexander Muthoot,
3. George Thomas Muthoot,
4. George Jacob Muthoot
The Net Proceeds raised through this Issue will be utilized for the purpose of-:
1. Lending- 75% of the amount raised and allotted in the Issue
2. General Corporate Purposes- 25% of the amount raised and allotted in the Issue
This issue is rated ICRA AA/Stable and CRISIL AA/Stable. The rating of the Secured NCDs and Unsecured NCDs by ICRA and CRISIL indicates high degree of safety regarding timely servicing of financial obligations.
NCDs have tenure of 24 months, 38 months and 60 months. It offers coupon rates ranging from 9.25% to 10.00% based on the tenure and the interest payment options.
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