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Muthoot Finance Limited NCD (Muthoot Finance NCD (Feb 2019)) Detail

Feb 14, 2019 - Mar 14, 2019
Muthoot Finance Limited Logo

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.

Muthoot Finance NCD (Feb 2019) Detail

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
Listing At BSE
Credit Rating ICRA AA/Stable, CRISIL AA/Stable
Tenor 24 Months, 38 Months and 60 Months
Series

Series I to Series IX

Payment Frequency Monthly, Annual and Cumulative
Basis of Allotment First Come First Serve Basis

NCD Allocation Ratio

Category ? NCD's Allocated
Category 1 20%
Category 2 20%
Category 3 30%
Category 4 30%

Coupon rates for series 1 to 6

  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
Coupon Rate 9.25% 9.50% 9.75% 9.50% 9.75% 10.00% 9.25% 9.50% 9.75%
Amount on Maturity Rs 1,000 Rs 1,000 Rs 1,000 Rs 1,000 Rs 1,000 Rs 1,000 Rs 1,193.56 Rs 1,333.72 Rs 1,592.29

NCD Rating

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.

Company Promoters

The promoters of the company are:

1. M G George Muthoot,
2. George Alexander Muthoot,
3. George Thomas Muthoot,
4. George Jacob Muthoot

Objects of the Issue

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

Ratings

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.

Offerings

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.

Muthoot Finance NCD (Feb 2019) Prospectus

Muthoot Finance NCD (Feb 2019) Rating

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Company Contact Information

Muthoot Finance Limited
Muthoot Chambers,
Opp Saritha Theatre Complex, 2nd Flr,
Banerji Road, Kochi 682 018

Phone: (+91 484) 239 4712
Email: ncd@muthootgroup.com
Website: http://www.muthootfinance.com

Muthoot Finance NCD (Feb 2019) Registrar

Link Intime India Private Ltd
   Link Intime India Private Ltd
   C 101, 247 Park, L.B.S.Marg,
   Vikhroli (West), Mumbai - 400083

Phone: +91-22-4918 6270
Email: mfl.ncd2019@linkintime.co.in
Website: https://linkintime.co.in/

Muthoot Finance NCD (Feb 2019) Lead Manager(s)