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Incorporated in 1997, Muthoot Finance Ltd offers business loans secured by gold jewelry (gold loans) to meet unanticipated or other short-term liquidity requirements. Muthoot Finance India's largest gold financing company in terms of the loan portfolio.
The company primarily caters to individuals who possess gold jewelry but cannot access formal credit within a reasonable time, or for whom credit may not be available at all. The company served over 70 crore customers till Oct 2020 (including repeat customers) and serving over 2.5 Lakh customers daily.
Muthoot Finance Limited (MFL) is the flagship company of the Kerala-based business house, The Muthoot Group, which has diversified operations in financial services, healthcare, real estate, education, hospitality, power generation and entertainment. MFL was incorporated in 1997 and is India's largest gold loan focussed NBFC with total loan assets (standalone) of Rs. 41,296 crore and 4,573 branches as on June 30, 2020. The company derives a major proportion of its business from South India (48% of the total portfolio as on June 30, 2020), where gold loans have traditionally been accepted as a means of availing short-term credit, although MFL has increased its presence beyond South India over the past few years.
MFL achieved a standalone net profit of Rs. 3,018 crore on an asset base of Rs. 50,460 crore in FY2020 against a net profit of Rs. 1,972 crore on an asset base of Rs. 38,069 crore in FY2019. In Q1FY21, the company witnessed standalone net profit of Rs. 841 crore.
The consolidated portfolio stood at Rs. 46,501 crore as on June 30, 2020 compared to Rs. 46,871 crore as on March 31, 2020 (Rs. 40,228 crore as on March 31, 2019), of which gold, housing and microfinance accounted for 87%, 4% and 6%, respectively.
| Issue Open | October 27, 2020 - October 29, 2020 |
| Security Name | Muthoot Finance Ltd |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 100.00 Crores |
| Issue Size (Shelf) | Rs 1,900.00 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 | "AA (Stable)" by ICRA and "AA/Positive" by CRISIL |
| Tenor | 38 months and 60 months |
| Series | |
| Payment Frequency | Monthly, Annual or Cumulative |
| Basis of Allotment | First Come First Serve Basis |
Category  |
NCD's Allocated |
|---|---|
| Category 1 | 0% |
| Category 2 | 0% |
| Category 3 | 0% |
| Category |
NCD's Reserved |
|---|---|
| Category 1 | 100,000 |
| Category 2 | 100,000 |
| Category 3 | 400,000 |
| Category 4 | 400,000 |
| Total NCD's | 1,000,000 |
| Option/Series | I | II | III | IV | V | VI |
| Tenor | 38 months | 60 Months | 38 months | 60 Months | 38 months | 60 Months |
| Interest Frequency | Monthly | Monthly | Annual | Annual | Cumulative | Cumulative |
| Coupon Rate (% p.a.) Cat I, II | 7.15% | 7.50% | 7.40% | 7.75% | NA | NA |
| Coupon Rate (% p.a.) Cat III, IV | 7.40% | 7.75% | 7.65% | 8.00% | NA | NA |
| Effective Yield (% p.a.) Cat I, II | 7.15% | 7.50% | 7.40% | 7.75% | 7.40% | 7.75% |
| Effective Yield (% p.a.) Cat III, IV | 7.40% | 7.75% | 7.65% | 8.00% | 7.65% | 8.00% |
| Amount(Rs /NCD) on Maturity - Cat I, II | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,254.11 | Rs 1,452.40 |
| Amount(Rs /NCD) on Maturity - Cat III, IV | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,263.41 | Rs 1,469.33 |
ICRA has assigned "[ICRA]AA" (pronounced ICRA double A) rating with a Stable outlook, assigned to the captioned Non-Convertible Debenture Programme of your company and last communicated to you vide our letter dated September 15, 2020 and September 25, 2020 stands. Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. Within this category rating modifier {"+" (plus) or "-" (minus)} can be used with the rating symbols. The modifier reflects the comparative standing within the category.
CRISIL has assigned its 'CRISIL PP-MLD AAr/Positive' rating to Rs.350 crore Proposed Issuance of Long Term Principal Market Linked Debentures of Muthoot Finance Limited (Muthoot Finance). The ratings on existing debt instruments have been at 'CRISIL AA/CRISIL PP-MLD AAr/Positive/CRISIL A1+'.
The Net Proceeds raised through the Tranche I Issue will be utilised for following activities in the ratio provided as below:
a) For the purpose of lending- minimum of 75% of the amount raised and allotted in the Issue
b) For General Corporate Purposes- shall not exceed 25% of the amount raised and allotted in the Issue
The Muthoot Finance NCD Oct 2020 was subscribed 31.17 times on October 29, 2020 5:00:00 PM. The NCD subscribed .
| Category ? | Subscription (times) |
|---|---|
| Category 4 | 6.75x |
| Category 3 | 58.62x |
| Category 2 (NII) | 27.55x |
| Category 1 (QIB) | 22.63x |
| Total | 31.17x |
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Muthoot Finance Ltd
2nd Floor, Muthoot Chambers,
Opp Saritha Theatre Complex,
Banerji Road, Kochi 682 018, India
Phone: (+91 484) 239 4712
Email: ncd@muthootgroup.com
Website: https://www.muthootfinance.com/
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.ncd2020@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html
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