₹150.00 Cr| Listing at BSE | Fri, May 29, 2026 - Thu, Jun 11, 2026
Muthoot Mercantile Ltd. NCD issue is a public issue of secured, redeemable, non-convertible debenture with a base issue size of ₹75.00 Cr and an option to retain oversubscription up to ₹75.00 Cr, aggregating to a total issue size of ₹150.00 Cr. The NCDs are offered at a face value ₹1000 each and an issue price of ₹1000 per NCD.
Muthoot Mercantile Ltd. NCD issue opens on May 29, 2026 and closes on Jun 11, 2026. NCD are proposed to be listed on the BSE.
The minimum lot size is 10 NCDs, requiring a minimum investment of ₹10,000 , while the market lot for trading is 1 NCD.
The issue offers interest rates ranging from 10.50% per annum to 11.00% per annum, depending on the series and tenure selected.
The NCD has been rated: Crisil BBB+/Stable Stable by Crisil Ratings Limited.
Vivro Financial Services Pvt.Ltd. is the Lead Manager to the issue, Mitcon Credentia Trusteeship Services Ltd. is the Debenture Trustee, and Kfin Technologies Ltd. is the Registrar to the Issue.
Investors are advised to refer to the NCD Offer Document for detailed information on risk factors, financials, and the terms of the issue.
Open Date
Fri, May 29, 2026
Close Date
Thu, Jun 11, 2026
Issue Size (Overall)
₹150.00 Cr
| # | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 |
|---|---|---|---|---|---|---|---|
| Frequency of Interest Payment | Monthly | Cumulative | Monthly | Cumulative | Monthly | Cumulative | Cumulative |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 400 Days | 400 Days | 24 Months | 24 Months | 36 Months | 36 Months | 73 Months |
| Coupon (% per Annum) | 10.50% | NA | 10.75% | NA | 11.00% | NA | NA |
| Effective Yield (% per Annum) | 11.02% | 10.94% | 11.30% | 11.36% | 11.57% | 11.60% | 12.07% |
| Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 1,120.55 | Rs 1,000.00 | Rs 1,240.00 | Rs 1,000.00 | Rs 1,390.00 | Rs 2,000.00 |
Muthoot Mercantile Ltd. NCD Rating given as following :
| # | Rating Agency | NCD Rating | Outlook | Safety Degree | Risk Degree |
|---|---|---|---|---|---|
| 1 | Crisil Ratings Limited | Crisil BBB+/Stable | Stable | Moderate | Moderate degree of safety |
Muthoot Mercantile Ltd.'s revenue increased by 26% and profit after tax (PAT) rose by 16% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 990.80 | 792.05 | 606.51 |
| Revenue | 166.43 | 131.78 | 94.67 |
| Profit After Tax | 28.09 | 24.28 | 18.19 |
| Amount in ₹ Crore | |||
Mathew Mathaininan and Richi Mathew are the company promoters.
| Category | Allocated (%) | Shares Reserved |
|---|---|---|
| Institutional | 10.00% | 75,000 |
| Non-Institutional | 40.00% | 3,00,000 |
| Retail | 50.00% | 3,75,000 |
| Total | 100.00% | 7,50,000 |
Incorporated in 1939, Muthoot Mercantile Limited is a non-banking financial company engaged in the business of lending loans against the security of Gold, Investments, Health Insurance, Forex Services, and Money Transfer.
The Company has branches throughout Kerala, Tamil Nadu, Maharashtra, Odisha, Delhi, Haryana, Madhya Pradesh, Punjab, and Uttar Pradesh, with potential for further expansion. The company is headquartered in Thiruvananthapuram, a city in the south Indian state of Kerala. They have been in the money lending business for decades, mainly focused on small-scale lending against households and used gold jewellery. Over 84 years, the company has evolved its operations.
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | For the purpose of onward lending, financing and for repayment/ prepayment of principal and interest of borrowings of the Company | 111.59 |
| 2 | General Corporate Purposes | 37.20 |
| Total | 148.79 |
[Dilip Davda] This is the 8th debt offer from the company since December 2023. The last debt offer was in December 2025. This issue is rated CRISIL BBB +/ Stable by CRISIL, the company has changed its rating agency for this issue. For this debt offer, the company has hiked the coupon rates. Well-informed investors may park moderate funds for long term. Read detail review...
The Muthoot Mercantile NCD May 2026 was subscribed 2.34 times on Jun 11, 2026 17:00. The NCD subscribed 1.30 times in Retail, 4.18 times in Non-Institutional, and 0.14 times in Institutional category.
Muthoot Mercantile Ltd.
1st Floor, North Block, Muthoot Floors,
Opposite W&C Hospital, Thycaud,
Thiruvananthapuram, Kerala 695014
Thiruvananthapuram, Kerala, 695014
NSE and BSE offer NSEgoBid and BSEDirect apps/websites through which retail investors can apply for NCDs up to Rs 5 lakhs. Not all brokers and banks provide the facility to apply for NCD online.
To apply for an NCD online, the investor should fill in the NCD bid details online and provide the details of the DP and bank accounts (ASBA/UPI) as requested. In the case of a UPI application, the investor needs to approve the UPI mandate to complete the application process.
Steps to invest in NCD IPO through GoldenPi
Retail investors can apply for an IPO online if the investment amount is less than or up to 10 lakhs.
Steps to apply for NCD IPO with Indiabonds:
You can buy or invest in NCD IPOs through the following intermediaries:
The investor can apply for the NCD IPO online through NCD intermediaries such as a registered stockbroker, provided the broker offers an online application for the NCD IPO. Not many brokers allow you to invest in an NCD IPO online. Currently, very few brokers, such as Nuvama Wealth, Angel One, and SBI Securities, offer the facility to apply for NCD IPOs electronically. You should check with your broker or intermediary to see if the online application facility for the NCD IPO is available through them.
Refer to the detailed guidelines on NSEgoBID and BSEDirect for information on the registration process and how to apply for NCDs through the exchange.
Important links :
Read more about NCD Application Process.
The minimum amount required for NCD investment is Rs. 10,000.
Generally, the minimum lot size of NCD is 10, and the face value is 1,000.
NCD allotment can be checked on the BSE website or with the Registrar once the allotment has been made.
Steps to check the NCD allotment status at the BSE:
Alternatively, the applicant can also check the allotment status on the respective website of the Registrar for the issue. The applicant will need their PAN details or the applicant's Aadhaar number to check the status.
Generally, all applicants receive full allotment due to the retention of the oversubscription option.
Read more information on NCD Subscription and NCD Allotment Process.
No, you cannot withdraw or redeem Muthoot Mercantile Ltd. NCDs before maturity directly from the company. However, there are a couple of options available if you want to exit early:
If the NCDs are listed on stock exchanges (like BSE/NSE), you can:
Only possible if a "call option" exists.
Read more about NCD Subscription and Allotment Process
Bid Cancellation and Withdrawal Policy for NCD Applicants
Note:
The specific process and conditions for post-closure cancellation vary by issuer. Applicants should refer to the Offer Document for issuer-specific guidelines.
