The 30 Series Public Issue of Secured Redeemable Non-Convertible Debentures (Secured NCDs) with a $1,000 face value has been announced by Muthoot Finance Limited.
The "Issue" has a base issue size of 100 crore rupees and a retainable over-subscription option up to 400 crore rupees, with a tranche limit of 500 crore rupees.
The issue will begin trading on February 8 and close on March 3, 2023, with the Board of Directors or the NCD Committee having the option to close the issue sooner or later.
ICRA has rated the secured NCDs [ICRA] AA+ (Stable). In terms of timely payment of financial liabilities, the secured NCDs' ICRA grade reflects "high degree of safety." The NCDs are being considered for BSE listing, with first-come, first-served allocation.
There are seven investment alternatives for secured NCDs, with interest rates starting at 8.25% annually, with the option of making "maturity redemption" payments or "monthly" or "annual" interest payments. For individual investors, 8.60% p.a.
In response to the recent increase in interest rates by the RBI, George Alexander Muthoot, the managing director of Muthoot Finance Ltd., announced that his company had increased interest rates in its 30th NCD issue by 0.50 percent, 0.40 percent, and 0.35 percent for terms of two, three, and five years, respectively. For the advantage of our investors, this choice has been made. Retail and high-net-worth individual investors will receive 0.50 percent annually from the 90% of the issue that has been allotted to them. above and above the interest rate that applies to institutions and businesses. For the current issue, we anticipate a favourable response from the market.
The money obtained through this offering will be mainly used for the company's lending operations.
In charge of the problem The Debenture Trustee for the Issue is A.K. Capital Services Limited IDBI Trusteeship Services Limited. The Registrar is Link Intime India Private Limited.
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