Muthoottu Mini’s NCD Public Issue Open, Effective Annualized Yield up to 10.47%*
*Available only in Option VI
·
Issue of Secured & Unsecured NCDs of face
value of Rs. 1,000 each
·
The NCD
Issue includes a Base Issue Size of Rs.125 crores with an option to retain
oversubscription up to Rs.125 crores aggregating up to Rs.250 crores (“15th
NCD Issue”)
·
Secured
NCD portion of up to Rs. 200 crores and Unsecured NCD portion up to Rs. 50
crores
·
The 15th
NCD Issue is rated as ‘CARE BBB+’: Stable (Triple B Plus: Stable) by CARE
Ratings Limited
·
The 15th
NCD Issue offers effective annualized yield of up to 10.22% p.a. on redemption#
for Secured NCDs and 10.41% p.a for Unsecured NCDs
·
The 15th
NCD Issue opened on August
18, 2021 and closes on September 09, 2021 (with an option of early closure)
·
The
NCDs are proposed to be listed on BSE Limited
# For
further details please refer Prospectus dated August 13, 2021.
Mumbai/Kochi, 20 August
2021: Incorporated
in the year 1998, a systemically
important non-deposit taking NBFC in the gold loan sector, Muthoottu Mini Financers Limited (“Muthoottu Mini”/
‘MMFL’), public
issue of Secured and Unsecured Debentures (“NCDs”) of the face value of Rs. 1,000 each
is now open.
The 15th NCD Issue has a Base Issue
Size of Rs. 125 crores, with an option to retain over-subscription up to Rs.
125 crores, aggregating up to a total of Rs. 250 crores. The NCD Issue
offers various options for subscription of NCDs with coupon rates ranging from
8.75% - 10.00% p.a. The NCD Issue opened on August 18, 2021 and closes on September 09, 2021, with an option of early closure or extension.
As on 31st March 2021, MMFL had 3,86,110 gold loan accounts, predominately from rural and
semi urban areas, aggregating to Rs. 1,935.10 crores which accounted for 97.04%
of its total loans and advances. The yield on its gold assets during the last
three fiscals have increased from 19.17% in FY2019 to 19.57% as on FY2021. Its
net Non-Performing Assets for FY2021 stood at 0.75%, which is lower from 1.39% reported
in the FY2019.
In
addition to its gold loan business, it offers micro finance loan, depository
participant, money transfer, insurance broking, PAN card related and travel
agency services.
The Company, erstwhile part of a family business enterprise that was
founded by Ninan Mathai Muthoottu in 1887, is now spearheaded by Nizzy Mathew, Chairwoman
& Whole-time Director and Mathew Muthoottu, Managing Director.
The terms of each
options of NCDs, offered under
Issue are set out below:
Net proceeds of the Issue will be utilized for the purpose of
onward lending, financing, and for repayment/prepayment of principal and
interest on borrowings of the Company (at least 75%) - and the rest (up to 25%)
for general corporate purposes.
The Secured and Unsecured NCDs
offered through Prospectus dated August 13, 2021 are proposed to be listed on
the BSE.
The Lead Manager to the Issue is Vivro Financial Services
Private Limited.
MITCON Trusteeship Services Limited is
the Debenture Trustee and Link
Intime India Private Limited is the Registrar to the Issue.
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