CreditAccessGrameen maiden Non-Convertible Debentures lists on stock exchange

 

CreditAccessGrameen maiden Non-Convertible Debentures lists on stock exchange

 

·         BaseIssueof Rs 250 crsoversubscribed by3.03 timeswithatotalcollectionofRs757.50 Crore

·         Retail category oversubscribed by 3.15times with acollection of Rs196.87Crore

·         Most of the monies have been raised at an effective annual yield of9.83% and 10.02% of Series I (24 months) and Series III (36 months) followed by Series V (60 months) i.e effective yield of 10.46% p.a

·         Issue opened on Monday, November 14, 2022 and closed on Thursday, November 17, 2022 with an option of early closure

 

November 25, 2022: The Public Issue of secured, rated, listed, redeemable, maiden non-convertible debentures by CreditAccessGrameen Limited, a Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI) offering collateral-free loans to women with an annual household income of Rs. 3,00,000 with the primary focus to provide income generation loans, listedon the National Stock Exchange today.

The issue was oversubscribed 3.03 times garnering Rs 757.50 crore. The NCD has a face value of Rs. 1,000 each. The base issue size is Rs. 250 crores with an option to retain oversubscription up to Rs. 250 crores, aggregating up to Rs. 500 crores, which is within the Shelf limit of Rs. 1,500 crores (“Tranche I Issue”).

According to the base issue size, the NCDs was subscribed 3.15 times in the retail category, 4.48 times in the Institutional category, 2.02 times in the Non-Institutional category, and 2.69 times in the HNI Category.The Issue opened on November 14, 2022 and closed on Thursday, November 17, 2022 with an option of early closure.

 

The issue saw a robust demand in the Institutional and Retail category of investors with a total collection of Rs280 Crore, and Rs196.87crore respectively, while Non-Institutional and HNI category garnered Rs 176.75 crore and Rs100.88 crore respectively.

 

This issue has tenure of 24 months, 36 months, and 60 months for secured NCDs with the series I, II, III, IV, V and VI. Effective yield (per annum) for NCD holders in Category I (Institutional Investors), Category II (Non-Institutional Investors) Category III (HNI Investors) and Category IV (Retail Individual Investors) holders ranges from 9.83% to 10.46%. Interest payments modes are Cumulative and Monthly. Amount on maturity for NCD holders in Category I, II, III, IV, V and VI ranges fromRs 1000/-to Rs 1644.91/-.

 

The NCDs proposed to be issued under the Issue have been rated AA-/Stable by India Ratings and Research Private Limited.

 

A. K. Capital Services Limited is the Lead Manager to the Tranche I Issue. Catalyst Trusteeship Limited is the Debenture Trustee and KFin Technologies Limited is the Registrar to the Tranche I Issue.