Muthoottu Mini Financiers Ltd has announced the launch of public issue of its secured NCDs with a face value of ₹1,000 each. The issue has a base size of ₹100 crore, with an option to retain oversubscription up to ₹50 crore, aggregating up to ₹150 crore.
The NCD will remain open until November 13 with an option for early closure. The NCDs are proposed to be listed on BSE.
A press release said that NCDs will be available with effective annualised interest rates ranging from 8.84 to 10.5 per cent depending on the category and tenor chosen. The tenors offered are 450 days, 26 months, 36 months, and 48 months and 66 months. The funds from the issue will be used for onward lending, financing, and for repayment/prepayment of principal and interest on borrowings of the company, and for general corporate purposes.
NCDs have been rated ‘CARE A- Stable’ by CARE Ratings Ltd, reflecting an adequate degree of safety and low credit risk.