Muthoottu Mini issues Rs. 250-cr NCDs
Hyderabad: Muthoottu Mini, a non-banking financial company (NBFC), announced the opening of its public issue of non-convertible debentures (NCDs) of the face value of Rs1,000 each. The issue opened on March 30, 2021, and will close on April 23, 2021, with an option of early closure or extension. The company is issuing the NCDs for 14th time to the public.
The NCD issue aggregates to Rs 125 crore, with an option to retain over-subscription up to Rs. 125 crore, aggregating up to a total of Rs250 crore. They are offered in secured and unsecured debentures with a value of Rs 200 crore and Rs50 crore respectively.
The 14th issue offers various options for subscription of NCDs with coupon rates ranging from 9.00 per cent - 10.25 per cent per annum. The issue also offers effective annualized yield of up to 10.22 per cent p.a. on redemption for secured NCDs and 10.41 per cent per annum for unsecured NCDs.
Net proceeds of the issue will be utilized for the purpose of onward lending, financing, and for repayment or prepayment of principal and interest on borrowings of the Company (at least 75 per cent) and the rest (up to 25 per cent) for general corporate purpose.
The secured and unsecured NCDs offered through prospectus dated March 25, 2021 are proposed to be listed on the BSE. The lead manager to the issue is Vivro Financial Services.
Vistra ITCL (India) is the debenture trustee and Link Intime India is the registrar to the issue.