Business
Muthoot FinCorp eyes Rs 600 crore via issuance of retail bonds
The bonds will offer yields ranging from 8.70% to 9.10%, with tenure options of 24, 36, 60, and 72 months available.
The flagship company of Kerala-based Muthoot Pappachan Group opened the issue for subscription on Friday. The offer will remain open until March 23.
Get ready for an exciting investment opportunity! Muthoot FinCorp is rolling out a bond issue, aiming to gather as much as ₹600 crore to bolster business expansion and fulfill corporate goals. With appealing yields and flexible tenure options, these bonds are perfect for retail investors looking to dive in before March 23.
The base issue size is ₹200 crore, with a greenshoe option to retain oversubscription of up to ₹400 crore, the company said.
“This offering is intended to support onward lending and financing activities, repay/prepay interest and principal on existing debt, and meet general corporate needs,” the company said.
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The bonds are rated ‘AA-/positive’ by Crisil Ratings and ‘AA/stable’ by Brickwork Ratings India, indicating a high degree of safety for the timely servicing of financial obligations.
Muthoot FinCorp, which is not publicly listed, had standalone assets under management of ₹48,122 crore at the end of December, up 63% from the same period a year earlier, driven largely by demand for gold loans.