Muthoot Finance turns to non-convertible debentures to raise fresh funds
Non-banking finance company, Muthoot Finance Wednesday said it plans to raise up to Rs 750 crore through non-convertible debentures (NCDs). The base size of the issue of Rs 100 crore, with an option to retain oversubscription up to Rs 650 crore.
It offers nine investment options for secured NCDs with monthly, annual interest payment frequency or on maturity redemption payments with an effective yield between 9.25-10 per cent per annum. "The funds raised through this issue will be utilised primarily for lending activities of the company," a statement said.
The issue will open on February 14 and closes on March 14. It also has an option to close on an earlier date or extended date. The lead managers to the issue are Edelweiss Financial Services and A K Capital Services. The NCDs are proposed to be listed on BSE.
(With inputs from agencies.)
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