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Muthoot FinCorp said it will raise up to Rs 480 crore through a public issue of bonds opening on Thursday.
The base issue size for secured redeemable non-convertible debentures is Rs 250 crore with an option to retain subscription up to Rs 230 crore, aggregating to a total of Rs 480 crore, Muthoot FinCrop said in a release on Wednesday.
The funds raised will primarily be used to augment the working capital and requisite lending, it said.
It is the fifth public issue of the company which had raised Rs 417 crore in the previous issue that closed in October 2019.
Muthoot FinCorp said there will be 11 schemes, with tenure options of 400 days, 24 months, 38 months and 60 months, offering customers returns with interest rates ranging from 9.36-10 per cent.
The issue closes by February 4, 2020, and has received ‘CRISIL A/Stable’ rating by CRISIL Ltd and ‘BWR A+/Stable’ by Brickwork Rating India.
“Muthoot FinCorp has been doing well on the back of a diversified portfolio which is designed to meet needs of the customers. In-spite of the prevailing market conditions, the company has been experiencing a healthy demand for gold and MSME loans,” said Thomas John Muthoot, Chairman – Muthoot Pappachan Group and Managing Director – Muthoot FinCorp.
On that account, we have decided to come up with an NCD issue to help meet the company’s increasing working capital needs, Muthoot added.
It has been brought to our notice that certain individuals are receiving fraudulent emails, phone calls, and messages, etc, about job vacancies with Muthoot FinCorp and they are also being asked to deposit money in certain bank accounts.
Please be informed that such communications and practices are completely mala fide and sent with an intent to defraud the public and bring disrepute to the goodwill of our Company. Our Company does not ever demand any fee/money against recruitment nor for the application/interview process.
The public at large is hereby cautioned not to be misled by any such communications received through emails, message or any other communication mode.
Please contact us for further information about the genuineness or otherwise of such communications at: