'Muthoot Finance's' Rs 500 Crore-NCD Issue To Open On Wednesday

The country's largest standalone gold finance company Muthoot Finance on Tuesday announced a Rs 500 crore-debt fund raising through public issuance of secured redeemable non-convertible debentures. The NCD (Non-Convertible Debenture) issue will be open from February 8 till March 3. To attract more retail customers, the return is 8.25-8.60 per cent, which is 35-50 basis points more than its last issue, which was the 29th from its stable.

The base issue is Rs 100 crore with an option to retain oversubscription up to Rs 400 crore aggregating up to Rs 500 crore, the company said. The company's Managing Director George Alexander Muthoot said the proceeds will be utilised primarily for the on-lending activities. Muthoot Finance is the largest gold loan NBFC with a history of 83 years and has a branch network of over 4,500 pan-India and serves about 2,00,000 retail customers every day. The company employs more than 25,000 people and its standalone loan assets stood at Rs 57,731 crore at December 2022.

(PTI)