November 15, 2022
admin
# NCD guidance is given at the bottom of the post
# Latest Subscription Status is given at the bottom of the post
About the Company:
CreditAccess Grameen is a leading Indian micro-finance institution headquartered in Bengaluru, focused on providing joint liability group loans and micro-loans primarily to women customers predominantly in rural areas in India. According to MFIN India, it was the largest NBFC- MFI in India in terms of gross loan portfolio as of March 2022. It offers a diverse suite of lending products that cater to critical needs of its customers throughout their life cycle and includes income generation, health care, education, festival celebration, home improvement, water, and sanitation. It believes that its customer-centric business model, wide range of product offerings, as well as its well-designed product delivery and collection systems, have enabled it to achieve high customer retention rates and low credit costs.
It focuses predominantly on customers in Rural areas in India, who largely lack access to the formal banking sector and present a latent opportunity for offering micro-loans.
NCD Promoter
CreditAccess India N.V
NCD Rating
The NCDs proposed to be issued under this Tranche I Issue have been rated IND AA-/Stable for an amount of Rs. 1500 Crores by India Ratings & Research Private Limited.
| CreditAccess Grameen NCD 2022 Detail | |
| Issue Open | Nov 14, 2022 – Nov 17, 2022 |
| Security Name | CreditAccess Grameen Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 250.00 Crores |
| Issue Size (Shelf) | Rs 1,500.00 Crores |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE, NSE |
| Credit Rating | IND AA-/Stable by India Ratings & Research Private Limited |
| Tenor | 24, 36 and 60 months |
| Series | Series I to VI |
| Payment Frequency | Monthly and Cumulative |
| Basis of Allotment | First Come First Serve Basis |
| NCD Allocation Ratio | |
| Category | NCDs Allocated |
| Institutional | 25% |
| Non-Institutional | 35% |
| HNI | 15% |
| Retail | 25% |
| NCDs offered by Category | |
| Category | NCDs Reserved |
| Institutional | 625,000 |
| Non-Institutional | 875,000 |
| HNI | 375,000 |
| Retail | 625,000 |
| Total NCD’s | 2,500,000 |
| Coupon Rates for Eash Series | ||||||
| Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | |
| Frequency of Interest Payment | Monthly | Cumulative | Monthly | Cumulative | Monthly | Cumulative |
| Nature | Secured | |||||
| Tenor | 24 months | 24 months | 36 months | 36 months | 60 months | 60 months |
| Coupon Rate (Retail) | 9.45% | NA | 9.60% | NA | 10.00% | NA |
| Effective Yield (% per Annum) | 9.83% | 9.83% | 10.02% | 10.02% | 10.46% | 10.46% |
| Amount on Maturity | Rs 1,000 | Rs 1,206.57 | Rs 1,000 | Rs 1,332.07 | Rs 1,000 | Rs 1,644.91 |
Objects of the Issue
The objects of the Tranche I Issue and the amount proposed to be financed from Net Proceeds:
For onward lending, financing and repayment of interest and principal of existing borrowings of the Company.
| Financial Snapshot (Rs. In Crore) | |||
| Period Ended | Total Revenue | Profit After Tax | Net Worth |
| 31-Mar-20 | 1705 | 335 | 2720 |
| 31-Mar-21 | 2466 | 131 | 3646 |
| 31-Mar-22 | 2750 | 357 | 4018 |
| Address of the Company New No. 49 (Old No. 725), 46th Cross, 8th Block, Jayanagar, Rajalakshmi Kalyana Mantap, Bengaluru 560 071, Karnataka CreditAccess Grameen 2022 Lead Managers A.K. Capital Services Limited CreditAccess Grameen Registrar Kfin Technologies Ltd |
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CreditAccess Grameen Analysis & Guidance:
The company is one of best managed and one of strongest micro finance company of India. The company has shown strong rise in its profitability during 2021-22. The coupon rates for different categories and different tenure are also very attractive. Must Apply NCD.
| CreditAccess Grameen NCD 2022 | |
| Subscription Status on 16 Nov 2022 @ 5.00pm | |
| Category | Subscription (Times) |
| Institutional | 4.48 |
| Non-Institutional | 2.64 |
| HNI | 2.64 |
| Retail | 2.85 |
| Total | 2.93 |
