September 12, 2023
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Muthoot Fincorp NCD Sep Tranche I 2023 Details
NCD Issue Opens on 1 September 2023
NCD Issue Closes on 14 September 2023
# NCD Guidance is given at the bottom of the post
About the Company:
Muthoot Fincorp is a non-deposit taking, systemically important NBFC registered with the RBI .TheCompany is one of the prominent gold loan players in the
Indian market. The personal and business loans secured by gold jewellery and ornaments (“Gold loans”) offered by the Company are structured to serve the business and personal purposes of individuals who do not have ready or timely access to formal credit or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements.
The Gold loan portfolio of the Company as of June 30, 2023 comprised approximately 31.00 lakhs loan accounts. As of June 30, 2023 the Company operated out of 3,619 brancheslocated across 24 states, including union territory of Andaman and Nicobar Islands and the national capital territory of Delhi and employed 19,008employees including 110 contracted experts in its operations.
It has been engaged in the Gold loans business for over two decades and are headquartered in Kerala, India. The Company provides retail loan products, primarily comprising of Gold loans.
For three months period ended June 30, 2023 and for Fiscal 2023, Fiscal 2022 and Fiscal 2021 revenues from its Gold loan business constituted 89.64%, 92.09%, 93.04% and 93.60% of our total income on standalone basis as per Ind AS, respectively.
In addition to the Gold loan business, the Company provides foreign exchange conversion and money transfer services as sub-agents of various registered money transfer agencies. The Company is also engaged in following business:
i. generation and sale of wind energy through its wind farms located in Tamil Nadu;
ii. real estate business through joint venture developers of the company owned land parcels; and
Get more details about the company @ www.muthootfincorp.com
NCD Promoter: Thomas John Muthoot, Thomas George Muthoot, and Thomas Muthoot
NCD Rating
The company has received rating of CRISIL AA-/Stable by CRISIL Ratings Limited.
| Muthoot Fincorp NCD Sep Tranche I 2023 Detail | |
| Issue Open | Sep 1, 2023 – Sep 14, 2023 |
| Security Name | Muthoot Fincorp Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 400.00 Crores |
| Issue Size (Shelf) | Rs 1,100.00 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 |
| Credit Rating | CRISIL AA-/Stable |
| Tenor | 24, 36, 60 and 96 months |
| Series | Series I to X |
| Payment Frequency | Monthly, Annual and Cumulative |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Vardhman Trusteeship Private Limited |
| NCD Allocation Ratio | |
| Category | NCD’s Allocated |
| Institutional | 5% |
| Non-Institutional | 35% |
| Retail | 60% |
| Category 4 | 0% |
| NCD’s Offered by Category | |
| Category | NCD’s Reserved |
| Institutional | 2,00,000 |
| Non-Institutional | 14,00,000 |
| Retail | 24,00,000 |
| Category 4 | 0 |
| Total NCD’s | 40,00,000 |
| Muthoot Fincorp Limited NCD Coupon Rates | ||||||||||
| # | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 | Series 8 | Series 9 | Series 10 |
| Frequency of Interest Payment | Monthly | Monthly | Monthly | Annual | Annual | Annual | Cumulative | Cumulative | Cumulative | Cumulative |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 24 Months | 36 Months | 60 Months | 24 Months | 36 Months | 60 Months | 24 Days | 36 Days | 60 Days | 96 Days |
| Coupon (% per Annum) | 8.65% | 8.90% | 9.05% | 9.00% | 9.27% | 9.44% | NA | NA | NA | NA |
| Effective Yield (% per Annum) | 8.99% | 9.26% | 9.43% | 8.99% | 9.26% | 9.43% | 8.99% | 9.26% | 9.43% | 9.05% |
| Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,188.00 | Rs 1,305.00 | Rs 1,570.00 | Rs 2,001.00 |
Objects of the Issue
The company proposes to utilise the funds which are being raised through the Issue:
1. For the purpose of Working Capital– 75% of the amount raised and allotted in the Issue.
2. For General Corporate Purposes– 25% of the amount raised and allotted in the Issue
.
| Company Financials | |||
| Muthoot Fincorp NCD Sep Tranche I 2023 Financial Information (Restated Consolidated) | |||
| Period Ended | 31-Mar-21 | 31-Mar-22 | 31-Mar-23 |
| Assets | 26,284.54 | 28,422.34 | 32,134.61 |
| Revenue | 4,101.19 | 4,355.13 | 5,151.33 |
| Profit After Tax | 397.28 | 412.55 | 646.42 |
| Net Worth | 3,034.70 | 3,731.16 | 4,257.18 |
| Reserves and Surplus | |||
| Total Borrowing | |||
| Amount in Rs Crore | |||
Address of the Company
Muthoot Centre,
TC No 27/3022 Punnen Road
Trivandrum 695 001, Kerala
NCD Lead Managers
Smc Capitals Limited
NCD Registrar
Integrated Registry Management Services Pvt Ltd
Muthoot Fincorp NCD Sep Tranche I 2023
Red Herring Prospectus
Analysis & Guidance:
A
| KLM Axiva Finvest NCD Tranche II 2023 | |
| Subscription Status | |
| On 12.09.2023 | @ 5.00 pm |
| Category | Subscription |
| Institutional | 0.01 T |
| Non-Institutional | 1.34 T |
| HNI | 0.00 T |
| Retail | 3.42 T |
| Total | 2.52 T |
