NBFC Muthoot Finance on Wednesday announced its program to raise Rs 1,700 crore by way of a public concern of secured redeemable non-convertible debentures (NCDs).
The concern, with a base size of Rs one hundred crore, has an solution to retain more than-subscription of up to Rs 1,600 crore, aggregating up to a tranche limit of Rs 1,700 crore. The concern opens on April 8 and closes on 29. The funds raised will be utilised mostly for lending activities.
MD George Alexander Muthoot stated “This is the first NCD public issue after our credit rating got upgraded to AA+ by CRISIL and ICRA. Incidentally, this is our 25th public issue of NCDs too. We have allocated 80% of the issue for retail and high net worth individual investors.”