India’s Muthoot FinCorp offers up to Rs. 2.25 billion debentures

By Mary-Katherine Stinson

Lexington, Ky., Oct. 13 – Muthoot FinCorp Ltd. announced the opening of its XVI tranche II series of secured redeemable non-convertible debentures, according to a notice.

The company announced it will sell Rs. 750 million of the debentures, with a greenshoe of Rs. 1.5 billion, to raise an amount aggregating up to Rs. 2.25 billion, which is within the shelf limit of Rs. 11 billion.

Each debenture has a face value of Rs. 1,000.

The offering will be open to the public from Oct. 13 to Oct. 27, subject to an early closure if approved by the board of directors.

The debentures have maturity options of 24 months, 36 months, 60 months and 96 months with monthly, annual and cumulative payment options with effective yields ranging from 8.99% to 9.43% across all the series.

The debentures have been rated AA-/stable by Crisil.

The debentures are proposed to be listed on the BSE Ltd.

The funds will be used for onward lending, financing and repayment or prepayment of existing borrowings and for general corporate purposes.

Thiruvananthapuram, India-based Muthoot FinCorp is a non-banking financial corporation and the flagship company of the business conglomerate, Muthoot Pappachan Group.

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