Muthoot Finance to raise up to Rs 2,000 cr via NCDs

Muthoot Finance to raise up to Rs 2,000 cr via NCDs

16/03/2017 16:21

Muthoot Finance said that it is planning to raise up to Rs 2,000 crore through a public issue of non-convertible debentures (NCDs) to support its lending activities.

The issue comprises secured and unsecured redeemable NCDs for an amount up to Rs 1,950 crore and Rs 50 crore, respectively, taking the aggregating value to Rs 2,000 crore, the Kerala-based gold financing company said in the draft prospectus filed with Sebi.

The funds mobilised through this issue will be used for lending activities and for other general corporate purposes.

The public issue is being managed by Edelweiss Financial Services and A K Capital Services.

Prior to this, Muthoot Finance has tapped the NCD route twice in the current fiscal (2016-17).

As of December 2016, the company has over 4,300 branches across the country and more than 6 million customers. It has 24,150 employees.

Meanwhile, shares of the company closed trading at Rs 349.80 apiece, up 1.95 per cent from the previous close on BSE.

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