Muthoot Finance plans maiden public issue of NCDs
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Muthoot Finance plans maiden public issue of NCDs

Last Updated: Thursday, August 18, 2011, 16:38
 
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Muthoot Finance plans maiden public issue of NCDs

Bangalore: The country's largest gold loan non-banking finance company Muthoot Finance is going in for a maiden public issue of secured, redeemable, non-convertible debentures (NCDs) to raise up to Rs 1,000 crore to fund business plans, a top company official said on Wednesday.

The company will issue NCDs of Rs 1,000 face value each, aggregating up to Rs 500 crore, with an option to retain over-subscription up to Rs 500 crore, which would take the total size of the issue to Rs 1,000 crore, Muthoot Finance
Chief General Manager K B Bijimon told a press conference here.

The issue opens on August 23 and closes on September 5,
with an option for early closure.

Muthoot Finance recently raised Rs 900 crore from its IPO, which Bijimon said was over-subscribed.

The company has promised a return of 11.75 per cent to 12.25 per cent on the NCDs, payable annually.

The company achieved a Rs 190 crore profit after tax during the first quarter of 2011-12 and is expected to invest Rs 10,000 crore on business expansion plans during the year, George Muthoot, one of its Directors, said.

PTI




First Published: Thursday, August 18, 2011, 16:38


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