CreditAccess Grameen NCD exceeds target, closing early

CreditAccess Grameen NCD exceeds target, closing early

Issue receives Rs 700 Cr demand in less than 48hrs

The NCD issue of micro lender CreditAccess Grameen Limited was subscribed 2.8 times.

MUMBAI, Nov 15 (The CONNECT) – The non-convertible debentures (NCDs) issue of Micro lender CreditAccess Grameen Limited was subscribed 2.8 times, garnering Rs 700 crore.

The NCD has a face value of Rs. 1,000 each. The base issue size is Rs. 250 crores with an option to retain oversubscription up to Rs. 250 crores, aggregating up to Rs. 500 crores, which is within the Shelf limit of Rs. 1,500 crores.

The NCDs was subscribed 1.26 times in the retail category, 2.24 times in the Institutional category, 1.26 times in the Individual category, and 0.96 times in the Corporate category. The Issue opened yesterday and was to close on December 2.  But the company has announced an early closure on Thursday.

The issue saw a robust demand in the Institutional and Corporate category of investors with a total collection of Rs 280 Crore, and Rs 168.08 crore respectively, while Retail and Individual category garnered Rs 158.08 crore and Rs 94.22 crore respectively.

This issue has tenure of 24 months, 36 months, and 60 months for secured NCDs with the series I, II, III, IV, V and VI. Effective yield (per annum) for NCD holders in Category I (Institutional Investors), Category II (Non-Institutional Investors) Category III (HNI Investors) and Category IV (Retail Individual Investors) holders ranges from 9.83% to 10.46%. Interest payments modes are Cumulative and Monthly. Amount on maturity for NCD holders in Category I, II, III, IV, V and VI ranges from Rs 1000/-to Rs 1644.91/-.

The NCDs proposed to be issued under the Issue have been rated AA-/Stable by India Ratings and Research Private Limited.

A. K. Capital Services Limited is the Lead Manager to the Tranche I Issue. Catalyst Trusteeship Limited is the Debenture Trustee and KFin Technologies Limited is the Registrar to the Tranche I Issue.

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