Muthoottu Mini’s Rs 125 cr NCD Issue will be listed on BSE
KOCHI, Mar 30 (The CONNECT) – Non-deposit taking NBFC in the gold loan sector, Muthoottu Mini Financers Ltd., has announced the opening of its public issue of Secured and Unsecured Debentures (NCDs) of the face value of Rs. 1,000 each.
The 14th NCD Issue aggregates to Rs. 125 crore, with an option to retain over-subscription up to Rs. 125 crore. The 14th NCD Issue that opened today, offers coupon rates ranging from 9.00% - 10.25% p.a. The Issue closes on April 23, 2021, with an option of early closure or extension.
As on September 30, 2020, MMFL had 3,69,019 gold loan accounts, predominately from rural and semi urban areas, aggregating to Rs. 1825.55 cr which accounted for 97.27% of its total loans and advances. Its net Non-Performing Assets for six-month period ended September 30, 2020 stood at 0.59%, lower from the March, 2020.
The Company, erstwhile part of a family business enterprise that was founded by Ninan Mathai Muthoottu in 1887 is now spearheaded by Nizzy Mathew, Chairwoman & Whole-time Director and Mathew Muthoottu, Managing Director.
Net proceeds of the Issue will be utilized for the purpose of onward lending, financing, and for repayment/prepayment of principal and interest on borrowings of the Company and for general corporate purpose.
The Secured and Unsecured NCDs offered through Prospectus dated March 25, 2021 are proposed to be listed on the BSE. The Lead Manager to the Issue is Vivro Financial Services Private Limited. Vistra ITCL (India) Limited is the Debenture Trustee and Link Intime India Private Limited is the Registrar to the Issue.