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Muthoot Finance to Raise 600 cr via NCDs

 

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Muthoot Finance, country's largest gold loan financing company, plans to raise 600 crore though public bonds sale as funding from banks get expensive after the central bank scratched out lenders against gold from the subsidised priority sector lenders' list.


The issue has opened on December 22, 2011, and close on January 7, 2012. The company is borrowing funds through two, three, five-year bonds and five-and-a-half year zero-coupon bonds.


It is cheaper to raise funds from public than to raise from banks. After the priority sector status on gold loans was removed by RBI, the loans have become expensive by 0.5.


He said that funds raised through the issue would be used to repay existing liabilities and towards lending and investment.


There are four investment options, including a 24-month plan, which will pay 13% coupon to different categories of investors, while 36-month and 60-month maturities will both pay a coupon of 13.25%. A 66-month option will pay a coupon of 13.43% to different categories of investors. The face value of each NCD is 1,000 and the minimum application is for five NCDs and in multiples of each NCD thereafter, the company said.



How to apply to Muthoot Finance NCD?

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