Subscription of ICRA’s AA Plus (Stable) rated NCDs will begin on January 8, 2024 and end on January 19, 2024. Allotment of NCD will be on first come first serve basis. The company has also stated that the issued NCDs will be listed on the Bombay Stock Exchange (BSE).
The base issue is of Rs.100 crore. There is an opportunity for additional collection of Rs.900 crore. Meanwhile, as decided by the Board of Directors or the NCD Committee, permission has been obtained to terminate the subscription or extend the date of issue on the date of issue of the NCD just announced. AK Capital Services Limited is the lead manager for this NCD issue.
Up to 9% interest per annum
Muthoot Finance offers an annual interest rate of 8.75 percent to 9 percent to individual investors and corporate investors who purchase NCDs. The company has introduced seven investment options such as monthly or annual interest and lump sum on maturity.
George Alexander Muthoot, Managing Director, Muthoot Finance Limited, said that the company’s 33rd NCD issuance offers double benefits to the investors in terms of superior rating and attractive interest rates compared to other investment options currently available. About 95 percent of the NCD issue this year has been earmarked for companies and individual investors. George Alexander Muthoot said that they will be paid 0.5 per cent more interest than that applicable to institutions.