April 10, 2024
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Muthoot Fincorp NCD Tranche IV April 2024 Details & Guidance
NCD Issue Opens on 10 April 2024
NCD Issue Closes on 25 April 2024
# NCD Guidance is given at the bottom of the post
About the Company:
Muthoot Fincorp is a middle layer NBFC. The Company is one of the prominent gold loan players in the Indian market. The personal and business loans secured by gold jewellery and ornaments (“Gold loans”) offered by the Company are structured to serve the business and personal purposes of individuals who do not have ready or timely access to formal credit or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements.
The Gold loan portfolio of the Company as of December 31, 2023, comprised approximately 31.38 lakhs loan accounts. As of December 31, 2023, the Company operated out of 3,683branches located across 24 states, including union territory of Andaman and Nicobar Islands and the national capital territory of Delhi and employed 20,645employeesincluding 93contracted experts in its operations. It has been engaged in the gold loans business for over two decades and are headquartered in Kerala, India.
The Company provides retail loan products, primarily comprising of gold loans. For nine months period ended December 31, 2023and for Fiscal 2023, Fiscal 2022 and Fiscal 2021 revenues from its Gold loan business constituted 87.77%, 92.09%, 93.04% and 93.60% of its total income on standalone basis as per Ind AS, respectively.
In addition to the gold loan business, the Company provides foreign exchange conversion and money transfer services as sub-agents of various registered money transfer agencies. The Company is also engaged in following business:
i. generation and sale of wind energy through its wind farms located in Tamil Nadu.
ii. real estate business through joint venture developers of the company owned land parcels.
Its gross loans under management as of December 31, 2023, March 31, 2023, March 31, 2022and March 31, 2021, was Rs. 20,48,733.37 lakhs, Rs. 17,61,507.49 lakhs, Rs.17,32,313 lakhs and Rs.18,68,938 lakhs, respectively, on a standalone basis as per IndAS. As of December 31, 2023, March 31, 2023, March 31, 2022, and March 31, 2021, the Company held 47.86 Tonnes, 48.01 Tonnes, 54.03 Tonnes and 59.40 Tonnes, respectively, of gold jewellery, respectively, as security for all gold loans.
Get more details about the company @ http://www.muthootfincorp.com
NCD Promoter:
Thomas John Muthoot, Thomas George Muthoot, and Thomas Muthoot are the company promoters.
NCD Rating
The NCDs proposed to be issued under this Issue have been rated CRISIL AA-/Stable by CRISIL Ratings Limited.
| Muthoot Fincorp NCD Tranche IV April 2024 Detail | |
| Issue Open | April 10, 2024 – April 25, 2024 |
| Security Name | Muthoot Fincorp Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 100.00 Crores |
| Issue Size (Oversubscription) | Rs 260.00 Crores |
| Tranche Issue Size | Rs 360.00 Crores |
| Issue Size (Shelf) | Rs 1,100.00 Crores |
| Tranche Number | IV |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE |
| Credit Rating | CRISIL AA-/Stable by CRISIL Ratings Limited. |
| Tenor | 26, 38, 60, 72, and 94 Months |
| Series | Series I to XIII |
| Payment Frequency | Monthly, Annual and Cumulative |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Vardhman Trusteeship Private Limited |
| NCD Allocation Ratio | |
| Category | NCD’s Allocated |
| Institutional | 5% |
| Non-Institutional | 35% |
| Retail | 60% |
| NCD’s Offered by Category | |
| Category | NCD’s Reserved |
| Institutional | 50,000 |
| Non-Institutional | 3,50,000 |
| Retail | 6,00,000 |
| Category 4 | 0 |
| Total NCD’s | 10,00,000 |
| Muthoot Fincorp Limited NCD Coupon Rates | |||||||||||||
| # | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 | Series 8 | Series 9 | Series 10 | Series 11 | Series 12 | Series 13 |
| Frequency of Interest Payment | Monthly | Monthly | Monthly | Monthly | Annual | Annual | Annual | Annual | Cumulative | Cumulative | Cumulative | Cumulative | Cumulative |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 26 Months | 38 Months | 60 Months | 72 Months | 26 Months | 38 Months | 60 Months | 72 Months | 26 Months | 38 Months | 60 Months | 72 Months | 94 Months |
| Coupon (% per Annum) | 8.90% | 9.15% | 9.35% | 9.55% | 9.25% | 9.50% | 9.75% | 10.00% | NA | NA | NA | NA | NA |
| Effective Yield (% per Annum) | 9.26% | 9.54% | 9.75% | 9.97% | 9.27% | 9.52% | 9.74% | 10.00% | 9.27% | 9.52% | 9.74% | 10.00% | 9.25% |
| Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,212.00 | Rs 1,334.00 | Rs 1,592.00 | Rs 1,772.00 | Rs 2,000.00 |
Muthoot Fincorp NCD Tranche IV April 2024 Details & Guidance
Objects of the Issue
The Net Proceeds raised through the Tranche III Issue will be utilised for the following activities in the ratio provided below:
For the purpose of lending – a minimum of 75% of the amount raised and allotted in the Issue.
For General Corporate Purposes – shall not exceed 25% of the amount raised and allotted in the Issue
.
Muthoot Fincorp Financial Information (Restated)
| Company Financials | ||
| Muthoot Fincorp Limited Financial Information (Restated Standalone) | ||
| Period Ended | 31 March 2023 | 31 March 2022 |
| Assets | 32,134.61 | 28,422.47 |
| Revenue | 5,151.33 | 4,355.13 |
| Profit After Tax | 646.42 | 412.55 |
| Net Worth | 4,257.18 | 3,731.16 |
| Reserves and Surplus | 3,481.27 | 2,958.70 |
| Amount in Rs Crore | ||
Address of the Company
Muthoot Fincorp Limited
Muthoot Centre,
TC No 27/3022 Punnen Road,
Trivandrum – 695 001
NCD Lead Managers
Smc Capitals Limited
NCD Registrar
Integrated Registry Management Services Pvt ltd
Muthoot Fincorp NCD Tranche IV April 2024
Subscription Status on April 10, 2024
| Category | Subscription |
| Retail | 0.14 T |
| Non-Institutional | 0.06 T |
| Institutional | 0.00 T |
| Today | 0.10 T |
Muthoot Fincorp NCD Tranche IV April 2024
Muthoot Fincorp NCD Tranche IV April 2024 Guidance:
1. The company has strong parentage and reasonably impressive profits.
2. The NCDs proposed to be issued under this Issue have been rated CRISIL AA-/Stable by CRISIL Ratings Limited.
3. Coupon rates are good.
4. May Apply/invest in this NCD.
