Home / News

Finance

  • 0

Muthoottu Mini Financiers’ NCD Issue Now Open

Muthoottu Mini Financiers’ NCD Issue Now Open

Kochi: Incorporated in the year 1998, Muthoottu Mini Financiers Limited (“Muthoottu Mini”/ ‘MMFL’), a non-deposit taking systemically important NBFC involved in the gold loan sector lending money against the pledge of household gold jewelry, has announced the issue of secured, redeemable, non-convertible debentures of the face value of Rs. 1,000 each at par, aggregating up to Rs.200 Crores, is now open and scheduled to be closed on December 28, 2021.

The Issue has a base issue size of Rs. 100 crores with an option to retain over-subscription up to Rs 100 crore. The NCDs are proposed to be listed on BSE as the Designated Stock Exchange for the Issue. The NCDs have been rated ‘CARE BBB+’: Stable (‘Triple B Plus; Outlook: Stable’) by CARE Ratings Limited (“CARE Ratings”).

As on 30th September 2021, MMFL had 3,95,175 gold loan accounts, predominately from rural and semi urban areas, aggregating to Rs. 2,033.66 crores which accounted for 97.41% of its total loans and advances. The yield on its gold loan assets is at 19.39% as at September 30, 2021.

 

In addition to its gold loan business, it offers micro finance loan, depository participant, money transfer, insurance, broking services, PAN card related and travel agency services.

 

The Company, erstwhile part of a family business enterprise that was founded by Ninan Mathai Muthoottu in 1887, is now spearheaded by Nizzy Mathew, Chairman & Whole-time Director and Mathew Muthoottu, Managing Director.

 

Vivro Financial Services Private Limited is the sole Lead Manager to the Issue, Mitcon Trusteeship Services Limited is the Debenture Trustee of the Issue and Link Intime India Private Limited is the Registrar to the Issue.

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 (at least 75%) and the rest (up to 25%) for general corporate purposes.

Previous News

Technology News

Samsung Announces Exciting Cashback and Affordability Offers on Galaxy A Series Smartphones for Festive Season

Samsung Announces Exciting Cashback and Affordability Offers on Galaxy A Series Smartphones for Festive Season

Gurugram, India – October 11, 2023: Samsung announced exciting offers

HMD Nokia G42 5G (16GB+256GB) Variant Launched: With Snapdragon 480 Plus 5G Chipset Powers & Stylish Colours

HMD Nokia G42 5G (16GB+256GB) Variant Launched: With Snapdragon 480 Plus 5G Chipset Powers & Stylish Colours

Bangalore, 10th October 2023: The Nokia G42 5G (16GB+256G

IN-SPACe unveils Decadal Vision & Strategy for Indian Space Economy

IN-SPACe unveils Decadal Vision & Strategy for Indian Space Economy

Bengaluru, October 10, 2023  IN-SPACe (Indian National Space Promotion and

Philips OneBlade Partners with College Rivals for an Epic Gaming Journey Enabling Gen Z to ‘Move Fearlessly’

Philips OneBlade Partners with College Rivals for an Epic Gaming Journey Enabling Gen Z to ‘Move Fearlessly’

New Delhi, October 3, India- Philips India announces an exciting co

Latest Business News

SANY India partners with J&K Bank to provide financial solutions to its customers

SANY India partners with J&K Bank to provide financial solutions to its customers

Mumbai, March 13, 2024SANY India, a leading manufacturer of construction equipment, has taken a

Radisson Hotel Group strengthens footprint in Ayodhya with signing of 150-room Radisson Blu Hotel, Ayodhya

Radisson Hotel Group strengthens footprint in Ayodhya with signing of 150-room Radisson Blu Hotel, Ayodhya

Continuing its expansion plan in India, Radisson Hotel Group is excited to announce the signing of 150-room Radisson Blu Hotel, Ayodhya. A greenfie