Active Stocks
Tue Sep 26 2023 15:58:49
  1. Tata Steel share price
  2. 128.85 1.18%
  1. Tata Motors share price
  2. 619.75 0.19%
  1. HDFC Bank share price
  2. 1,537.65 0.39%
  1. State Bank Of India share price
  2. 594.3 0.03%
  1. ITC share price
  2. 442.4 -0.05%
Business News/ Companies / News/  Muthoottu Mini Financiers‘ NCD issue opens today

Muthoottu Mini Financiers Limited, which is involved in the gold loan business, has announced the issue of secured, redeemable, non-convertible debentures of the face value of 1,000 each at par, aggregating up to 250 crores. The issue opened today and will close on 17 May.

The issue has a base issue size of 125 crores with an option to retain over-subscription up to 125 crores. The NCDs have been rated ‘BBB+’ with ‘stable’ outlook by Care Ratings.

As on 31 December 2021, MMFL had 4,22,073 gold loan accounts, predominately from rural and semi urban areas, aggregating to Rs. 2,189.85 crores which accounted for 97.40% of its total loans and advances. The yield on its gold loan assets is at 19.06% as on 31 December, 2021.

Besides gold loan business, the Kerala-based company offers microfinance loan, depository participant services, money transfer services, insurance agents 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 managers, Mitcon Credentia Trusteeship Services Limited is the debenture trustee and Link Intime India Private Limited is the registrar to the issue.

Net proceeds from the issue will be used for onward lending, financing, and for repayment/prepayment of principal and interest on borrowings of the company (at least 75%) - and the rest (maximum of up to 25%) for general corporate purposes.


"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Updated: 20 Apr 2022, 03:01 PM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App