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Muthoottu Mini Financiers plans to raise Rs250 crore via NCDs

According to a study by Global Financial Integrity, an estimated $770 billion in black money entered India during 2005-2014, and nearly $165 billion in illicit money exited the country during the same period. Photo: MintPremium
According to a study by Global Financial Integrity, an estimated $770 billion in black money entered India during 2005-2014, and nearly $165 billion in illicit money exited the country during the same period. Photo: Mint

  • Proceeds from the issue will be used for the purpose of onward lending, financing, and for repayment/prepayment of principal and interest on borrowings of the NBFC

MUMBAI: Muthoottu Mini Financiers, a non-deposit taking shadow bank, plans to raise Rs250 crore via non-convertible debentures, the offer for which will open on 30 March.

The issue will close on 23 April. The base issue size is Rs125 crore, with a green-shoe option to retain over-subscription of Rs125 crore.

Proceeds from the issue will be used for the purpose of onward lending, financing, and for repayment/prepayment of principal and interest on borrowings of the non-banking finance company.

As of December 2019, the firm had outstanding secured borrowing of Rs756.97 crore and unsecured borrowing of Rs446.07 crore.

Non-Convertible Debentures (NCDs) are loan-linked bonds that cannot be converted into stocks and usually offer higher interest rates than convertible debentures.

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