OPEN APP
Home >Companies >News >Muthoottu Mini Financiers plans to raise Rs250 crore via NCDs

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.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout