![](https://www.newsexperts.in/wp-content/uploads/2021/04/muthoot-mini.jpg)
![](https://www.newsexperts.in/wp-content/uploads/2021/04/muthoot-mini.jpg)
KOCHI:
Incorporated in the year 1998, a systemically important non-deposit taking NBFC in the gold loan sector, Muthoottu Mini Financers Ltd.(“ Muthoottu Mini”/ ‘MMFL’), has announced the opening of its public issue of Secured and Unsecured Debentures (“NCDs”) of the face value of Rs. 1,000 each.
The 14 th NCD Issue aggregates to Rs. 125 crore, with an option to retain over-subscription upto Rs. 125 crore, aggregating upto a total of Rs. 250 crore. The 14 th NCD Issue offers various options for subscription of NCDs with coupon rates ranging from 9.00% – 10.25% p.a. The 14 th Issue opens on March 30, 2021 and closes on April 23, 2021, with an option of early closure or extension.
As on 30 th September 2020, MMFL had 3,69,019 gold loan accounts, predominately from rural and semi urban areas, aggregating to Rs. 1825.55 cr which accounted for 97.27% of its total loans and advances. Its net Non-Performing Assets for six-month period ended September 30, 2020 stood at
0.59%, lower from the March, 2020 reported net Non-Performing Assets of 1.34%.
The Company, erstwhile part of a family business enterprise that was founded by Ninan Mathai Muthoottu in 1887 is now spearheaded by Nizzy Mathew, Chairwoman & Whole-time Director and Mathew Muthoottu, Managing Director.
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 (Atleast 75%) – and the rest (up to 25%) for general corporate purpose. The Secured and Unsecured NCDs offered through Prospectus dated March 25, 2021 are proposed to be listed on the BSE.
The Lead Manager to the Issue is Vivro Financial Services Private Limited Vistra ITCL (India) Limited is the Debenture Trustee and Link Intime India Private Limited is the Registrar to the Issue.
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