The company will target high-net-worth individuals for placing the bonds on a private placement basis, said CEO Sadaf Sayeed.
The bonds are priced between 9.70% and 9.95% per year.
Muthoot Microfin will raise Rs 450 crore over the next two months through privately placed bonds targeting high net worth investors. The three tranches, offering interest rates of 9.7 to 9.95%, will commence on December 3, ahead of the RBI policy announcement, the company said. Muthoot Microfin will raise Rs 450 crore over the next two months through privately placed bonds targeting high net worth investors. The three tranches, offering interest rates of 9.7 to 9.95%, will commence on December 3, ahead of the RBI policy announcement, the company said.
The first tranche of the Rs 150 crore issue will be allotted on December 3 at 9.7%, ahead of the Reserve Bank of India’s monetary policy announcement scheduled for December 5.
Another Rs 150 crore would be raised on December 16 and the balance Rs 150 crore on January 16 at 9.85% and 9.95%, the company said in a stock exchange notification.
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