Opening Date
10 Apr 2024
Closing Date
25 Apr 2024
Yield
Upto 10%
Tenure
94 Months
Ongoing IPO
Opening Date
10 Apr 2024
Closing Date
25 Apr 2024
Time to close
Yield
Upto 10%
Tenure
94 Months
Issue Size (Including Green Shoe Option) | 360 | ||
Face Value | 1000 | ||
Coupon | Upto 10% | ||
Minimum Number of Bonds | 10 | ||
Lot Size (Multiplier) | 1 | ||
Allotment Date (Tentative) | 30 Apr 2024 | ||
Listing Date (Tentative) | 2 May 2024 | ||
Exchange Bid Time (24 Hours) | 10:00 to 17:00 |
Documents attached
*Allotment on first come first serve basis
Series | I | II | III | IV | V | VI | VII | VIII | IX | X | XI | XII | XIII |
Nature Of NCDs | Secured Redeemable Non-Convertible Debentures | ||||||||||||
Who Can Apply | EVERYONE | ||||||||||||
Tenure | 26 Months | 38 Months | 60 Months | 72 Months | 26 Months | 38 Months | 60 Months | 72 Months | 26 Months | 38 Months | 60 Months | 72 Months | 94 Months |
Frequency of Interest payment | MONTHLY | MONTHLY | MONTHLY | MONTHLY | YEARLY | YEARLY | YEARLY | YEARLY | CUMULATIVE | CUMULATIVE | CUMULATIVE | CUMULATIVE | CUMULATIVE |
Best Coupon Rate (% p.a.) for: | |||||||||||||
Category 1 | 8.90 % | 9.15 % | 9.35 % | 9.55 % | 9.25 % | 9.50 % | 9.75 % | 10 % | -N.A.- | -N.A.- | -N.A.- | -N.A.- | -N.A.- |
Category 2 | 8.90 % | 9.15 % | 9.35 % | 9.55 % | 9.25 % | 9.50 % | 9.75 % | 10 % | -N.A.- | -N.A.- | -N.A.- | -N.A.- | -N.A.- |
Category 3 | 8.90 % | 9.15 % | 9.35 % | 9.55 % | 9.25 % | 9.50 % | 9.75 % | 10 % | -N.A.- | -N.A.- | -N.A.- | -N.A.- | -N.A.- |
Effective Yield (% p.a.) for: | |||||||||||||
Category 1 | 9.26 % | 9.54 % | 9.75 % | 9.97 % | 9.27 % | 9.52 % | 9.74 % | 10 % | 9.27 % | 9.52 % | 9.74 % | 10 % | 9.25 % |
Category 2 | 9.26 % | 9.54 % | 9.75 % | 9.97 % | 9.27 % | 9.52 % | 9.74 % | 10 % | 9.27 % | 9.52 % | 9.74 % | 10 % | 9.25 % |
Category 3 | 9.26 % | 9.54 % | 9.75 % | 9.97 % | 9.27 % | 9.52 % | 9.74 % | 10 % | 9.27 % | 9.52 % | 9.74 % | 10 % | 9.25 % |
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BondsIndia is an online platform for fixed-income securities such as IPOs, bonds, 54EC bonds, and fixed deposits. With a cumulative pedigree of 50+ years in the bond market, we aim to democratize the market for common investors by stationing detailed insights, expert advice, and keeping a close watch on the market sentiment. BondsIndia brings up-to-date information when IPOs go live, fixed deposits with higher interests, and bonds with competitive price before anyone else.
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24,559 Crores
2.9%
Muthoot Fincorp Limited, set up in 1997, is a non-deposit-taking, systemically-important NBFC, engaged in lending against gold jewellery. It is the flagship company of the MPG, which has diverse business interests such as hospitality, real estate and power generation. The company also distributes mutual funds, and general and life insurance products, and operates in the money-transfer segment.
Company is a part of the Muthoot Pappachan Group which has diversified business interests ranging from hospitality, financial services, catering, infrastructure for information technology, automobile sales and services and real estate.
MFL (on standalone basis) had AUM of Rs 19,720 crore. MML had AUM of Rs 10,011 crore, MCSL has Rs 1,996 crore and Muthoot Housing has Rs 1,605 crore as on June 30, 2023.
Established market position in gold financing, supported by extensive experience of the promoters
MFL has established market position in the gold financing. The promoters have spent over seven decades in the business of lending against gold jewellery. Over the years, the group has established a strong reputation and brand in South India and has an appropriate assessment and underwriting methodology.
Diversified product profile of the MPG group
MPG has diversified its product profile over the past few years. Currently, the group operates in five major segments: loan against gold jewellery, two-wheeler finance, microfinance, housing finance and small business loans. Overall managed AUM of MPG is around Rs 33,332 crore as on June 30, 2023 (Rs 31,587 crore as on March 31, 2023). The proportion of gold loans has remained high at 56% in June 2023. The microfinance portfolio is the second largest with around 30% of overall portfolio of the group as on June 30, 2023. CRISIL Ratings believes that the gold loans will continue to hold the largest share in the consolidated AUM
$Improvement in capitalisation with the recent infusion
MFLu2019s networth, at standalone level, stood at Rs 4,264 crore (including CCCPS) as on June 30, 2023 as against Rs 4,050 crore as on March 31, 2023. Capitalisation is further supported by low asset-side risks (security of gold jewellery, which is liquid and in the lenderu2019s possession). On a consolidated level, networth stood at Rs 4,904 crore (including CCCPS) as on March 31, 2023, against Rs 4,271 crore as on March 31, 2022 which was bolstered by $50 million in MML by a PE investor Greater Pacific Capital in fiscal 2022 and $10 million in September 2022. Moreover, net gearing (adjusted for cash and real estate assets) at the standalone level stood at 4.2 times in fiscal 2023 as compared to 4.8 times in fiscal 2022 and at consolidated level improved to 5.8 times in fiscal 2023 as compared to 6.0 times in fiscal 2022
Healthy asset quality in the gold loan segment to support overall group asset quality
The gross NPAs for MFL stood at 2.9% as of June 30, 2023 as compared to 2.1% in March 31, 2023. Further there is a negligible impact of the Reserve Bank of India (RBI) clarification released in November 2021 on the NPAs as gold loans are demand loans where the interest and principal amount are due for payment at the end of tenor. However, CRISIL Ratings notes that due to asset quality issues and the pandemic, the company, incrementally, has reduced its exposure to the SME segment and has started focusing primarily on gold loan products.
Geographical concentration in portfolio
High geographical concentration persists, with South India accounting for around 60% of the gold loan portfolio as on March 31, 2023 (as compared to 70% as on March 31, 2019). This was achieved by increase in per branch business from branches other than southern branches, opening of new branches in North, East and South and closure or merger of non-viable branches in South India. At the MPG level, around 80% of AUM is concentrated in South Indian states. While the level of concentration has been declining, it is higher than that of its peers. Presently, the demand for gold loans has been high in the region. Therefore, the proportion of AUM from the South region may not decline further in the current fiscal.
Potential challenges associated with non-gold loan segments
The non-gold segments accounted for 44% of the overall portfolio as on June 30, 2023. While MPG has managed to grow these businesses and increase the segmental share over the last 2-3 years, potential challenges linked to seasoning of the loan book and asset quality remain. In fiscal 2023, microfinance portfolio and housing finance portfolio has registered a double-digit growth of 47% and 14% respectively and vehicle loan portfolio grew by only 2.2%.
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