Opening Date
7 Apr 2022
Closing Date
28 Apr 2022
Yield
Upto 8.00%
Tenure
Upto 120 Months
Ongoing IPO
Opening Date
7 Apr 2022
Closing Date
28 Apr 2022
Time to close
Yield
Upto 8.00%
Tenure
Upto 120 Months
| Issue Size (Including Green Shoe Option) | 500 | ||
| Face Value | 1000 | ||
| Coupon | Upto 8.00% | ||
| Minimum Number of Bonds | 10 | ||
| Lot Size (Multiplier) | 1 | ||
| Allotment Date (Tentative) | 5 May 2022 | ||
| Listing Date (Tentative) | 10 May 2022 | ||
| Exchange Bid Time (24 Hours) | 10:00 to 16:50 | ||
Documents attached
*Allotment on first come first serve basis
Series | I | II | III | IV | V | VI | VII | VIII |
Nature Of NCDs | SECURED, REDEEMABLE, NON-CONVERTIBLE DEBENTURES | |||||||
Who Can Apply | EVERYONE | |||||||
Tenure | 36 Months | 60 Months | 36 Months | 60 Months | 84 Months | 120 Months | 36 Months | 60 Months |
Frequency of Interest payment | MONTHLY | MONTHLY | YEARLY | YEARLY | YEARLY | YEARLY | CUMULATIVE | CUMULATIVE |
Best Coupon Rate (% p.a.) for: | ||||||||
Category 1 | 6.50 % | 6.75 % | 6.75 % | 7.00 % | 7.25 % | 7.50 % | -N.A.- | -N.A.- |
Category 2 | 6.50 % | 6.75 % | 6.75 % | 7.00 % | 7.25 % | 7.50 % | -N.A.- | -N.A.- |
Category 3 | 7.00 % | 7.25 % | 7.25 % | 7.50 % | 7.75 % | 8.00 % | -N.A.- | -N.A.- |
Category 4 | 7.00 % | 7.25 % | 7.25 % | 7.50 % | 7.75 % | 8.00 % | -N.A.- | -N.A.- |
Effective Yield (% p.a.) for: | ||||||||
Category 1 | 6.50 % | 6.75 % | 6.75 % | 7.00 % | 7.25 % | 7.50 % | 6.75 % | 7.00 % |
Category 2 | 6.50 % | 6.75 % | 6.75 % | 7.00 % | 7.25 % | 7.50 % | 6.75 % | 7.00 % |
Category 3 | 7.00 % | 7.25 % | 7.25 % | 7.50 % | 7.75 % | 8.00 % | 7.25 % | 7.50 % |
Category 4 | 7.00 % | 7.25 % | 7.25 % | 7.50 % | 7.75 % | 8.00 % | 7.25 % | 7.50 % |
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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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Rs 66,831 crs
3.80%
3.40%
MUTHOOT FINANCE LIMITED
Muthoot Finance Limited (MFL) is the flagship company of the Kerala-based business house, It has diversified operations in financial services, healthcare, education, and hospitality. MFL was incorporated in 1997 and is India`s 2019s largest gold loan focussed NBFC with total loan assets (standalone) of Rs. 54,688 crore and 4,617 branches as of December 31, 2021. The company derives a major portion of its business from South India (50% of the total gold loan portfolio as of December 31, 2021), where gold loans have traditionally been accepted as a means of availing short-term credit, although it has increased its presence beyond South India over the last few years.
MFL reported a standalone net profit of Rs. 2,994 crores on an asset base of Rs. 66,831 crores in 9M FY2022 against a net profit of Rs. 3,722 crores on an asset base of Rs. 63,465 crores in FY2021. The consolidated portfolio stood at Rs. 60,896 crores as of December 31, 2021, compared to Rs. 58,280 crores as of March 31, 2021 (Rs. 46,871 crores as of March 31, 2020), of which gold, housing, and microfinance accounted for 90%, 3%, and 6%, respectively.
Products Offered
Gold Loans
Established franchise and leadership position in the gold loan segment
The company has a track record of around two decades in the gold loan business and is India`s largest gold loan focussed non-banking financial company (NBFC) with a total portfolio of Rs. 54,688 crores (of which 99% is gold loan) as of December 31, 2021; the portfolio grew by 8.5% on a year-on-year (YoY) basis. The consolidated portfolio stood at Rs. 60,896 crores in December 2021 compared to Rs. 55,800 crores in December 2020, of which gold, microfinance, and housing accounted for 90%, 6%, and 3%, respectively. As of December 31, 2021, the company has an extensive pan-India network of 4,617 branches; 60% of its branches are in South India, where it has an established franchise.
Track record of healthy earnings performance
The company`s consolidated net profit remained healthy with the annualized PAT/AMA at 5.7% in 9M FY2022 and 6.1% in FY2021 (6.5% in FY2020). The consolidated net profit remained in the range of 5.5-6.5% between FY2018 and 9M FY2022. The annualized net interest margin was lower in 9M FY2022 and FY2021 at 10.7% and 11.4%, respectively, vis-a-vis ~13% and 12.9% in FY2020 and FY2019, respectively, because of the higher on-balance sheet liquidity as well as the reduction in loan yields.
Capitalization to remain comfortable over the medium term
The Company has a comfortable capitalization profile with a standalone gearing of 2.8 times and 3.1 times as of December 31, 2021, and March 31, 2021 (3.2 times as of March 31, 2020), respectively, aided by good internal capital generation. The consolidated managed gearing stood at 3.0 times as of December 2021. The company`s 2019s standalone net worth was Rs. 17,412.2 crores as of December 31, 2021 (Rs. 15,238.9 crores as of March 31, 2021). The company is expected to be comfortably placed to meet the medium-term capital requirements of its subsidiaries without affecting its own capital structure.
Performance of non-gold segments to remain monitorable; sizeable share of gold loans would support overall portfolio quality
The Company`s 2019s standalone portfolio almost entirely consists of gold loans, and it has diversified its exposure via its subsidiaries, namely Belstar Microfinance Limited (Belstar; microfinance), Muthoot Homefin (India) Limited (MHL; affordable housing), and Muthoot Money Limited (MML; vehicle finance). The consolidated portfolio is currently concentrated on gold loans, comprising 90% of the loan book while microfinance, affordable housing, and vehicle finance accounted for 6.3%, 2.6%, and 0.4%, respectively, as of December 31, 2021.
Operations concentrated in South India
The Company`s 2019s operations are largely concentrated in South India, which constituted 60% of its total branch network and 50% of its total gold loan portfolio as of December 31, 2021. Although the share of the portfolio in South India has reduced from 57% in March 2015. Geographical diversification is expected to improve steadily over the medium to long term with an improvement in the scale of the gold loan portfolio and the stabilization of the performance of the non-gold asset segments.
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