Opening Date
12 Apr 2023
Closing Date
26 Apr 2023
Yield
Upto 9.37%
Tenure
Upto 84 Months
Time to Close
Ongoing IPO
Opening Date
12 Apr 2023
Closing Date
26 Apr 2023
Time to close
Yield
Upto 9.37%
Tenure
Upto 84 Months
| Issue Size (Including Green Shoe Option) | 300 | ||
| Face Value | 1000 | ||
| Coupon | Upto 9.15% | ||
| Minimum Number of Bonds | 10 | ||
| Lot Size (Multiplier) | 1 | ||
| Allotment Date (Tentative) | 2 May 2023 | ||
| Listing Date (Tentative) | 3 May 2023 | ||
| 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 |
Nature Of NCDs | Secured, redeemable, non-convertible debentures | |||||||
Who Can Apply | Everyone | |||||||
Tenure | 27 Months | 42 Months | 60 Months | 84 Months | 60 Months | 27 Months | 42 Months | 84 Months |
Frequency of Interest payment | MONTHLY | MONTHLY | MONTHLY | MONTHLY | YEARLY | CUMULATIVE | CUMULATIVE | CUMULATIVE |
Best Coupon Rate (% p.a.) for: | ||||||||
Category 1 | 8.40 % | 8.65 % | 8.80 % | 9.00 % | 9.15 % | -N.A.- | -N.A.- | -N.A.- |
Category 2 | 8.40 % | 8.65 % | 8.80 % | 9.00 % | 9.15 % | -N.A.- | -N.A.- | -N.A.- |
Category 3 | 8.40 % | 8.65 % | 8.80 % | 9.00 % | 9.15 % | -N.A.- | -N.A.- | -N.A.- |
Effective Yield (% p.a.) for: | ||||||||
Category 1 | 8.71 % | 9.00 % | 9.15 % | 9.37 % | 9.15 % | 8.71 % | 9.00 % | 9.37 % |
Category 2 | 8.71 % | 9.00 % | 9.15 % | 9.37 % | 9.15 % | 8.71 % | 9.00 % | 9.37 % |
Category 3 | 8.71 % | 9.00 % | 9.15 % | 9.37 % | 9.15 % | 8.71 % | 9.00 % | 9.37 % |
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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.
BondsIndia ditches the traditional ways of investing by offering a Technology based platform for investors that ensures instant online settlements and reduces counter-party risks. Choose BondsIndia for its sleek interface, fail-safe communication and step-by-step guide to ensure a well-placed bid. You can apply for Edelweiss Financial Services Limited IPO on BondsIndia's website.
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Application process on BondsIndia platform is simple and seamless.
Reach out to on info@bondsindia.com for more questions. Thank you for tuning in with BondsIndia.
23,142.52 Crores
3.45%
2.06%
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 18,496 crore. MML had AUM of Rs 7,401 crore, MCSL has Rs 2,036 crore and Muthoot$$Housing has Rs 1,423 crore as on September 30, 2022.
Established market position in gold financing, supported by extensive experience of the promoters.
MFL is the third largest gold loan non-banking financial company (NBFC). 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 29,356 crore as on September 30, 2022 (Rs 28,308 crore as on March 31, 2022). The proportion of gold loans has remained high at 61.5% in H1 2023 as compared to 67% in March 2021. The microfinance portfolio is the second largest with around 25% of overall portfolio of the group as on September 30, 2022. CRISIL Ratings believes that the gold loan AUM will continue to account for around 60% of the consolidated AUM.
Improvement in capitalisation with the recent infusion
MFL 2019s networth, at standalone level, stood at Rs 3,967 crore (including CCCPS) as on September 30, 2022 as against Rs 3,201 crore as on March 31, 2021 supported by the capital infusion of Rs 150 crore CCPS. On a consolidated level, networth stood at Rs 4,119 crore on March 31, 2022, against Rs 3,595 crore on March 31, 2021 which was bolstered by Rs $50 million in MML by a PE investor Greater Pacific Capital in fiscal 2022. Consequently, the consolidated networth increased to an estimated Rs 4393 crore in Q1 2023 compared to Rs 3,595 crore in fiscal 2021.
Healthy asset quality in the gold loan segment to support overall group asset quality
The gross NPAs for MFL stood at 2.88% as on March 31, 2022 against 1.92% as on March 31, 2021. The rise in NPAs are primarily due to accumulation of auctionable gold loan portfolio and the SME portfolio wherein the performance was affected due to slowdown in the sector. 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</B>
High geographical concentration persists, with South India accounting for around 62% of the gold loan portfolio on March 31, 2022 (as compared to 70% on March 31, 2019). This was achieved by increasing per branch business from branches other than southern branches, opening of new branches in North, East and South and closing or merging 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 38.5% of the overall portfolio as on September 30, 2022. 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 2022, microfinance portfolio and housing finance portfolio has registered a growth of 26% and 6.3% respectively whereas vehicle loan portfolio declined by 1.8%.
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