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Manappuram Finance NCD issue opens for subscription, get up to 10.4% return; should you invest?

Thursday, October 25, 2018
Financial Express Online
Manappuram Finance Ltd, one of India’s leading gold loan NBFCs, has come out with a Rs 1,000-crore NCD issue. The tranche 1 of the issue opened for subscription on 24th October and is scheduled to close on November 22, 2018 with an option of early closure or extension as decided by the Board of Directors of the company or the Debenture Committee of the company, as the case may be. The base issue size of the tranche 1 issue is Rs 200 crore with an option to retain oversubscription up to Rs 800 crore aggregating up to the shelf limit.

According to the company, these are secured NCDs which are available in 10 options, and interest rates vary between 9.6% and 10.4%. The face value of the NCD bond is Rs 1,000. The minimum application amount is Rs 10,000 collectively across all Series on NCDs and in multiples of one NCD of face value of Rs 1000 each after the minimum application.

These NCDs are rated as CARE AA/Stable by CARE Ratings and BWR AA+ Stable by Brickwork Ratings India Private Ltd. A. K. Capital Services Ltd and Edelweiss Financial Services Ltd are the lead managers of the issue.

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