Key Quantitative Figures

  • Number of NCDs allotted: 1,00,000 (One Lakh)
  • Face value per NCD: ₹10,000
  • Total issue size: ₹100 Crores (Rupees One Hundred Crores only)
  • Coupon rate: 9.25% per annum
  • Tenure: 36 months
  • Minimum asset coverage ratio: 1.1 times outstanding debenture amounts

Parties Involved

  • Issuer: Muthoot Capital Services Limited
  • Stock exchange for listing: BSE Limited

Instrument Details

  • Type: Senior, Secured, Rated, Listed, Redeemable, Taxable, Transferrable, Non-Convertible Debentures
  • Issuance method: Private Placement
  • Coupon payment frequency: Monthly
  • Principal payment frequency: Bullet payment at maturity
  • Security: Pari passu charge with existing secured creditors on standard loan receivables and current assets (both present and future)

Special Features

  • Rating-linked coupon adjustment: Step-up of 25 basis points for each notch downgrade from current 'AA-' rating during tenor
  • Step-down feature: Decrease of 25 basis points for each notch upgrade after any downgrade, up to restoration of original 'AA' rating (but never below initial 9.25% rate)
  • Default interest: 2% p.a. over and above coupon rate if interest/principal payments are delayed by more than three months from due date