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Incorporated in 1998, Kerala based Muthoottu Mini Financiers Limited is a non-deposit taking systemically important NBFC. The company is engaged in the gold loan sector lending money against gold jewelry ('Gold Loans'). It operates in the states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Haryana, Maharashtra, Delhi and Goa and the union territory of Puducherry.
The company has recently started microfinance lending wherein it provides unsecured loans to joint liability group of women customers (minimum of 5 persons) who need funds to carry out their business. In addition to loans, it also offers depository participant services, money transfer services, insurance, and travel services.
The Gold Loan portfolio of the company as onMarch 31, 2019, March 31, 2018, and March 31, 2017 were Rs 1,35,012.97, Rs 1,55,432.83 lakhs, Rs 1,94,000.29 lakhs and Rs 1,90,555.97 lakhs, respectively. The yield on Gold Loan assets was 1 19.17%,
18.18% and 22.20%, for March 31, 2019, March 31, 2018 and March 31, 2017, respectively.
The microfinance loan portfolio as on March 31, 2019 March 31, 2018, and March 31, 2017, were Rs 3,215.18, Rs 7,240.57 and Rs 1,329.45 lakhs accounting for 2.32%, 4.44% and 0.68% of the total loans and advances of the company.
The company has 767 branches and employs 2,905 persons in its business operations.
| Issue Open | August 7, 2019 - September 5, 2019 |
| Security Name | Muthoottu Mini Financiers Ltd |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 1,000.00 Crores |
| Issue Size (Shelf) | Rs 500.00 Crores |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE |
| Credit Rating | CARE BBB/Stable |
| Tenor | 480 days/24 months/36 months/60 months |
| Series | Series I to Series VIII |
| Payment Frequency | Monthly, Annual and Cumulative |
| Basis of Allotment | First Come First Serve Basis |
Category  |
NCD's Allocated |
|---|---|
| Category 1 | 10% |
| Category 2 | 40% |
| Category 3 | 50% |
| Category |
NCD's Reserved |
|---|---|
| Category 1 | 100,000 |
| Category 2 | 400,000 |
| Category 3 | 500,000 |
| Category 4 | 0 |
| Total NCD's | 1,000,000 |
| Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 | Series 8 | |
|---|---|---|---|---|---|---|---|---|
| Frequency of Interest Payment | Cumulative | Monthly | Monthly | Annual | Cumulative | Monthly | Annual | Cumulative |
| Nature | Secured | |||||||
| Tenor | 480 days | 24 months | 36 months | 60 months | ||||
| Coupon Rate For Category I & II | NA | 10.00% | 10.25% | 10.50% | NA | 10.35% | 10.65% | NA |
| Amount on Maturity For Category I & II/ for III & IV | Rs 1,132 | Rs 1,000 | Rs 1,000 | Rs 1,000 | Rs 1,340 | Rs 1,000 | Rs 1,000 | Rs 1,636 |
The NCDs proposed to be issued under this Issue have been rated 'CARE BBB-; Stable' by CARE Ratings Limited for an amount of up to Rs 15,000 lakhs vide its letter dated July 1, 2019. The rating of the NCDs by CARE Ratings Limited indicate that instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations and carry moderate credit risk.
Nizzy Mathew and Mathew Muthoottu are the promoters of the company.
The company proposes to utilise the funds which are being raised through the Issue, after deducting the Issue related expenses to the extent payable by the Company ("Net Proceeds"), estimated to be approximately Rs 15,000 lakhs, towards funding the following objects:
1. Onward lending;
2. Repayment of interest and principal of existing loans; and
3. General corporate purposes.
The Muthoottu Mini NCD July 2019 was subscribed 1.48 times on September 5, 2019 5:00:00 PM. The NCD subscribed .
| Category ? | Subscription (times) |
|---|---|
| Category 3 | 1.97x |
| Category 2 (NII) | 1.23x |
| Category 1 (QIB) | 0.00x |
| Total | 1.48x |
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Muthoottu Mini Financiers Ltd
2/994, Muthoottu Buildings,
Kozhencherry, Pathanamthitta - 689 641,
Kerala, India
Phone: +91 468 231 4391
Email: cs@minimuthoottu.com
Website: http://www.muthoottumini.com/
Link Intime India Private Ltd
Link Intime India Private Ltd
C 101, 247 Park, L.B.S.Marg,
Vikhroli (West), Mumbai - 400083
Phone: +91-22-4918 6270
Email: ncd2.mmfl2019@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html
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