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CreditAccess Grameen plans to raise as much as Rs 500 crore via NCD issue

CreditAccess Grameen plans to raise as much as Rs 500 crore via NCD issue

CreditAccess Grameen plans to raise as much as Rs 500 crore via NCD issue
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By CNBCTV18.com Nov 9, 2022 5:32:23 PM IST (Published)

The company will be issuing NCDs for 24 months, 36 months and 60 months tenure.

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CreditAccess Grameen Ltd. has filed its Tranche I proposal to issue Non-Convertible Debentures (NCDs) of face value of Rs 1,000 each.
The NCD issue will open on November 14 and close on December 2. The company will have an option of early closure as well. These NCDs will be listed on the NSE as well as the BSE.
The size of the issue is Rs 250 crore with an option to retain oversubscription of up to Rs 250 crore.

India Ratings and Research has rated these bonds IND AA- with a stable outlook.

AK Capital Services Limited is the Lead Manager to the Tranche I Issue while Catalyst Trusteeship Limited is the Debenture Trustee and KFin Technologies Limited is the Registrar to the issue.

The company will be issuing NCDs for 24 months, 36 months and 60 months with a coupon rate between 9.83 percent and 10.46 percent across categories.

Minimum application for the same would be worth Rs 10,000 or 10 NCDs and in multiples of Rs 1,000 thereafter.

Allotment will happen on a first-come-first-serve basis before oversubscription, post which, it will be made to the applicants on a proportionate basis.

The company’s consolidated revenue from operations stood at Rs 2,742.82 crore for FY2022 and consolidated profit for the year stood at Rs 357.10 crore.

CreditAccess Grameen Limited is India’s largest microfinance institution with assets under management (AUM) of Rs 16,539.11 crore on a consolidated basis as of September 30, 2022. The company operates in 14 states.

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