CreditAccess Grameen Ltd., a non-banking financial company-micro finance institution (NBFC-MFI) offering collateral-free loans to women, will tap the market with tranche I public issue of secured, redeemable, non-convertible debentures of the face value of ₹1,000 each.
The base issue size is ₹250 crore with an option to retain oversubscription an equal amount, aggregating up to ₹500 crore.
The issue would open on November 14 and close on December 2 with an option for early closure.
The NCDs are proposed to be listed on BSE and NSE with NSE.
The minimum application size would be ₹10,000 and thereafter, in multiples of ₹1,000 thereof.
This issue has tenure options of 24 months, 36 months and 60 months for secured NCDs with monthly and cumulative coupon payment modes being offered across series I, II, III, IV, V and VI.
Effective yield (per annum) for NCD holders in all Categories ranges from 9.83% to 10.46% per annum. Amount on maturity for NCD holders in all categories under the cumulative coupon payment option ranges from ₹ 1,206.57 to ₹1,644.91.
Out of the net proceeds, at least 75% will be utilised for the purpose of onward lending, financing, and for repayment of interest and principal of existing borrowings of the company and a maximum up to 25% will be utilised for general corporate purposes.
As at September 30, the company had gross AUM of ₹16,539.11 crore on a consolidated basis with presence through 1,684 branches and 10,826 loan officers in India.