CreditAccessGrameen Limited NCDs Base Issue fully subscribed in the early hours of its opening
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Mumbai: CreditAccessGrameen Limited (“Company”) a Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI) offering collateral-free loans to women with an annual household income of Rs. 3,00,000 with the primary focus to provide income generation loans, public issue of secured, redeemable, non-convertible debentures (NCDs) has been oversubscribed in the early hours of its opening.
The issue has a face value of Rs. 1,000 each. The base issue size is Rs. 250 crore with an option to retain oversubscription up to Rs. 250 crore, aggregating up to Rs. 500 crore, which is within the Shelf limit of Rs. 1,500 crore (“Tranche I Issue”).
This issue has tenure of 24 months, 36 months, and 60 months for secured NCDs with the series I, II, III, IV, V and VI. Effective yield (per annum) for NCD holders in Category I (Institutional Investors), Category II (Non-Institutional Investors) Category III (HNI Investors) and Category IV (Retail Individual Investors) holders ranges from 9.83% to 10.46%. Interest payments modes are Cumulative and Monthly. Amount on maturity for NCD holders in Category I, II, III, IV, V and VI ranges from Rs 1000/- to Rs 1644.91/-.
The NCDs proposed to be issued under the Issue have been rated AA-/Stable by India Ratings and Research Private Limited.
A. K. Capital Services Limited is the Lead Manager to the Tranche I Issue. Catalyst Trusteeship Limited is the Debenture Trustee and KFin Technologies Limited is the Registrar to the Tranche I Issue.
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