Manappuram Finance’s NCD issue
Manappuram Finance Ltd, a major non-banking finance company (NBFC) in gold finance, plans to raise Rs.1000 crore through issue of secured redeemable non-convertible debentures (NCDs) of face value Rs.1000 each. The base size of the issue is Rs.200 crore with an option to retain oversubscription up to Rs.800 crore (Tranche I). Interest rates vary between 9.6% and 10.4%. The issue will close for subscription on 22 November 2018, with an option to early closure. The NCDs under this issue have been assigned CARE AA/Stable by CARE Ratings and BWR AA+ Stable by Brickwork Ratings.