New Delhi, Muthoot Finance Ltd. on Monday announced its 23rd series of Public Issue of Secured Redeemable Non-Convertible Debentures of face value of Rs 1,000 each.

The Issue is with a base issue size of Rs 100 crores with an option to retain oversubscription upto Rs 1,900 crores aggregating up to tranche limit of Rs 2,000 crores.

The Issue opens on October 27 and closes on November 20 with an option to close on such earlier date or extended date as may be decided by the Board of Directors or NCD committee, the company said in a statement.

The Secured NCDs proposed to be issued under this Issue have been rated CRISIL AA/Positive by CRISIL and (ICRA) AA (Stable) by ICRA.

The NCDs are proposed to be listed on BSE. The allotment will be on a first come first serve basis.

There are six investment options for Secured NCDs with 'Monthly' or 'Annual' interest payment frequency or 'on maturity redemption' payments with coupons ranging from 7.15 per cent p.a to 8.00 per cent p.a.

George Alexander Muthoot, Managing Director, Muthoot Finance Ltd., said "The issue will augment the company's long term funding requirements, thereby supporting the stable growth that our company envisages.

"We expect the current issue too be well received by the market in line with our previous NCD issues as there are limited comparable investment avenues available."

The funds raised through this issue will be utilised primarily for lending activities of the Company.

The Lead Managers to the Issue are Edelweiss Financial Services Limited, J.M. Financial Limited, Equirus Capital Private Limited and A.K. Capital Services Limited. IDBI Trusteeship Services Limited is the Debenture Trustee for the Issue. Link Intime India Private Limited is the Registrar to the Issue.