ncd: CreditAccess Grameen’s NCD tranche II to open on August 24, coupon rate up to 9.70%

Bengaluru-based CreditAccess Grameen’s redeemable Non-Convertible Debentures (NCD) tranche II will open for subscription on Thursday, August 24. The coupon rate is up to 9.70% p.a. with effective yield up to 10.13% p.a., the company said in its filing to the exchanges. The issue ends on September 6, 2023.

The base size of the NCD issue is Rs 400 crore with an option to retain oversubscription up to Rs 600 crore aggregating up to Rs 1,000 crore. The face value of the NCD is Rs 1,000 each and the issue type is secured, rated, listed and redeemable, the NBFC said in the filing.

The NCD issue which will be listed on the BSE and NSE has a rating of IND AA-/Stable

The company had successfully raised Rs 500 crore last year from the November 2022 tranche I which was subscribed 3.03X times of the base size issue.

The NCDs are proposed to be listed on BSE Limited and NSE Limited. The company has a market capitalisation of over Rs. 21,500 crore.

According to the exchange filing, the company will launch seven such series with tenure of 24 months for Series I & II; 33 months for Series III & IV; 50 months for Series V & VI and 60 months for Series VI & VII.

CreditAccess Grameen shares ended with near 3% declines at Rs 1,365.55 on the NSE on Friday.India’s largest NBFC-MFI CreditAccess Grameen on Friday reported 2.5 fold year-on-year rise in net profit at Rs 349 crore for the June quarter, backed by healthy business expansion and improvement in credit quality. Net profit was Rs 139 crore in the year ago period. Net interest margin for the quarter improved to 13% from 11.1% in the year ago period. Net interest income rose by 65.4% year-on-year at Rs 763 crore.

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