Stock Report

CreditAccess Grameen's NCD Tranche I Issue Opens on November 14, 2022

Posted On : 2022-11-10 13:11:37( TIMEZONE : IST )

CreditAccess Grameen Limited, a Non-Banking Financial CompanyMicro 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, has filed Tranche I prospectus for public issue of secured, redeemable, non-convertible debentures of the 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").

The Tranche I Issue opens on Monday, November 14, 2022, and closes on Friday, December 2, 2022, with an option of early closure. The NCDs are proposed to be listed on BSE Limited and NSE Limited (collectively, "Stock Exchanges") with NSE as the Designated Stock Exchange for the Issue. The NCDs have been rated IND AA-/Stable by India Ratings and Research Private Limited.

The minimum application size would be Rs. 10,000 (i.e. 10 NCDs) and thereafter in multiples of Rs. 1,000 (i.e. 1 NCD) 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 Rs. 1,206.57/- to Rs. 1,644.91/-.

Out of the Net proceeds of the Tranche I Issue, at least 75% shall 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, 2022, the Company has a Gross AUM of Rs. 16,539.11 crore on a consolidated basis with presence through 1,684 branches and 10,826 loan officers in India.

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.

Shares of CREDITACCESS GRAMEEN LIMITED was last trading in BSE at Rs. 995.10 as compared to the previous close of Rs. 1000.05. The total number of shares traded during the day was 3467 in over 498 trades.

The stock hit an intraday high of Rs. 1000.20 and intraday low of 988.00. The net turnover during the day was Rs. 3450414.00.