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Muthoot Finance Ltd to raise Rs. 1,700 crores through Public Issue of Secured Redeemable NCDs equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.
ICRA upgrades long term debt rating of Muthoot Finance Ltd from '[ICRA]AA(Stable)' to '[ICRA]AA+(Stable)' equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.
March 17, 2021 × ICRA has upgraded its ratings on the long-term debt facilities of Muthoot Finance Limited to ‘[ICRA] AA+(Stable)’ from ‘[ICRA]AA(Stable)’. The rating upgrade signifies reaching the highest standing in the category and this rating is just one level below ‘AAA’ rating, which is the highest rating for long term debt instruments. The rating denotes ‘high safety’ regarding timely servicing of financial obligations, and such instruments carry very low credit risk. This rating upgrade will enable the company to raise more long term debt funds and attract a wider set of investors. This upgrade can further attract retail investors’ investments in the public issue of NCDs in which the company has a track record of 24 issuances raising ₹17,392 crore cumulatively. Moreover, the company will be able to raise funds at much more competitive rates. ....
ICRA upgrades long-term debt rating of Muthoot Finance to AA-plus ANI | Updated: Mar 17, 2021 14:00 IST New Delhi [India], March 17 (ANI): ICRA has upgraded its ratings on long-term debt facilities of Muthoot Finance from AA to AA-plus with a stable outlook. The company s gold loan book has more than doubled over the last five years to Rs 49,622 crore as in December 2020 and accounted for 90 per cent of its overall consolidated portfolio. The credit costs in gold loan business have been under control which uplifts consolidated earnings performance. Managing Director George Alexander Muthoot said: With this rating upgrade from ICRA, Muthoot Finance has crossed a major milestone of AA-plus credit rating from two rating agencies, the earlier being from CRISIL. It is a recognition of its market leadership position in gold loan industry as well as strong financial position. ....