CreditAccess Grameen completes maiden public issue of NCDs of Rs500 crore

28 Nov 2022 , 09:16 AM

CreditAccess Grameen Limited has announced the successful completion of its maiden public issue of secured, redeemable Non-Convertible Debentures (NCDs), raising Rs500 crore on the back of overwhelming response from all investor categories.

The NCDs have been listed and have commenced trading on the Bombay Stock Exchange Ltd (BSE) and NSE beginning on November 25, 2022.

The NCD Tranche I Issue had a base issue size of Rs250 crore with an option to retain oversubscription up to Rs250 crore aggregating up to Rs500 crore, which is within the shelf limit of Rs1,500 crore. The NCDs have been rated IND AA-/Stable by India Ratings and Research Private Limited.

The NCD Tranche I Issue opened on Monday, November 14, 2022, and was subject to early closure on Thursday, November 17, 2022. The Tranche I Issue received a subscription of Rs758 crore (3.03x of the Base Issue size) as per the consolidated bids uploaded on the stock exchange platforms.

The Company exercised the option to retain oversubscription and allocated 50,00,000 NCDs of the face value of Rs1,000 each aggregating to Rs500 crore, against valid applications eligible for allotment of 73,06,442 NCDs aggregating to Rs731 crore.

Considering the base issue size of Rs250 crore and based on valid applications, the issue witnessed 2.92x subscription, wherein the category-wise subscription is – i) institutional: 4.48x (25% portion), ii) non-institutional: 2.00x (35% portion), iii) HNI: 2.65x (15% portion), iv) retail: 2.82x (25% portion).

The issue witnessed interest from investors across series and tenures offering monthly and cumulative interest options with the effective annual yield ranging from 9.83% to 10.46% per annum.

At around 9:16 AM, CreditAccess Grameen Ltd is currently trading at Rs980.80 per share up by Rs1.55 or 0.16% from its previous closing of Rs979.25 per share on the BSE.

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