Muthoot Capital raises Rs 236 crore via securitisation deal
The entire issuance was bought by the largest mutual fund of the country HDFC MF.
By Ashwin Manikandan, ET Bureau |
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Mumbai: Muthoot Capital Services, a vehicle finance subsidiary of Muthoot Pappachan Group, has raised Rs.236 crore through a two-wheeler securitisation deal on Monday.
The entire issuance was bought by the largest mutual fund of the country HDFC MF. The subscription was rated AA by CRISIL and the deal was arranged by debt market technology platform Vivriti Capital.
An MCSL spokesperson told ET in an emailed response that the money raised would be used for on-lending purposes. This is MSCL’s largest such securitisation deal and the spokesperson said that the company would be looking to raise more funds through non-convertible debentures (NCDs) and commercial papers in the upcoming months.
The company, which is primarily into auto-finance business, with 2-wheeler and 4-wheeler financing, has a portfolio of approximately Rs. 2,600 Crores with 7 lac customers spread across 18 states, as per the financials of Q3 FY19.
“We are extremely glad that HDFC MF, the largest fund house participated in our securitisation transaction. The AA rating and subscription by HDFC-MF is a big validation of the inherent strength of our underwriting and servicing capabilities,” said Thomas George Muthoot, MD MCSL.
The entire issuance was bought by the largest mutual fund of the country HDFC MF. The subscription was rated AA by CRISIL and the deal was arranged by debt market technology platform Vivriti Capital.
An MCSL spokesperson told ET in an emailed response that the money raised would be used for on-lending purposes. This is MSCL’s largest such securitisation deal and the spokesperson said that the company would be looking to raise more funds through non-convertible debentures (NCDs) and commercial papers in the upcoming months.
The company, which is primarily into auto-finance business, with 2-wheeler and 4-wheeler financing, has a portfolio of approximately Rs. 2,600 Crores with 7 lac customers spread across 18 states, as per the financials of Q3 FY19.
“We are extremely glad that HDFC MF, the largest fund house participated in our securitisation transaction. The AA rating and subscription by HDFC-MF is a big validation of the inherent strength of our underwriting and servicing capabilities,” said Thomas George Muthoot, MD MCSL.
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