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CreditAccess Grameen Limited’s shares were up by 3.12 per cent after the company secured Rs. 989.58 crore through a public issue of secured, redeemable Non-Convertible Debentures (NCDs). These NCDs are now listed on both the NSE and the BSE.
The NCD Tranche II Issue, with a base issue size of Rs. 400 crore and an option to retain oversubscription up to Rs. 600 crore, saw a response, aggregating to Rs. 1,000 crore, well within the shelf limit of Rs. 1,500 crore. The NCDs have been rated IND AA-/Stable by India Ratings and Research Private Limited.
The issue received a subscription of approximately Rs. 1,012 crore (2.53 times the Base Issue size) as per consolidated bid details on the stock exchange platforms. Consequently, the company exercised the option to retain oversubscription and allocated 98,95,794 NCDs, each with a face value of Rs. 1,000, amounting to a total of Rs. 989.58 crore.
The issue garnered interest from various investor categories, with the institutional category oversubscribed at 2.50 times, the non-institutional category at 2.68 times, the HNI category at 2.14 times, and the retail category at 2.46 times. The NCDs presented investors with options for monthly and cumulative interest, yielding an effective range of 9.48 per cent to 10.13 per cent per annum.
The shares were up by 3.12 per cent to Rs. 1476 at 11.47 a.m. on the BSE.
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