CreditAccess Grameen update on public issue of NCDs

Issue opens on 14 November 2022

CreditAccess Grameen 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 14 November 2022, and closes on 02 December 2022,with an option of early closure. The NCDs are proposed to be listed on BSE and NSE with NSE as the Designated Stock Exchange for the Issue. The NCDs have been rated IND AA-/Stable by India Ratings and Research.

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.

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