India's Muthoot Finance snags $450m through maiden offshore bond issue

Photo: Mint

Gold loan financier Muthoot Finance Ltd has raised $450 million through its maiden offshore bond issue from investors across the US, Asia and Europe, the company said in a statement on Tuesday.

The bonds will mature in three years and have a coupon rate of 6.125%. “The proceeds will be used for permitted purposes including onward lending in accordance with RBI’s (Reserve Bank of India) ECB guidelines and other applicable laws,” the company said.

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