Description

BSE has listed nine series of secured, redeemable, non-convertible debentures (NCDs) issued by Muthoot Mercantile Limited with varying tenures and coupon structures.

Summary

BSE has listed nine series of Secured Redeemable Non-Convertible Debentures (NCD Series VII) issued by Muthoot Mercantile Limited. The NCDs have a face value of Rs. 1,000 per NCD and are rated IND BBB/Stable. The series include both cumulative and monthly interest payment options with effective yields ranging from 9.71% to 11.73% per annum. All NCDs were allotted on December 19, 2025, with maturity dates ranging from January 2027 to March 2032.

Key Points

  • Total of nine NCD series listed under Muthoot Mercantile Limited - NCD VII
  • Face value and issue price: Rs. 1,000 per NCD
  • All NCDs are secured, redeemable, and non-convertible
  • Total securities issued: 13,03,160 NCDs across all series
  • Interest payment structures: Cumulative (Series I, III, V, VII, IX) and Monthly (Series II, IV, VI, VIII)
  • Effective yields range from 9.71% to 11.73% per annum
  • Credit rating: IND BBB/Stable
  • Market lot: One NCD
  • No put/call options available

Regulatory Changes

Not applicable. This is a standard listing announcement with no regulatory changes.

Compliance Requirements

  • Trading members and investors can now trade these NCDs on BSE platform
  • NCDs will be subject to standard BSE debt segment trading and settlement norms
  • Investors must comply with applicable SEBI regulations for debt securities trading

Important Dates

  • Date of Allotment: December 19, 2025 (all series)
  • First Interest Payment Date:
    • Monthly series (II, IV, VI, VIII): January 31, 2026
    • Cumulative series (I, III, V, VII, IX): On respective maturity dates
  • Maturity Dates:
    • Series I & II: January 23, 2027
    • Series III & IV: December 19, 2027
    • Series V & VI: December 19, 2028 / December 18, 2028
    • Series VII & VIII: December 19, 2030
    • Series IX: March 19, 2032

Impact Assessment

Market Impact: Minimal. This is a routine NCD listing that provides additional debt investment options for institutional and retail investors seeking fixed-income securities.

Investor Impact: Low to medium for debt investors. The NCDs offer yields between 9.71% and 11.73%, providing investment options across different tenures (2 to 7 years). The BBB rating indicates moderate credit quality with adequate safety, suitable for conservative to moderate risk investors.

Liquidity: Market lot of one NCD enhances accessibility for retail investors. However, actual secondary market liquidity will depend on trading volumes.

Risk Factors: Credit risk as per IND BBB rating; interest rate risk for longer tenure NCDs; no put/call options limit early exit flexibility.

Impact Justification

Routine NCD listing announcement with no market-wide implications; affects only debt investors interested in Muthoot Mercantile NCDs