MUTHOOTFIN

MUMBAI, June 2 (Reuters) - India's Muthoot Finance MUTT.NS has accepted bids worth 10.50 billion rupees ($123.05 million) for reissue of 8.20% April 2030 bonds, three bankers said on Monday.

The non-banking finance company will offer a yield of 8.20% on this issue and had invited bids from bankers and investors earlier in the day, they said.

Muthoot Finance did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 2:

*Size includes base plus greenshoe for some issues

($1 = 85.3280 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

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MUMBAI, May 30 (Reuters) - India's federal finance ministry has sought relaxations in the new rules on gold loans proposed by the central bank, according to a post on its official social media handle.

The department of financial services under the finance ministry has asked the Reserve Bank of India to ensure that the needs of small gold loan borrowers are not "adversely impacted", a post on the ministry's verified handle on social media platform X said.

In April this year, the RBI had proposed tighter rules for monitoring and disbursement of gold loans, often used by low-income borrowers. The tighter rules came after such loans surged nearly 30% between September and February.

In its post, the finance ministry said small ticket borrowers below 200,000 rupees ($2,344.05) should be excluded from the tighter rules to ensure "timely and speedy disbursement of loans".

The ministry also proposed that the new rules not be implemented before January 1, 2026, to ensure the ground staff at lenders are adequately prepared.

The central bank had sought comments on its proposed rules by the middle of May. The final rules are yet to be issued.

On the day, Muthoot Finance MUTT.NS rose 4.9% and Manappuram Finance MNFL.NS traded 0.5% higher as of 10:34 a.m. IST. IIFL Finance IIFL.NS was down 0.6%.

($1 = 85.3225 Indian rupees)

(Reporting by Ira Dugal; Editing by Janane Venkatraman)

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MUMBAI, May 20 (Reuters) - India's Muthoot Finance MUTT.NS plans to raise 20 billion rupees ($234.18 million), including 10 billion rupees of a greenshoe option, through the sale of bonds maturing in three years and three months, three bankers said on Tuesday.

The non-banking finance company has invited coupon and commitment bids from bankers and investors for the issue on Wednesday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on May 20:

*Size includes base plus greenshoe for some issues

($1 = 85.4050 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee
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** Shares of Muthoot Finance MUTT.NS rise as much as 4.7% to 2,211 rupees before closing up 4.5%

** India's largest gold finance company declares interim dividend of 26 rupees ($0.31) per share

** More than 1.4 mln shares change hands, 1.4x their 30-day avg

** Avg rating of 20 analysts equivalent of "buy", median PT is 2,500 rupees - data compiled by LSEG

** Stock turns YTD positive

($1 = 85.0950 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru)

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MUMBAI, April 4 (Reuters) - India's Muthoot Finance MUTT.NS has accepted bids worth 30 billion rupees ($351.8 million) for sale of bonds maturing in three years, as well as in three years and 49 days, three bankers said on Friday.

The non-banking finance company will pay an annual coupon of 8.52% on each issue and had invited bids from bankers and investors earlier in the day, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on April 4:

*Size includes base plus greenshoe for some issues

($1 = 85.2825 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

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MUMBAI, April 3 (Reuters) - India's Muthoot Finance MUTT.NS plans to raise 30 billion rupees ($350.21 million) through the sale of bonds maturing in three years, as well as in three years and 49 days, three bankers said on Thursday.

The non-banking finance company will pay an annual coupon of 8.52% on each issue and has invited bids from bankers and investors on Friday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on April 3:

* Size includes base plus greenshoe for some issues

($1 = 85.6630 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)

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MUMBAI, March 20 (Reuters) - Muthoot Finance MUTT.NS, India's largest gold finance company, has accepted bids worth $250 million on the reissuance of its dollar-denominated bonds, two merchant bankers said on Thursday.

The firm will offer a yield of 6.6510% to the investors of the issue. Muthoot Finance received bids worth $740 million across investor categories as well as geographies.

In October, it raised $400 million through the sale of 6.3750% April 2029 bonds.

The proceeds from the reissue will be used for onward lending and other activities, the company said in a stock exchange filing on Wednesday.

It did not reply to a Reuters email seeking comment.

(Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)

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** Shares of Muthoot Finance MUTT.NS rise about 4% to a record high of 2,423.50 rupees apiece

** Gold loan financier raises its fiscal year 2025 AUM growth guidance to 40% from 25%-30% earlier

** On Friday, MUTT informed the exchanges that its gold loan AUM crossed 1 trillion rupees ($11.6 billion)

** S&P Global Rating says MUTT will maintain its earnings over the next 12 months, upgrades credit rating to 'BB+/B' from 'BB/B'

** Rising demand for gold loans in both rural and urban markets has improved the outlook and spurred the earnings upgrade, managing director Alexander George Muthoot tells CNBC-TV18

** MUTT up 12.4% YTD, outperforming the 3% rise in financials .NIFTYFIN and 11.7% fall in midcaps .NIFMDCP100

($1 = 86.5160 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru)

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MUMBAI, March 17 (Reuters) - India's Muthoot Finance MUTT.NS plans to raise 15 billion rupees ($172 million), including 9 billion rupees of a greenshoe option through sale of bonds maturing in three years, three bankers said on Monday.

The non-banking finance company has invited bids from bankers and investors for the issue later in the day, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 17:

*Size includes base plus greenshoe for some issues

($1 = 86.9410 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

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March 14 (Reuters) - Muthoot Finance Ltd MUTT.NS:

• CROSSES 1 TRLN RUPEES GOLD LOAN AUM

Further company coverage: MUTT.NS

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** Muthoot Finance MUTT.NS falls 2.4% to 2,155.6 rupees; set to snap four-day winning streak

** CEO of co's unit, ex employee misappropriate 119.2 million rupees ($1.4 million) in gift cards from insurance cos meant for distribution to employees

** Says fraud has no financial impact on gold loans financier

** Projects notional rev loss of 312.8 mln rupees, representing estimated business that could have been generated had employees received the rewards

** Stock rated "buy" on avg, same as Shriram Finance SHMF.NS, while Manappuram Finance MNFL.NS rated "hold"; median PT on MUTT is 2,490.5 rupees, per data compiled by LSEG

** YTD, MUTT gains 2.9% vs SHMF, MNFL's 9%, 9.6% rise

($1 = 87.0300 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)

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** Shares of Muthoot Finance MUTT.NS rise 2.4% to 2235 rupees, set to snap three-straight days of losses

** Gold loans financier gets the Reserve Bank of India's permission to open 115 new branches

** Avg. analysts' rating on the stock is "Buy" vs "Hold" on peer Manappuram Finance MNFL.NS; median PT on MUTT is 2490.5 rupees - LSEG data

** Stock up 4% so far this year, after a 45% jump last year

(Reporting by Aleef Jahan in Bengaluru)

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Feb 26 (Reuters) - Muthoot Finance Ltd MUTT.NS:

• MUTHOOT FINANCE - RESERVE BANK OF INDIA GRANTED PERMISSION TO OPEN 115 NEW BRANCHES

Source text: ID:nBSE9mLQpQ

Further company coverage: MUTT.NS

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BENGALURU, Feb 13 (Reuters) - Indian gold loan financier Manappuram Finance MNFL.NS reported a third-quarter profit that missed analysts' estimates on Thursday, hurt by the stress in its microfinance business, including a quarter-long ban from issuing loans.

The company's consolidated net profit halved to 2.82 billion rupees ($32.5 million) in the quarter, missing analysts' average estimate of 4.59 billion rupees, as per data compiled by LSEG.

Indian lenders have seen rising default rates in microfinance loans, or collateral-free small loans to borrowers, following a period of aggressive lending in the segment.

Bad loans and provisions in Manappuram's microfinance unit surged four-fold to 4.73 billion rupees, accounting for a large chunk of total company-wide provisions of 5.55 billion rupees in the October to December quarter.

At the start of the period, the Reserve Bank of India (RBI) had barred the unit from sanctioning and disbursing loans due to "usurious" pricing and for charging a significant mark-up over funding costs. The RBI lifted the ban last month.

As a result, revenue in its microfinance business dropped around 5% to 6.65 billion rupees in the quarter.

However, revenue from Manappuram's gold loan portfolio, which contributes 75% of total revenue, rose 17%, aided by gold prices jumping to record highs.

Rising gold prices increase how much a customer can borrow against bullion, benefiting gold financiers in terms of loans issued.

The company's net interest income rose 5%.

While Manappuram missed analysts estimates, its larger rival Muthoot Finance MUTT.NS rode the increase in gold prices to report a bigger-than-expected quarterly profit on Wednesday.

($1 = 86.8680 Indian rupees)

(Reporting by Nishit Navin; Editing by Savio D'Souza)

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Feb 12 (Reuters) - Muthoot Finance Ltd MUTT.NS:

• DEC-QUARTER PROFIT 13.63 BILLION RUPEES

• Q3 INTEREST INCOME 43.69 BILLION RUPEES

• APPROVED FUND RAISING UP TO 210.64 BILLION RUPEES

Source text: [ID:]

Further company coverage: MUTT.NS

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MUMBAI, Jan 30 (Reuters) - India's Muthoot Finance MUTT.NS accepts bids worth 17 billion rupees ($196.4 million) for bonds maturing in three years, three bankers said on Thursday.

The non-banking finance company will pay an annual coupon of 8.65% and had invited bids from bankers and investors earlier in the day, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Jan. 30:

*Size includes base plus greenshoe for some issues

($1 = 86.5770 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

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MUMBAI, Jan 29 (Reuters) - India's Muthoot Finance MUTT.NS plans to raise up to 25 billion rupees ($288.8 million), including a greenshoe option of 12.50 billion rupees, through the sale of bonds maturing in three years, three bankers said on Wednesday.

The non-banking finance company will pay an annual coupon of 8.65% and has invited bids from bankers and investors on Thursday, they said.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Jan. 29:

*Size includes base plus greenshoe for some issues

($1 = 86.5750 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

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MUMBAI, Jan 14 (Reuters) - India's Muthoot Finance MUTT.NS plans to raise up to 5 billion rupees ($57.8 million) through the sale of bonds maturing in five years, three bankers said on Tuesday.

The non-banking finance company has invited bids from bankers and investors on Wednesday, they said.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Jan. 14:

*Size includes base plus greenshoe for some issues

($1 = 86.5300 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

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** Indian gold loan provider Muthoot Finance MUTT.NS surges 8% to 1,918 rupees after Q2 profit rose 26% y/y

** Stock on track for best day in 18 months, if trend holds

** Co also raised its gold loan forecast for FY25 to 25% from 15% earlier

** At least 11 brokerages hiked TPs on stock post results, while one cut TP - LSEG data

** Morgan Stanley hikes TP to 1,600 rupees from 1,430 rupees, ups rating to "equal-weight" from "underweight"

** Says change due to rising gold prices, while moderation in unsecured loans and microfinance aids MUTT's loan growth

** Adds structural concerns at co remain, while concerns regarding regulatory risks persist in light of cenbank's recent circular on gold loans

** MUTT up ~30% YTD

(Reporting by Manvi Pant in Bengaluru)

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Nov 14 (Reuters) - Muthoot Finance Ltd MUTT.NS:

• MUTHOOT FINANCE Q2 PROFIT 12.51 BILLION RUPEES; IBES PROFIT EST. 12.58 BILLION RUPEES

• MUTHOOT FINANCE Q2 INTEREST INCOME 40.69 BILLION RUPEES

Source text: [ID:]

Further company coverage: MUTT.NS

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Oct 23 (Reuters) - Muthoot Finance Ltd MUTT.NS:

• MUTHOOT FINANCE- APPROVES SETTLEMENT OF $400 MILLION SENION SECURED NOTES UNDER $2 BILLION GMTN PROGRAMME

Source text for Eikon: ID:nBSE3CFJP9

Further company coverage: MUTT.NS

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Oct 18 (Reuters) - Manappuram Finance's MNFL.NS shares slumped 16% on Friday, their biggest decline since March 2020, after the Indian central bank's lending restrictions on the company's unit triggered rating downgrades due to concerns over a potential hit to earnings.

The non-bank lender's shares fell as much as 18% to 145.42 rupees, their lowest in 10 months, before paring some losses.

The Reserve Bank of India (RBI) on Thursday barred four non-bank finance companies (NBFCs), including Manappuram's unit Asirvad Micro Finance, from sanctioning and disbursing loans due to "usurious" pricing and for charging a significant mark-up over their funding costs.

Asirvad contributes about 27% to Manappuram's consolidated assets under management (AUM), according to two brokerage estimates.

Brokerages including Morgan Stanley, Jefferies and Motilal Oswal downgraded their ratings on the stock and cut target prices after the RBI's move.

Manappuram, could see a rise in funding costs and may have to support Asirvad with funding, Morgan Stanley said in a note, downgrading the stock to "equal-weight" from "over-weight". It reduced its target price by 35% to 170 rupees.

"It (Manappuram) could also face loan growth moderation, tighter credit practices, and higher provisioning to give comfort to all stakeholders," Morgan Stanley analysts said.

Jefferies downgraded the stock to "hold" from "buy" and cut its target price by 38% to 167 rupees, saying a potential rise in defaults at Asirvad could hurt Manappuram's profit.

Asirvad is expected to see a 25% decline in AUM in 2025, Motilal Oswal said, downgrading the stock to "neutral" from "buy".

Manappuram shares are down 12% so far this year, compared to a 32% rise in rival Muthoot Finance MUTT.NS.

(Reporting by Dimpal Gulwani and Siddhi Nayak; Editing by Sonia Cheema)

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By Bhakti Tambe and Dharamraj Dhutia

MUMBAI, Oct 17 (Reuters) - India's Muthoot Finance MUTT.NS has raised $400 million through sale of dollar-denominated bonds maturing in four years and six months, two merchant bankers said on Thursday.

The country's largest gold finance company will pay a semi-annual coupon of 6.3750% on this issue, the bankers said, adding that bids opened on Wednesday and closed earlier in the day.

The company received bids worth over $1.1 billion across investor categories as well as geographies.

Dollar bonds have become increasingly attractive in recent months due to limited supply over the past 1-2 years and a perception of stronger credit profiles of Indian firms, said Deepak Sood, senior partner and head fixed income at Alpha Alternatives.

Muthoot Finance's bonds are rated BB by S&P Global and Fitch Ratings. Deutsche Bank and Standard Chartered were joint global coordinators and book runners for the issue.

Neither the company nor the banks replied to Reuters' emails for comment.

The key reasons for the pick-up in dollar bond issuances in 2024 are the relative stability of the rupee and a growing international appetite for Indian bonds, said Maksim Zenkov, deputy head of emerging markets fixed income at financial data aggregator Cbonds.

"As for the estimated quantum of issuances for Oct-Dec, I would expect around $2 billion to $2.5 billion of placements to come based on the maturing amounts," Zenkov said.

Indian companies have raised around $9.05 billion through dollar bonds this year, compared to $5.7 billion in 2023, data from Cbonds showed.

The companies which have issued such bonds include Vedanta, Piramal Capital, REC, and Indiabulls Housing Finance.

(Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Varun H K)

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MUMBAI, Oct 3 (Reuters) - India's Muthoot Finance MUTT.NS has accepted bids worth 8 billion rupees ($95.29 million) for bonds maturing in five years, three bankers said on Thursday.

The non-banking finance company will pay an annual coupon of 8.78%. It had invited bids from bankers and investors earlier in the day.

Here is the list of deals reported so far on Oct. 3:

*Size includes base plus greenshoe for some issues

($1 = 83.9575 Indian rupees)

(Reporting by Bhakti Tambe)

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Adds details and context on RBI gold lender action in paragraph 4, 6-10

By Nandan Mandayam and Siddhi Nayak

Oct 1 (Reuters) - Shares of Indian non-bank gold lenders Manappuram Finance MNFL.NS and Muthoot Finance MUTT.NS dropped 2.9% and 3.6% early on Tuesday due to growth concerns, a day after the central bank found "several irregular practices" in the industry.

These irregularities, the Reserve Bank of India said, included the use of third parties to source and appraise gold loans, not valuing gold in the customer's presence and inadequate due diligence.

Those comments are "a sentimental negative for the gold lenders", brokerage Motilal Oswal said in a note.

The central bank gave lenders three months to fix the lapses and report back in order to avoid supervisory action.

"Tightening of these processes may affect growth, (and) asset quality recognition at gold financiers," Jefferies said in a note late on Monday.

Indian banks have consistently clocked double-digit loan growth over the past few months as strong economic growth helped drive retail loans.

The rate of growth in gold loans, however, has outshone the industry average, helped by bullion prices hitting record-highs.

For instance, outstanding loans against gold jewellery grew nearly 41% on-year in August, much higher than overall loan growth of 13.6% and also doubling from the 20.1% gold loan growth rate in August 2023, the RBI's latest data shows.

The RBI, worried about the risk of bad loans, has publicly warned all lenders against "all forms of exuberance".

It has previously taken action against gold loan companies, including barring IIFL Finance IIFL.NS in March, from offering such loans due to "material supervisory concerns".

While those restrictions were lifted last month after a special audit, it wasn't soon enough to prevent IIFL Finance from swinging to a net loss in its April-June quarter.

(Reporting by Nandan Mandayam in Bengaluru and Siddhi Nayak in Mumbai; Editing by Savio D'Souza)

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BENGALURU, Sept 20 (Reuters) - Shares in India's IIFL Finance IIFL.NS jumped about 13% on Friday, after the country's central bank lifted restrictions on the non-banking financial company's gold loan business, removing a key overhang on its financials and stock.

Shares rose as much as 13.2% to 560.95 rupees, their highest since late February. The stock was last up 9.2% at 541 rupees as of 10:12 am IST. It had fallen about 14% as of last close, after the RBI's ban came in March.

In March, the Reserve Bank of India had ordered IIFL Finance to stop disbursing gold loans with immediate effect, citing "material supervisory concerns" in its gold loan portfolio.

Following the curbs, the company started a special audit in April as directed by the RBI.

Gold loans accounted for 21% of the company's total loan assets, as of June 30, down from 30% as of March-end.

Some analysts had expected rival gold loan financiers such as Manappuram Finance MNFL.NS and Muthoot Finance MUTT.NS to benefit from lower competitive intensity after the regulatory ban on IIFL Finance.

However, Muthoot Finance could now be at a higher risk of giving up gains and underperforming on the lifting of restrictions, Morgan Stanley said in a note on Thursday.

On Friday, Muthoot Finance was down 3% while Manappuram Finance shed 1%.

(Reporting by Dimpal Gulwani; Editing by Rashmi Aich)

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** Shares of Muthoot Finance MUTT.NS erase early gains, last down 3.2%

** Gold loan provider misses Q1 profit estimate on higher impairment charges

** At least eight of the 22 analysts covering MUTT hike their target prices, taking the median TP to 2,000 rupees from 1,865 rupees a month ago - LSEG data

** YTD stock has risen over 21%

(Reporting by Hritam Mukherjee in Bengaluru)

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Aug 13 (Reuters) - Muthoot Finance Ltd MUTT.NS:

• MUTHOOT FINANCE Q1 PROFIT 10.79 BILLION RUPEES; IBES EST. 11.71 BILLION RUPEES

• MUTHOOT FINANCE Q1 INTEREST INCOME 36.56 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: MUTT.NS

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MUMBAI, Aug 6 (Reuters) - India's Muthoot Finance MUTT.NS plans to raise 7 billion rupees ($83.37 million). Including a greenshoe option of 5 billion rupees, through sale of bonds maturing in three years and two months, three bankers said on Tuesday.

The non-banking finance company has invited bids from bankers and investors later in the day, they said.

Here is the list of deals reported so far on Aug. 6:

*Size includes base plus greenshoe for some issues

($1 = 83.9620 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)

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MUMBAI, July 16 (Reuters) - India's Muthoot Finance MUTT.NS has accepted bids worth 3.46 billion rupees ($41.4 million) for bonds maturing in two years and six months, three bankers said on Tuesday.

It will pay an annual coupon of 8.97% and had invited bids from bankers and investors earlier in the day, they said.

Here is the list of deals reported so far on July 16:

*Size includes base plus greenshoe for some issues

($1 = 83.5510 Indian rupees)

(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Savio D'Souza)

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