NBFC Muthoot Finance on Wednesday announced its plan to raise Rs 1,700 crore (muthoot finance)  through a public issue of secured redeemable non-convertible debentures (NCDs).

The issue, with a base size of Rs 100 crore, has an (muthoot finance)option to retain over-subscription of up to Rs 1,600 crore, aggregating up to a tranche limit of Rs 1,700 crore. The issue opens on April 8 and closes on 29. The funds raised will be utilised primarily for lending activities.

MD George Alexander Muthoot said “This is the first NCD public issue after our (muthoot finance)  credit rating got upgraded to AA+ by CRISIL and ICRA. Incidentally, this is our 25th public issue of NCDs too. We have allocated 80% of the issue for retail and high net worth individual investors.”