Mumbai, March 18 (IANS) Muthoot Capital Services Ltd (MCSL), the non-banking finance company (NBFC), here on Monday announced conclusion of a Rs 236 crore two-wheeler securitisation deal with HDFC Mutual Fund (HDFC-MF).
“This deal is one of the largest securitisations deals in the two-wheeler finance space and the biggest securitisation transaction so far for MCSL,” a company statement said.
“HDFC-MF subscribed to the entire issuance. The underlying loan pool received from Crisil an AA rating, a significant achievement in this asset class,” it said.
Muthoot Capital, the micro-financing arm of the Muthoot Pappachan group, is primarily into auto-finance business.
Securitisation refers to transactions wherein a lender sells a portfolio of future receivables, and has recently become a preferred mechanism for NBFCs to raise funds.
Muthoot Capital has a portfolio of around Rs 2,600 crore with 7 lakh customers, spread across 18 states, the statement added.
–IANS
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