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The rating agency for this Bond is CARE Ratings.
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Asirvad Micro Finance Mar '28
₹99,801.21YTM
9.85%Tenure left
19 monthsInterest payout
MonthlyPrincipal payout
MaturityBond details
Minimum investment₹99,801.21
Date of maturity30 Mar 2028
ISININE516Q07473
Bond typeSenior Secured
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About
Asirvad Microfinance Limited is a non-banking financial company-microfinance institution (NBFC-MFI) established in 2007. The company operates as a majority-owned subsidiary of Manappuram Finance Limited, which holds a 98.3% equity stake in the entity as of June 30, 2025. As of September 30, 2025, Asirvad operates a network of 1,776 branches across 454 districts in 26 states and Union Territories, serving individuals primarily through the joint-liability group (JLG) mechanism. While traditionally focused on microfinance lending, the company has recently been expanding its portfolio into secured lending segments, specifically lending against gold jewellery.;
Pros and Cons
Pros
Cons
The company benefits from central financial, operational, and managerial support from its parent, Manappuram Finance Limited, which recently infused ₹500 crore of equity capital to back its operations.
It maintains a comfortable capitalization profile, with a standalone net worth of ₹1,578 crore as of September 30, 2025, and a capital adequacy ratio of 21.37%, which is well above the regulatory requirement of 15%.
Financial flexibility is enhanced by a large equity funding commitment via definitive group-level agreements with Bain Capital, ensuring that ₹2,741 crore will be distributed among subsidiaries including Asirvad.
The group is successfully de-risking its asset profile by leveraging its existing branch network to scale its secured gold loan portfolio, which increased from 11% of AUM in March 2025 to 21% of AUM by September 2025.
The company features a strong liquidity profile backed by robust cash collections and liquid investments that provide a 1.1 times coverage ratio against its total estimated cash outflows.
Other details
Clean price₹99,477.10
Dirty price₹99,801.20
Current yield9.15%
Security cover1.10X of POS
Issue size1.00Cr
Original bond tenure24 months
TrusteeCatalyst Trusteeship Limited (Formerly GDA Trusteeship Limited)
Mode of issueNCD
Listed onNSE
Listing date30 Mar 2026
Coupon rate9.10%
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