HARARE, January 29 (The Source) – Micro-financier, Untu says its mobile-based mid term note was oversubscribed by 73 percent, generating $1,752 million, nearly double its $1 million target.
The note is the first of three tranches aimed at raising $5million.
“As a result of the oversubscription, the directors have resolved to allot the notes as follows; the first $5,000 allotted in full plus 56,74 percent of the remaining balance applied for,” company secretary Marko Mahuni said in a statement.
The first tranche attracts an interest rate of 9 percent per annum. The second and third tranche will pay an interest rate of 9,5 percent and 10 percent per annum respectively.
The note went on to make its debut on the Fixed Income Board of the Financial Securities Exchange (Finsec) on Monday.
The listing date is also the interest commencement date while the fixed interest payment dates are 28 July and 28 January.
Untu’s note is the third listing on Finsec after Old Mutual’s class B shares, and the Infrastructural Development Bank of Zimbabwe’s (IDBZ) bonds worth $65 million.
Untu Capital is the first company in Zimbabwe to unveil a mobile based retail note in the country.