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Muthoot Finance raises $69M via IPP route

28 April, 2014

Muthoot Finance Ltd, India’s largest gold financing company, has raised Rs 418.29 crore ($68.7 million) via an institutional placement programme (IPP), the company said in a stock market disclosure.

The firm has allotted 25.35 million equity shares of the company at Rs 165 each in the issue which was completed last Friday.

The IPP allows the promoters to dilute their holding to under 75 per cent, the maximum allowed for a listed firm. As of March 31, 2014, they held 80.12 per cent in the company.

ICICI Securities Ltd, Kotak Mahindra Capital Company Ltd and Espirito Santo Securities India Pvt Ltd were the book running lead managers and Kotak Securities Ltd was the syndicate member to the issue.

Muthoot Finance is the flagship company of the Muthoot group, which is also into hospitality, healthcare, media, education, information technology, foreign exchange, insurance distribution and money transfer businesses.

Recently, the firm announced that it is looking to enter the insurance sector and is on the lookout for a foreign partner. Last month, it launched its first white label automated teller machine (ATM) at Maradu in Kochi.

Shares of Muthoot Finance were quoting at Rs 172 each in the mid-day trades on BSE in a flat Mumbai market on Monday.

Muthoot Finance is backed by Baring Private Equity India and Matrix Partners, among others. 

(Edited by Joby Puthuparampil Johnson)


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Muthoot Finance raises $69M via IPP route

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