Muthoot Finance soars on getting nod for additional equity infusion of Rs 300 crore in Belstar Microfinance
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Muthoot Finance is currently trading at Rs. 1438.30, up by 58.50 points or 4.24% from its previous closing of Rs. 1379.80 on the BSE.
The scrip opened at Rs. 1402.05 and has touched a high and low of Rs. 1443.00 and Rs. 1402.05 respectively. So far 7595 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1537.40 on 05-Jan-2024 and a 52 week low of Rs. 911.40 on 16-Mar-2023.
Last one week high and low of the scrip stood at Rs. 1444.30 and Rs. 1345.25 respectively. The current market cap of the company is Rs. 55393.31 crore.
The promoters holding in the company stood at 73.35%, while Institutions and Non-Institutions held 22.93% and 3.71% respectively.
Muthoot Finance has received approval for additional equity infusion of Rs 300 crore in Belstar Microfinance, a subsidiary of the Company and secondary purchase of equity shares of Belstar from the existing promoters for a consideration of upto Rs 75 crore. Additional equity infusion is proposed to be made in order to strengthen the capital base and improve the capital adequacy ratio. Secondary acquisition from the promoters aids Muthoot Finance to increase its equity stake in Belstar. The Board of Directors of the company at their meeting held on February 14, 2024, has approved the same.
Muthoot Finance is a non-banking financial company (NBFC), which is engaged in providing loan (financing) against collateral of gold jewelry. The company offers gold loans, foreign inward money transfer services, foreign exchange services, insurance broking etc.
