Muthoot Microfin plans to raise Rs 350 crore via share sale

Muthoot Microfin is planning to raise Rs 350 crore by selling shares during the current year, to fund business growth. Besides, the microfinance arm of Muthoot Pappachan Group is also looking to raise Rs 100 crore from Tier-II bonds.

“We are looking to garner USD 50 million or about Rs 350 crore equity capital to grow and build balacesheet of the company,” Muthoot Microfin Chief Executive Officer Sadaf Sayeed told.

The fundraising would be through private placement to one or two investors towards December, he said.

Currently, the US-based investor Creation Investments holds 11.4 per cent stake in the company with one board position.