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The co-lending partnership will offer loan against property ranging from Rs 10 lakh to Rs 75 lakh, with an average ticket size of Rs 15 lakh, release added.
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The company has reviewed their policies and practices of business after the Reserve Bank of India (RBI) in September asked lenders to review it and rectify any deficiencies. Muthoot Fincorp did not find any deficiency, and everything is complied with guidelines, said Shaji Varghese.
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Currently, 99% of the company's book is in gold loan. The plan to cut down gold loan portfolio is part of a diversification strategy, says Shaji Varghese, CEO, Muthoot Fincorp. The company has no plan to go public in the next 18-24 months, he said.
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The asset under management (AUM) stood at Rs 33,359.30 crore. The consolidated net profit rose 62 percent to Rs 1,047.98 crore in FY24, Muthoot FinCorp said in a statement.
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The issue opened on April 10 and will close on April 25.
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The issue opened for public subscription from Friday and will be open till January 25, the company said.
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The lender will use these proceeds for onward lending, business operations and further expansion and growth plan, said Shaji Varghese, CEO – Muthoot FinCorp.
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Muthoot Pappachan Group chairman Thomas John Muthoot told that they now hold majority in Paymatrix, having given full exit to many of the existing investors.
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Gold Loan portfolio accounts for about 67 per cent of Muthoot Fincorp’s overall AUM as of December 31, 2020
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The funds have been mopped up to strengthen balance sheets, which might have been impacted due to the coronavirus pandemic, retire existing debt and to support working capital requirements, market experts believe.
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The company, which is a part of Muthoot Pappachan Group, issued bonds having a tenure of 28 months, offering a coupon of 9.5 percent per annum payable monthly, a release said.
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The issue opens on January 9 and is scheduled to close by February 4.
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The base issue size for secured redeemable non-convertible debentures is Rs 250 crore with an option to retain subscription up to Rs 230 crore, aggregating to a total of Rs 480 crore, Muthoot Fincrop said in a release on Wednesday.
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Presently, Muthoot Fincorp has over 3,600 branches in India, with seventy percent in southern markets. It has 265 branches in Telangana and 317 in Andhra Pradesh, and is now planning to expand in the region subject to approval, he said.
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The company said the IPO will to support expansion of our microfinance business we are preparing ourselves for an IPO.
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Keyur Shah, CEO-Precious Metals Business at Muthoot Pappachan, said the company has partnered with Kabali producers only to join the 'celebration' and Rajinikanth fans have already booked 100 kg silver coins.
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To further tap emerging business opportunity, Muthoot Pappachan Group-run company has also launched a special gold loan scheme called SME Gold, and has set a disbursal target of Rs 600 crore in the first year of operations, Group chairman and MD Thomas John Muthoot told PTI.
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With the reduction in policy rate by the Reserve Bank, NBFCs say they are likely to cut their lending rates by 25-50 bps over next three-four months.
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Most of the funds have been mobilised for expansion, to support working capital requirements and for other general corporate purposes.
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As part of the deal, the 128-year-old Kochi-based Muthoot Pappachan Group will dilute 10 percent equity in the firm to the investing PE for Rs 100 crore, and will also infuse Rs 100 crore of fresh capital into the company, Muthoot Microfin chief executive Sadaf Syed told PTI.
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Paytm, India’s largest mobile commerce platform, is offering additional services for the benefit of its customers. It is all set to enter into ...
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The group has launched Muthoot Gold Point to recycle gold jewellery into bars at a nominal cost. It has already been running a pilot centre in Coimbatore for the past three months and just started another one in Chennai, Muthoot Fincorp Director Thomas George Muthoot told Media.
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The promoters are also looking to dilute 25 percent stake in the company once it goes public. It is also in the process of hiving off its microfinance businesses.
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The company is planning to raise Rs 1,000 crore through issuances of non-convertible debentures and another around Rs 800 crore through PE funding.
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It is planning to raise Rs 1,000 crore through issuances of non-convertible debentures this year, Muthoot said. It had raised Rs 550 crore through bonds last year.
