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Thursday, May 7, 2015

Muthoot Fincorp eyeing for PE funds

Muthoot Fincorp, the flagship company of Muthoot Pappachan Group, is looking at private equity (PE) funding of Rs. 600-800 crore this fiscal.

The company is also planning to come up with public issue of bonds worth Rs. 550 crore sometime in June. For the full fiscal year 2016, it may do public issue of bonds up to Rs. 1,000 crore.

The funds will be deployed in growing the existing business towards income generation for the wider segment of the population at the bottom of the pyramid.

Thomas John Muthoot, Chairman of the Group said, “Our financial services business were primarily targeted towards financial inclusion and will continue to do so.”

It is also encouraging households to recycle old gold jewellery holdings and plans to open 20 collection centres in the next two years beginning with a centre in Chennai next week.

The micro finance business unit of Muthoot Fincorp, Muthoot Microfinance that secured an NBFC-MFI licence earlier this year, is planning for a capital infusion of Rs. 200 crore through promoter funding.

Muthoot Microfinance is also eyeing for a PE funding by 2016-17 aiming to double its asset book to Rs. 3,000 crore from Rs. 1500 crore in two years.

Source : Thehindubusinessline


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