Muthoot Finance to open 50 branches in West Bengal

KOLKATA: Muthoot Group plans to open 50 branches in West Bengal by March 2012, taking its tally in the state to 100, the company managing director George Alexander Muthoot said.

The Kochi-based gold loan financing company has a good presence in the south and the north and the company is now expanding its operation in eastern India.

The company is going in for a public issue of secured, redeemable, non-convertible debentures (NCDs) to raise up to Rs 1,000 crore. The issue will open on August 23 and closes on September 5. The NCDs will offer interest rates between 11.75% and 12.25% annually.

Mr Muthoot said the company is raising the fund for diversifying its investor base. It has recently raised Rs 900 crore from its initial public offer.

Source: EconomicTimes