Muthoot Finance has acquired 30% stake in Sri Lanka-based Asia Asset Finance for $2.1 million. The south-India based company acquired 1,67,785,600 shares in the Sri Lankan financial service firm, which is listed on the Colombo Stock Exchange, from Asia Capital, a major shareholder in the company.
Through the investment, Muthoot will help the Lankan firm operationalise loan against gold ornaments business in the island nation.
Asia Asset Finance, which has been in the lending business since the 1970s, is involved in retail finance and business loans, and operates from 11 branches in the island nation. While, Muthoot Finance is the largest gold financing company in India in terms of loan portfolio. The company is a Systemically Important Non-deposit taking NBFC headquartered in the southern Indian state of Kerala and with its corporate office in New Delhi.
| Company Name | CMP |
|---|---|
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| Shriram Finance | 960.00 |
| Aditya Birla Capital | 348.10 |
| Chola Invest & Fin. | 1638.30 |
| Tata Capital | 328.05 |
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