Muthoot Finance has infused Rs 40 crore as fresh capital acquiring 38.23% of the expanded equity share capital of Belstar Investment and Finance (BIFPL), thereby holding 46.83% in the company. Further acquisition of 10.32% from the existing shareholders is expected to be completed soon thereby taking the total holding to 57.15% making it a subsidiary.
The company had earlier acquired 13.93% of the then existing equity share capital of Belstar Investment and Finance from existing shareholders. Belstar Investment and Finance is a registered Non Banking Finance Company (NBFC-MFI) headquartered at Chennai in state of Tamil Nadu.
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.