Muthoot Finance has received approval for additional equity infusion of Rs 300 crore in Belstar Microfinance, a subsidiary of the Company and secondary purchase of equity shares of Belstar from the existing promoters for a consideration of upto Rs 75 crore. Additional equity infusion is proposed to be made in order to strengthen the capital base and improve the capital adequacy ratio. Secondary acquisition from the promoters aids Muthoot Finance to increase its equity stake in Belstar. The Board of Directors of the company at their meeting held on February 14, 2024, has approved the same.
Muthoot Finance is a non-banking financial company (NBFC), which is engaged in providing loan (financing) against collateral of gold jewelry. The company offers gold loans, foreign inward money transfer services, foreign exchange services, insurance broking etc.
