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Muthoot FinCorp to raise about Rs 1,800 crore this year

7-May-2015

Muthoot FinCorp to raise about Rs 1,800 crore this year

MUMBAI: Muthoot FinCorp, the flagship company of Muthoot Pappachan Group, today said it is looking at raising close to Rs 1,800 crore through various routes during the current fiscal.

The company is planning to raise Rs 1,000 crore through issuances of non-convertible debentures and another around Rs 800 crore through PE funding.

“We are looking at a PE funding of Rs 600-800 crore this year,” company’s Chairman and Managing Director Thomas John Muthoot told reporters here today.

It is planning to raise Rs 1,000 crore through issuances of non-convertible debentures this year, Muthoot said.

It had raised Rs 550 crore through bonds last year. The Kerala-based company which recently received licence for NBFC MFI, is now planning to hive off its micro finance business from Muthoot FinCorp.

Currently, the asset book size of its micro finance business is Rs 1,500 crore.

The company is planning a capital infusion of Rs 200 crore in the microfinance business through promoter funding.

“A part of the PE funding which will be raised this year will also go into the microfinance business,” Muthoot said.

Originally Posted on: The economic times logo