Muthoot Finance IPO
And with the Kerala-based Muthoot Finance price band of Rs. 160-175 per share initial public offering (IPO) scheduled to open on April 18. The company plans to raise Rs. 900 billion rupees from this issue.
Bidding for the stake sale will close on 51500000 shares on April 21, retail shareholders, while the qualified institutional bidders for it would close the previous day.
ICICI Securities and Kotak Mahindra Capital are the book running lead managers to the issue, while the Bank is HDFC co-manager. IPO last year, and will stand to reduce the share of promoters in the company to 80 per cent from the current 93 per cent.
And will use the capital raised from the IPO to strengthen its capital base to meet the capital requirements in the future, to fund the loans and for general corporate purposes.
IPO proceeds will help to enhance the ratio of the adequacy of our capital, which is 15 per cent in November, “said the President, George Muthoot MG in the official press meet.
According to the report of the industry IMaCS, working Muthoot Finance 2611 branches in 20 states as of November 30, 2010 while outstanding loans amounted to Rs gold. 12 897 rupees during that period. For a period of eight months ended November 30, 2010, total revenue in Muthoot Rs. 1302 crore and profit after tax stood at Rs. Provided 291 billion rupees during this period, according to the DRHP with market regulator Sebi.