PE-backed Muthoot Finance seeks to raise $218m
Muthoot Finance, India’s largest gold-loan non-banking finance company (NBFC) plans to raise INR10 billion ($218 million) through the issue of listed retail non-convertible debentures (NCDs). It would follow four rival NBFCs, including Mannapuram Finance and Shriram City Union Finance, that have successfully sold NCDs in the last two weeks, The Business Standard reported.
The NCDs would be listed on both the National Stock Exchange of India and the Bangalore Stock Exchange, with a yield of up to 12.25% per annum. Muthoot will use the proceeds for debt repayment and increasing...
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