Muthoot Capital Services Rides on Accelerated Growth and Expansion

KOCHI:
The Muthoot Capital Services Ltd, a Muthoot Pappachan Group company, has successfully raised Rs 165 crore of Tier-I capital through the Qualified Institutional Placement (QIP) route. The issue enhances the Capital Adequacy position of the company as on September 30, 2017 from 15.40% to 26.70%. The
Debt leveraging based on the Sept 30, 2017 figures adjusted for the Equity Infusion through the QIP is at 2.9 times.
The QIP was subscribed to by the mutual fund majors like Birla, DSP Blackrock, IDBI, SBI, Sundaram and other investors like Morgan Stanley France, Aurigin Master Fund Singapore and Goldman Sachs.
Muthoot Capital Services Ltd.’s Managing Director Thomas George Muthoot said, “In the last 18 months, we have made steady progress in diversifying outside south India, controlling operating costs and improving asset quality. The capital raised will strengthen our balance sheet, facilitate growth and lower our borrowing costs. It will also be an impetus for further growth and moving into new products”.

Share More

more recommended stories