Muthoot

MFI's stressed loans rise sharply to 3.5% in September from 1.47%

Muthoot Finance, Manappuram Finance shares slipped after the RBI found several irregular practices being followed by gold loan financiers

Firm will not sell gold loans to asset reconstruction companies as the RBI is 'not comfortable', says George Alexander Muthoot

The non-banking finance company will use the proceeds for onward lending and other activities permitted under external commercial borrowing guidelines

The AUM in the March quarter soared to Rs 12,194 crore as compared to Rs 9,208 crore during the same period a year ago

Leading gold loan financier Muthoot Fincorp on Friday said it will raise Rs 300 crore through the issue of secured, redeemable, non-convertible debentures (NCDs). The issue opened for public subscription from Friday and will be open till January 25, the company said. The company said the proposed debt issuance is within the shelf limit of the board approved plan of raising up to Rs 1,100 crore this fiscal. The base size of the third tranche is Rs 75 crore with a green shoe option of Rs 225 crore. The company offers tenure options of 24 months, 36 months, 60 months, and 96 months with monthly, annual, and cumulative payment options across options with the coupon rate ranging from 9.26-9.75 per cent.

Muthoot FinCorp on Monday announced raising up to Rs 400 crore through issuance of non-convertible debentures (NCDs). The issue is a part of the Rs 1,100 crore debt-raising plan approved by the board, a company statement said. The base size of the issue is Rs 100 crore with a green shoe option of Rs 300 crore, it said, adding the issue will close on September 14. The issue has tenure options of 24, 36, 60, and 96 months with monthly, annual, and cumulative payment options, offering an effective annual yield of 8.65-9.43 per cent. Thiruvananthapuram-based Muthoot FinCorp is the flagship company of the 136-year-old Muthoot Pappachan Group. It has over 3,600 branches across the country. Founded in 1887, the group is into financial services, hospitality, automotive retail, realty, IT Services, healthcare, precious metals, global services and alternate energy, serving over 1 million customers.

The gold loan company also reported that its loan assets rose to Rs 55,147 crore as compared to Rs 47,016 crore in Q2FY21

Muthoottu Mini Financiers Ltd, one of the largest NBFC in India, announced launch of three new zonal offices across India to upgrade operational efficiency and to provide better customer experience.

Under his stewardship, Muthoot Finance achieved new heights of growth and became the market leader in the gold loan industry

Concerns remain over asset quality of non-gold biz

Shares of India's largest cash-for-gold lender have surged 71 per cent this year, the third-biggest gain on a gauge of the nation's top 200 firms

Income Tax department has conducted raids in the premises of Kerala-based financial institutions under the Muthoot banner, across the country. The raid is being conducted across the three major independent business entities, Muthoot Finance, Muthoot Fincorp and Mini Muthoot.Raids are being conducted from morning 6.30 am, in around 60 premises across the country, including the residence of the partners of these companies and key employees and also the corporate offices of these companies. There are around 400 members in the team of investigators, said an official on condition of anonimity.The action is based on some clues the Income Tax office has related to the accounting of gold auction proceeds, added the official. While these companies share the name Muthoot, each are working as independent business groups. Muthoot Finance, part of the diversified Muthoot Group, is a Non Banking Financial Company (NBFC) which claims as one of the largest gold financing company in terms of loan ...