Non-banking financial company Muthoot Capital Services Limited (MCSL) today said its rights issue would open on July 11 to raise Rs 52 crore.
The company presently has 65,00,000 shares of Rs 10 each. The issue is for offering shares on rights basis of 1:1 ratio to existing shareholders. The shares are issued at a premium of Rs 70 per share, making the issue price of Rs 80 per share. The issue will close on July 25.
MCSL, which offers auto loans, small and medium enterprise loans, gold loans, has a strong presence in the banking and finance sector in rural and semi-urban areas in Southern India, a company press release said.
It also offers capital market services like financial advisory services, wealth management, insurance products of leading insurance and mutual fund companies.
The Company has already finalised plans to give loans against Gold ETF, equipment finance and financing of tractors. Other products for diversification are also being finalised.
In the financial year ended Mar 31 this year, gross revenue was Rs 37.73 crore and net profit Rs 9.67 crore. The company, part of the Muthoot Papachan group, plans to achieve a gross revenue of Rs 68.02 crore for the current year and net profit of Rs 15.46 crore.
