Muthoot Finance announced that Muthoot Money (MMPL), a Reserve Bank of India registered Non Deposit taking Non-Banking Financial Company (NBFC-ND) engaged in lending and other businesses primarily vehicle finance business has obtained the mandatory approval from the Reserve Bank of India for change in management/control through acquisition of shares /capital infusion by Muthoot Finance (MFIN) vide Reserve Bank of India letter dated 03 July 2018 pursuant to Circular DNBR (PD) CC.No. 065/03.10.001/2015-16 dated 09 July 2015.
Board of Directors of MFIN has agreed in principle to acquire shares as well as subscribe to equity shares of MMPL which will result in the change of management / control of MMPL. This was with the intention of further diversifying its business activities.
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