Muthoot Finance gets RBI nod for opening new branches

The NBFC said it has received the Reserve Bank of India's permission for opening 150 new branches.

Muthoot Finance (MFIN) is India's largest gold financing company in terms of loan portfolio. It primarily caters to individuals who possess gold jewellery but cannot access formal credit within a reasonable time, or for whom credit may not be available at all. Its gold loan range begins from Rs 1500 and there is no maximum limit. The Group has a network of 5443+ branches with a dominant presence in all States & Union Territories of India. It also has its presence in USA, UK, UAE, Sri Lanka and Central America.

Muthoot Finance reported 2.2% fall in consolidated net profit to Rs 997.03 crore on a 2.5% decline in total income to Rs 3041.14 crore in Q4 FY22 over Q4 FY21.

In a separate announcement on Friday, the company announced that the transaction of primary issuance of 32,35,295 equity shares of the face value of Rs 10 each at a premium of Rs 330 per share in its subsidiary, Belstar Microfinance, has been completed.

Last month, Muthoot Finance informed that Belstar Microfinance, will receive primary equity infusion aggregating Rs 110 crore from Augusta Investments Zero and Arum Holdings.

Augusta Investments Zero will pick up 4.51% stake by investing Rs 75 crore while Arum Holdings will invest Rs 35 crore to raise its stake from 14.51% to 15.66% in Belstar Microfinance.

Shares of Muthoot Finance jumped 6.73% to Rs 1042.10 on Friday.

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