NEWS & ADVICE : CAR LOANS
Muthoot Finance to sell 14% stake
By Vaibhav Aggarwal
Nov 19, 2010
Print    Email    RSS   

Muthoot Finance, the leading lender of gold loans in the country is harboring plans to sell 14% stake through an initial public offering (IPO) so as to raise Rs 2000 crore, said two officials related to the issue.

If the promoters become successful in raising money from the market at the stipulated price, then the valuation of the company is expected to touch Rs 14,000 crore.

The past 3-4 months have witnessed firms like Matrix Partners, Baring India, Welcome Trust and two funds of Kotak Mahindra buying about 7% of stake at Muthoot worth Rs 255 crore. The cost of acquisition has been found to be highest at Rs 173.5 per share in the different tranches of buy out.

"The numbers are only estimates as of now since a lot depends on market conditions at that point of time," commented one of the merchant bankers. The bankers to the issue are Kotak Mahindra Capital, ICICI Securities and HDFC Bank.

The company posted net profit of Rs 227 crore for the last fiscal.


 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Effect of employment on loan eligibility...
Tata Nano: How would Bank Loans look
12 point conduct checklist for bank and...
Managing loans through difficult times
Insider secrets of Car Loans in India


CAR LOAN STETMENT
Hello I am looking to renew my car insurance and I...
my loan no

NEWS THIS WEEK
SBH bank extended its Car and gold loan campaign till 31st March, 2015. Feb 11, 2015
KVGB bank signed MOU with TATA Motors Feb 10, 2015
SBH bank extended its scheme offering concession to loan defaulters Feb 2, 2015
Karnataka Bank tied up with TVS motors to Assist Auto rickshaw buyers Jan 27, 2015
RBI extended the Directions issued to Amanath Co-operative Bank for a period of six months Jan 22, 2015
News Archive