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Muthoot Finance to dilute 5% stake

Assets under management to grow by 10-15 %

T E Narasimhan  |  Chennai 

is looking at diluting 5% stake to achieve the requirement of minimum public share holding of 25%. The company said it is looking at PE, rights issue and other modes.

Besides, the company said that it is looking to grow its gold loan assets under management (AUM) by 10-15 per cent from the current level of around Rs 23,743 crore, by August, 2013.

"We had some setback due to the regulation, but now after the Rao committee report, things are encouraging," said George M George, executive director, Muthoot Group.

The issuance of equity shares can be done through public issue, rights issue, private equity or private placement or any other mode provided by Sebi.

The dilution may happen this fiscal, said George.

On the money transaction business, he said, the company is looking at doubling both transactions and the quantum from two million transactions every year and interms of quantum from Rs 3,500 crore to Rs 7,000 crore.

First Published: Tue, October 30 2012. 13:40 IST