Muthoot Finance has rallied 8% to Rs 148 on plans to raise funds up to Rs 500 crore through secured non-convertible debentures (NCD).
Muthoot Finance, one of the biggest lenders in the country’s non-bank sector, has proposed to raise Rs 250 crore with an option to retain over-subscription up to Rs 250 crore for issuance of additional NCDs aggregating to a total of up to Rs 500 crore.
According to market reports, Muthoot Finance will announce the launch of its fourth NCD issue today.
The stock opened at Rs 138 and hit a high of Rs 150 on the NSE. The trading volumes on the counter surge over six-fold with a combined 913,179 shares have changed hands on the counter so far on both the exchanges.
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