"Company (Muthoot) has infused Rs 40 crore as fresh capital acquiring 38.23 per cent of the expanded equity share capital of Belstar Investment and Finance Private Limited, thereby holding 46.83 per cent in the company (BIFPL)," Muthoot Finance said in a BSE filing.
It said further acquisition of 10.32 per cent from the existing shareholders is expected to be completed soon thereby taking the total holding to 57.15 per cent making it a subsidiary.
BIFPL is a non-banking finance company (NBFC-MFI) headquartered in Chennai.
Shares of the company closed 7.5 per cent higher at Rs 308.80 on BSE.
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