Muthoot Capital Services zooms 9% on plans to raise up to Rs 50 cr via NCDs

The Muthoot Capital Service stock rose after the company announced that board of directors will meet on August 24 to consider and approved issuance of NCDs upto Rs 50 crore on private placement basis.

Muthoot Capital Services stock gains: Shares of Muthoot Capital Services (MCSL) rose as much as 8.52 per cent to hit an intraday high of Rs 347 per share on Thursday, August 22, 2024. 

The stock of Muthoot Capital Service rose after the company announced that board of directors will meet on August 24, 2024 to consider and approved issuance of Non-convertible debentures (NCDs) up to Rs 50 crore on private placement basis.

NCDs are financial instruments that companies use to raise long-term funds through public issues.

In an exchange filing, Muthoot Capital Services said, “We hereby inform you that the Meeting of Debenture Issue and Allotment Committee of the Board of Directors of the Company scheduled to held on Saturday, August 24, 2024, to inter alia consider and approve issuance of Non-convertible debentures (NCDs) up to Rs 50 crore (Rupees fifty crore) on private placement basis.”

Founded in 1994, Muthoot Capital Services is a non-banking financial company (NBFC) recognised for its diverse range of financial services. Headquartered in Kochi, MCSL offers an extensive array of loan products, including two-wheeler, used car, consumer durable, secured business, term, and loyalty loans. 

Additionally, the company provides various deposit plans with both short-term and long-term options, as well as subordinated debt instruments. 

MCSL also extends financial advisory and wealth management services, alongside a range of insurance products. 

Registered with the Reserve Bank of India, MCSL has established a major presence in the banking and finance sector, particularly in rural and semi-urban regions across South India. 

The company operates numerous branches throughout India, including one in Uttam Nagar, Delhi.

The market capitalisation of Muthoot Capital Services is Rs 554.28 crore, according to Bombay Stock Exchange (BSE).

The 52-week high of Muthoot Capital Services stock is Rs 458 per share while its 52-week low is Rs 265 apiece. 

At 12:36 PM, shares of Muthoot Capital Services were trading 5.39 per cent higher at Rs 337 per share. In comparison, BSE Sensex was trading 0.27 per cent higher at 81,127.05 levels.