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Belstar raises $28 mn from Muthoot Finance and Denmark-based fund

While Maj has picked up an 11% stake in the company, Muthoot, which had around 71% before this infusion, now owns 74%

T E Narasimhan  |  Chennai 

Muthoot Finance logo
Muthoot Finance logo

Limited and Maj Invest Financial Inclusion Fund, a Denmark-based fund, have invested around $28 million in Investment and Finance Private Limited.

(JSA) was the legal advisor to for the fund raising.

The money was infused by the existing strategic shareholder, Limited and a new investor Maj Invest Financial Inclusion Fund.

While Maj has picked up an 11 per cent stake in the company, Muthoot, which had around 71 per cent before this round of infusion, now has 74 per cent.

Maj Invest Financial Inclusion Fund is a Denmark-based fund. Limited is a listed non-banking finance company (NBFC) based out of Kochi, Kerala, with a special focus on gold loans.

is an NBFC and subsidiary of Muthoot Finance Limited.

First Published: Mon, September 10 2018. 16:09 IST
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