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%

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

J Sagar Associates (JSA) was the legal advisor to Belstar for the fund raising.

The money was infused by the existing strategic shareholder, Muthoot Finance 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. Muthoot Finance Limited is a listed non-banking finance company (NBFC) based out of Kochi, Kerala, with a special focus on gold loans.

Belstar is an NBFC and subsidiary of Muthoot Finance Limited.