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For its foray into microfinance business
Muthoot Finance has acquired 13.93% of equity share capital of Belstar Investment and Finance (BIFPL) in May 2016 and has entered into binding agreement to acquire another 5.57% cumulatively 19.50%. BIFPL is an NBFC engaged in the business of micro finance based out Chennai.The Company is also planning to acquire additional 11.14% subject to regulatory approvals in this regard. Further , the Company has entered into binding term sheet to infuse Rs. 40 crore.
Consequent to the completion of above transactions, the Company will be holding 57% of equity share capital of Belstar thereby making it a subsidiary.
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