Muthoot Microfin files preliminary papers for ₹1,350- crore IPO

The company, part of the Muthoot Pappachan Group, had a gross loan portfolio of ₹9,208.29 crore at the end of March 31

July 01, 2023 07:43 pm | Updated 08:53 pm IST - New Delhi

Muthoot Microfin plans to raise up to ₹1,350 crore through an initial share sale and has filed draft papers with markets regulator SEBI.

The Initial Public Offering (IPO) of the company that provides micro loans to women customers will comprise a fresh issue worth up to ₹950 crore and an Offer For Sale (OFS) of equities to the tune of ₹400 crore.

According to the Draft Red Herring Prospectus (DRHP) filed on Friday, the company will also look at pre-IPO placement to raise ₹190 crore. If that placement is undertaken, the size of the fresh issue will be reduced.

The company plans to use proceeds from the fresh issue for augmenting its capital base to meet future capital requirements.

Through the OFS route, various entities plan to offload ₹400 crore-worth shares. While Greater Pacific Capital WIV Ltd proposes to offload equities worth up to ₹100 crore, Thomas John Muthoot, Thomas Muthoot and Thomas George Muthoot plan to sell shares aggregating up to ₹70 crore each.

Besides, shares valued up to ₹30 crore are planned to be offloaded, each by Preethi John Muthoot, Remmy Thomas and Nina George, as per the DRHP.

The company, part of the Muthoot Pappachan Group, had a gross loan portfolio of ₹9,208.29 crore at the end of March 31.

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