MUTHOOT MICROFIN AIMS TO RAISE ₹1,000 CR FROM IPO

NEW DELHI: Muthoot Microfin, which recently received markets regulator Sebi’s approval for its initial public offering (IPO), plans to raise ₹1,000 crore from share sale. According to market officials, the company plans to hit the market in the first half of the

2019. By that time market conditions would be conducive to raise around ₹1,000 crore from the IPO, sources said. The proceeds will be utilised for expansion of the company’s footprints in Northern India, sources said. Muthoot Microfin, part of the Muthoot Pappachan Group, IPO comprises fresh issue aggregating up to ₹500 crore and an offer for sale of up to 16,310,072 equity shares, as per the company’s DRHP. Muthoot Microfin is focussed on providing micro loans to women customers predominantly in rural areas.