Muthoot Fin arm files IPO papers

norms for herbs and spices by increasing the maximum level of a pesticide residue allowed by 10 times. In an order issued on 8 April, FSSAI raised the MRL for a pesticide in herbs and spices to 0.1mg/kg from 0.01mg/kg. The regulator cited “various representations” as the reason for this upward revision.

This assumes significance as the food safety authorities in Hong Kong and Singapore last month, banned four products of two popular Indian spice brands—Mahashian Di Hatti (MDH) and Everest, citing the presence of ethylene oxide, a cancer-causing agent which raises the risk of breast cancer and lymphoma, and the European Union’s food safety authorities flagged the presence of cancer-causing chemicals in 527 food products originating from India.

Pesticides are regulated by the ministry of agriculture & farmers welfare through the Central Insecticide Board and Registration Committee (CIB & RC) constituted under the Insecticide Act, 1968, FSSAI said in the statement. “The CIB & RC regulate the manufacturing, import, transport, storage of pesticides and accordingly the pesticides are registered/banned/ restricted by CIB & RC,” it said. The Scientific Panel on Pesticides Residues of FSSAI examines the data received through CIB & RC and recommends the MRLs after performing risk assessment considering the dietary consumption of the Indian population and health concerns in respect of all age groups.

Muthoot Finance’s microfinance arm, Belstar Microfinance Ltd, on Sunday filed preliminary papers with capital markets regulator Sebi to raise ₹1,300 crore through an initial public offering (IPO).

The Chennai-based entity’s IPO is a combination of fresh issue of equity shares worth ₹1,000 crore and an offer-for-sale (OFS) of ₹300 crore by investor shareholders, according to the draft red herring prospectus (DRHP). As a part of the OFS, Danish asset management firm MAJ Invest aims to sell shares to the tune of ₹175 crore, followed by Arum Holdings Ltd (₹97 crore) and Augusta Investments Zero Pte. Ltd (₹28 crore).

Maj Invest had first invested in Belstar Microfinance in 2018 and again in 2022.

At present, Muthoot Finance, which is one of the promoters, holds a little over 66% stake in Belstar Microfinance.

On 8 April, FSSAI raised MRL for a pesticide in herbs, spices to 0.1mg/kg from 0.01mg/kg citing “various representations” as the reason