Muthoot Finance shares surged on the stock exchanges today driven by huge volumes traded in the counter. On the BSE, the stock gained Rs 58 or 9% to Rs 708.50. The stock witnessed six-fold increase in volumes at 1.42 lakh shares when compared to the two-week average volume of 19,000 shares.
On the NSE, the stock rose nearly 9% to Rs 708 and volumes traded were to the tune of 33.17 lakh shares as at 12 noon.
Recently, Muthoot Finance has successfully priced a $450 million Fixed Rate Senior Secured issuance in 144A / Reg S format for a 3 year tenor at 6.125 per cent.
It said the proceeds will be used for permitted purposes including onward lending in accordance with RBI’s ECB guidelines and other applicable laws.