Muthoot FinCorp, the flagship company of the 136-year-old Muthoot Pappachan Group (Muthoot Blue), has raised ₹200 crore from State Bank of India, via the private placement of non-convertible debentures (NCDs).
The debt securities have a five-year maturity and half-yearly frequency for interest payment. They are rated ‘AA’ by Crisil with a ‘stable’ outlook.
“Proceeds of this will be utilised for onward lending, business operations and further expansion and growth plan. We will strive further to bring in innovative products and services to meet the lifecycle requirements of our customers,” said CEO Shaji Varghese.
The NBFC has over 3,600 branches across India and offers gold loans, Vyapar Mitra business loans, two-wheeler loans, used car loans, home Loans, loan against property, domestic and international money transfer, foreign exchange, Insurance, and wealth management services.