Belstar Microfinance Ltd, a subsidiary of Muthoot Finance, has filed a DRHP with SEBI to raise â¹1,300 crore. The company plans to raise the funds through IPO of equity shares with a face value â¹10 each.
The offer comprises a fresh issue of equity shares aggregating up to â¹1,000 crore (âFresh Issueâ) and an offer-for-sale of equity shares aggregating up to â¹300 crore (âOffer for Saleâ), a statement issued here said.
The company proposes to utilise the net proceeds of the fresh issue to meet future capital requirements towards onward lending, estimated to be â¹760 crore in FY 2025, and the balance amount towards general corporate purposes.
The company offers a range of loan products, such as micro enterprise, small enterprise, consumer goods, festival, education and emergency loans.
The offer-for-sale comprises equity shares aggregating up to â¹175 crore by MAJ Invest Financial Inclusion Fund II K/S; up to â¹97 crore by Arum Holdings Ltd; and up to â¹28 crore by Augusta Investments Zero Pte Ltd.
ICICI Securities Ltd, Axis Capital Ltd, HDFC Bank Ltd and SBI Capital Markets Ltd are the book-running lead managers of the IPO issue.
According to the CRISIL report, Belstar Microfinance Ltd is the ninth-largest NBFC microfinance institution in India in terms of assets under management as of December 31, 2023. It is one of the few NBFC-MFIs that focus on the lending model or theâself-help groupâ model. It is also one of the top 10 NBFC-MFI players, with a relatively strong credit rating of âAAâ and a stable outlook from Crisil.
The companyâs operations are spread across 19 states and union territories, serving approximately 2.67 million customers.
Crime Today News | Markets | Commodities | Forex | Stocks
Source | Powered by Yes Mom Hosting
Crime Today News Agency