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Muthoot Finance announced that post approval of the Reserve Bank of India has acquired Muthoot Money (MMPL), a Non Deposit taking Non-Banking Financial Company (NBFC-ND) engaged in lending and other businesses primarily vehicle finance business, by:
a) purchase of 5,625 number of equity shares of face value Rs. 1,000/- each at a price of Rs. 17,685/- per share aggregating to Rs. 9,94,78,125 from existing shareholders; and
b) subscribing 56,545 number of fresh equity shares of face value of Rs. 1,000/- each at Rs. 17,685/- per share aggregating to Rs. 99,99,98,325.
Total investment by the Company is Rs. 110 Crores (approximately) in equity share capital of the MMPL.
Post investment, the Company is holding 100% paid up equity share capital of MMPL which is Rs. 6,21,70,000/- consisting of 62,170 equity shares of Rs 1,000/- each, and MMPL has become the wholly owned subsidiary of Muthoot Finance.
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