Muthoot Capital Services has raised Rs 165 crore through a Qualified Institutional Placement (QIP) to shore up its Tier I capital base through which it has diluted the promoters' stake by 12.43%. After the issue, promoters' stake has come down by 12.43% to 62.5% from 74.93%.
The QIP was snapped by mutual fund majors like Birla, DSP Blackrock, IDBI, SBI, Sundaram and other investors like Morgan Stanley, Aurigin Master Fund Singapore and Goldman Sachs.
Muthoot Capital Services is a deposit taking non-banking financial company (NBFC). The company is engaged in financing for purchase of automobiles, including two wheelers, against hypothecation of the respective vehicles, and granting of personal/business loans against demand promissory notes.