Muthoot Finance Board Approves Rs 16,500 Crore ECB Plan For Business Expansion

The board of gold loan financier Muthoot Finance on Thursday approved External Commercial Borrowing plans to raise close to Rs 16,500 crore. The fund raised will be used for business expansion.

The Finance Committee of the Board of Directors of Muthoot Finance at its meeting held on Thursday has approved the update of the existing Global Medium Term Note Programme aggregating to $2 billion, Muthoot Finance said in a regulatory filing.

The company has also approved the offering circular and the programme agreement and other transaction documents to be executed with respect to the GMTN Programme, it said.

The notes proposed to be issued pursuant to the GMTN Programme are proposed to be listed on NSE IFSC Limited, it added.