Business

SBI Buys Muthoot Fincorp’s NCDs For Rs 200 Crore

Muthoot Fincorp’s non-convertible debentures (NCDs) were purchased by the State Bank of India for Rs 200 crore.

The flagship company of 136-year-old Muthoot Pappachan Group announced on Tuesday that the loan offer has a five-year maturity with interest payments made half-yearly.

However, it did not announce the issue’s price.

According to Shaji Varghese, CEO of the company, the proceeds from the NCD offering will be used for future lending, business operations, and additional expansion and growth plans.

Muthoot Fincorp has approximately 3,600 branches across the country and offers among other things, gold loans, small business loans, auto loans, home loans, and loans against property.

Also read: Ukraine Claims Russian Ships Suspected Of Transporting Drones Destroyed

Spriha Rai

Recent Posts

NSA Doval Rebukes Foreign Media Over Misreporting Of ‘Operation Sindoor’

At the 62nd IIT-Madras convention, NSA Ajit Doval condemned foreign media coverage of Operation Sindoor,…

12 mins ago

Gautam Adani: ‘Spine Is Both Medical Miracle & Corporate Necessity For Self-Belief’

Adani Group Chairman Gautam Adani emphasised the significance of the human spine both medically and…

14 mins ago

Still Choosing Each Other: Divyanka-Vivek Celebrate 9 Years Of Togetherness

Divyanka and Vivek celebrate 9 years of togetherness, also sharing a special message that they…

1 hour ago

Anil Kumble Backs Nitish Kumar Reddy; Urges India To Stay Consistent With Team Selection

Former India captain Anil Kumble praised Nitish Kumar Reddy for his impactful performance on Day…

3 hours ago

Indian Astronaut Shubhanshu Shukla To Begin Return From ISS On July 14; Confirms Axiom Space

Indian astronaut Shubhanshu Shukla, currently aboard the International Space Station, will begin his return journey…

3 hours ago

Planned Parenthood Essential For Maternal & Child Health: JP Nadda On World Population Day

Marking World Population Day, Union Health Minister JP Nadda underscored the need for planned parenthood…

4 hours ago