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

JP Nadda Slams Rahul Gandhi’s ‘Match-Fixing’ Claims As ‘Desperation Of Losing’ Polls

Rahul Gandhi's opinion piece appeared in a national daily and sparked political uproar. Opposition parties…

6 hours ago

Poverty In India Reduced Via Tangible Boost In Household Living Standards, Incomes

In 2022–23, poverty under the revised $3.00 line stood at just 5.25 per cent in…

7 hours ago

Chhattisgarh: Seven Maoists Killed In Indravati National Park Operation

Five Maoists were killed in two separate encounters with security forces in Chhattisgarh’s Bijapur district,…

7 hours ago

Carney Invites Modi To G7 Summit, Highlights India’s Global Supply Chain Role

Canadian Prime Minister Mark Carney said the most populous country, with the fifth-largest economy, must…

8 hours ago

RBI Frontloads Rate Cuts To Boost Growth Amid Low Inflation: Crisil

The Reserve Bank of India (RBI) has frontloaded its rate cuts to support economic growth,…

8 hours ago

PM Modi Urges Global Action On Coastal Resilience At Nice Summit

PM Narendra Modi on Saturday called for urgent global action to build infrastructure that can…

8 hours ago