Muthoot Microfin's USD 25 Million Greenshoe Option Oversubscribed

Muthoot Microfin Limited (NSE: MUTHOOTMF, BSE: 544055), a leading Indian microfinance institution has announced a significant update to its recent External Commercial Borrowing (ECB) initiative. The greenshoe portion of the ECB was oversubscribed from USD 25 Mn to USD 38 Mn and was participated by Union Bank of India (DIFC Branch), Bank of Bahrain and Kuwait B.S.C., Bank of India (DIFC Branch, Dubai), Mega International Commercial Bank Co. Ltd. (Labuan Branch).

This expansion in the greenshoe option comes after the successful initial raise of USD 75 million, which was solely arranged by Standard Chartered Bank, acting also as the Social Loan Coordinator. The development underscores the strong confidence international investors have in Muthoot Microfin's growth and mission.

Mr. Sadaf Sayeed, CEO of Muthoot Microfin Limited, stated, "We are delighted to receive an overwhelming response to our ECB paper in the international market. The increased greenshoe amount is a testament to the faith and trust that global financial institutions have in our business and the social impact it is making . We are glad to receive the offer from marquee international names; it will help us diversify our source of funds further. This will bolster our efforts in deepening financial inclusion agenda by providing microfinance loans across geographies, promoting entrepreneurship among women, and fostering inclusive growth."

Shares of Muthoot Microfin Limited was last trading in BSE at Rs. 225.45 as compared to the previous close of Rs. 222.20. The total number of shares traded during the day was 48293 in over 1127 trades.

The stock hit an intraday high of Rs. 225.90 and intraday low of 220.15. The net turnover during the day was Rs. 10841124.00.

Source : Equity Bulls

Keywords

MuthootMicrofin INE046W01019 MicrofinanceInstitutions GreenshoeOption Oversubscribed ECB