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Wednesday, April 13, 2011

Muthoot Finance IPO price band at Rs160-175

Muthoot Finance, a Gold financing company is raising over Rs 900 crore via its Initial Public Offer to begin on April 18. The IPO price band is set for Rs 160-175 per share. The Muthoot Finance IPO is offering 5.15 crore equity shares to investors.

It is a non-deposit taking, non-banking finance company based in Kerala. Rs 901.25-crore Muthoot Finance IPO would close on April 20 for QIB bidders and on April 21 for retail and non-institutional investors.

At the lower end of IPO price band, i.e. at Rs 160, the company will raise Rs 824 crore, while on the upper end, i.e. RS 175, will collect Rs 901.25 crore.

This IPO issue constitutes 13.85% of the fully-diluted post issue paid-up equity share capital of Muthoot Finance. ICICI Securities, Kotak Mahindra Capital Co are the book running lead managers to the issue, while HDFC Bank is the co-book running lead manager.

The company plans to use IPO proceeds for augmenting company's capital base for meeting future capital needs, for funding of loans and for general corporate purpose.

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