Muthoot Finance sets IPO price band at Rs 160-175 per share | business | Hindustan Times
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Muthoot Finance sets IPO price band at Rs 160-175 per share

Gold financing company Muthoot Finance said today it will raise over Rs 900 crore through its initial share sale offer, which will begin on April 18.

business Updated: Apr 13, 2011 12:34 IST

Gold financing company Muthoot Finance on Wednesday said it will raise over Rs 900 crore through its initial share sale offer, which will begin on April 18.

The company has set a price band of Rs 160-175 a share for the IPO of 5.15 crore equity shares, Muthoot Finance said in a public notice.

The Rs 901.25-crore IPO, opening on April 18, would close on April 20 for QIB bidders and on April 21 for retail and non-institutional investors.

At the lower end of the price band, the company will raise Rs 824 crore, while on the upper end it will mop up Rs 901.25 crore.

The issue will constitute 13.85% of the fully-diluted post issue paid-up equity share capital of the company, it said.

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 IPO proceeds will be utilised to augment the company's capital base for meeting future capital needs, for funding of loans and for general corporate purposes, it added.

Kerala-based Muthoot Finance is a non-deposit taking, non-banking finance company.