Muthoot Finance IPO opens On April 18, 2011

Muthoot Finance Ltd’s initial public offering scheduled to open on April 18. The Kochi-based company plans to issue 51.5 million equity shares of Rs 10 face value with a premium that will be determined through a book-building process.

The proposed share sale will open to anchor investors on Friday, while the books will open to other public investors on April 18, and close on April 21.

The shares on offer will constitute 13.85 per cent of the fully diluted, post-issue, paid-up equity share capital of the company. Following the IPO, the shareholding of the promoters of the company will reduce from 93 per cent to 80.12 per cent.

The offer would be made through the 100 percent book-building route. Of the net offer, 50 per cent is reserved for Qualified Institutional Buyers (QIBs) while 15 per cent and 35 per cent, respectively, are reserved for non-institutional investors and retail investors. Post-IPO, the shares will be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

The objective of the offer is to augment the company’s capital base in order to support its capital requirements arising out of anticipated growth in assets and for also compliance with regulatory capital adequacy requirements.

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