Muthoot Group Acquires 2.05% Shares Of Belstar Microfinance For ₹43 Crores

Muthoot Group Acquires 2.05% Shares Of Belstar Microfinance For ₹43 Crores

Post the acquisition of 2.05 per cent shares, the company's stake in its subsidiary increased from its earlier 56.02 per cent to 59.02 per cent.

FPJ Web DeskUpdated: Friday, September 01, 2023, 03:48 PM IST
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Muthoot Group Acquires 2.05% Shares Of Belstar Microfinance For ₹43 Crores | Image: Muthoot Finance (Representative)

Muthoot Group on Friday acquired 2.05 per cent additional stake in Belstar Microfinance Limited, a subsidiary of the company, it announced through an exchange filing. The 10 lakh shares were acquired at a total consideration of Rs 43 crores.

Post the acquisition of 2.05 per cent shares, the company's stake in its subsidiary increased from its earlier 56.02 per cent to 59.02 per cent. The shares were acquired to increase stake in Belstar Microfinance.

Belstar Microfinance Limited is a subsidiary of Muthoot Finance Limited headquartered in the state of Tamil Nadu. Belstar Microfinance Limited is a micro finance company with turnover in the financial year 2022-23 was at Rs 10,312.61 Million. This was higher from the turnover in the previous year of Rs 7,272.29.

Muthoot Finance shares

The shares of Muthoot Finance on Friday closed at Rs 1,270.95, up by 0.84 per cent.

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