Muthoot Finance raises $450 million from international bond markets
The Microfinance Institutions Network (MFIN) bond transaction marks the first international bond by an Indian non-banking finance company to debut in 144A/Reg S market, allowing it to tap the US investor base in addition to Asia and Europe. Kochi (Kerala) [India], Oct 22, 2019 : Muthoot Finance Ltd, the largest gold loan company in India, has raised 450 million dollars by selling foreign currency bonds to international investors in its maiden issue of such an instrument. The company plans to use proceeds for both refinancing and other business purposes. The initiative is in accordance with the Reserve Bank of India’s external commercial borrowing guidelines and other applicable laws. The Microfinance Institutions Network (MFIN) bond transaction marks the first international bond by an Indian non-banking finance company to debut in 144A/Reg S market, allowing it to tap the US investor base in addition to Asia and Europe, Muthoot Finance said in a statement. The company eng...