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Gold loan major Muthoot Finance, has met the SEBI stipulation of having a minimum public shareholding of 25 per cent, a company press statement said on Monday.
The company offload a fresh 2.53 crore equity shares of face value ₹10 each to investors through SEBI’s Institutional Placement Programme (IPP).
The issue, which opened and closed on April 25, was conducted under the book-building route with a price band of ₹155-165 a share.
The issue was oversubscribed 1.80 times at the upper end of the price band for a total bid amount of ₹754.64 crore.
“We are glad that we could comply with the SEBI norm of 25 per cent public shareholding well before the deadline,” a statement quoted Muthoot Finance Chairman MG George Muthoot.
Under the IPP, the offer was made only to qualified institutional buyers.
Earlier in April 2011, Muthoot Finance had launched an IPO following which its shares were listed on stock exchanges on May 6 of that year. Public shareholding as on that date was 19.88 per cent. SEBI guidelines stipulated that this should be increased to 25 per within three years from the date of listing, the statement noted.
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