Money & Banking

Elevation Capital raises stake in Muthoot Capital to 9.52%

Our Bureau. Mumbai | Updated on February 23, 2021

Elevation Capital VI FII Holdings (formerly known as SAIF India VI FII Holdings) has upped its stake in Muthoot Capital Services from 7.02 per cent to 9.52 per cent.

In a regulatory disclosure, Elevation Capital said it acquired the shares of Muthoot Capital Services via open market purchase on Monday.

Muthoot Capital Services, promoted by the Muthoot Pappachan Group, is a Non-Banking Finance Company (NBFC). It offers retail finance products such as two-wheeler loans and used car loans and an investment product in the form of fixed deposits.

As of December-end 2020, the assets under management of Muthoot Capital Services stood at ₹2,199.6 crore (₹2,235.4 crore as of September-end 2020).

“Used car loan business is spreading to other locations, albeit slowly; e-rickshaws disbursement has started, consumer durable will start in FY21; co-lending as a form of sourcing is also expected to start in Q4 FY21 in areas where our own presence is low,” the company said in a recent presentation.

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Published on February 23, 2021
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