Muthoot Fincorp is planning to raise about R500-600Cr PE investment by offloading 5-6% stake.
The proceeds will be used to fund it's expansion plans over the next one year. It is looking to add 1000 more branches in next one year.
Muthoot Fincorp Ltd is the flagship company of the Muthoot Pappachan group, which is also into hospitality, real estate and power generation. The company's main business is lending against gold, however the company also distributes mutual funds, and general and life insurance products, and is also present in the money-transfer business.
The outstanding portfolio of gold business is currently at R6500Cr and the company targets to increase it to R8500Cr by March 2012.
Fourcee Infrastructure has raised $104Mn of growth capital from General Atlantic. The funds will be used to expand tank terminals, add more containers and to strengthen its infrastructure. Ranjit Pandit, managing director at General Atlantic will be joining the board of Fourcee.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.