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Muthoot promoters to dilute stake

The promoters of Muthoot Finance may dilute their stake once their application for bank licence is cleared by the Reserve Bank of India. The company’s senior vice president George M. Alexander said the company expects some decision on the licence issue by the end of February and accordingly the company will approach SEBI for necessary approvals. Currently, the promoters hold 80.12% stake in the company. The company, basically into gold loans also plans to set up white label ATMs. It has a branch network of 4,200 spread across 21 states and four union territories. Around 60% of this branch network is spread across tier-II, tier-III and tier-IV cities.

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