19th Annual General Meeting of Muthoot Finance Ltd. was held on 29th September, 2016 at Fine Arts Hall, Ernakulam. From Left to Right – Mr. M. G George Muthoot, Chairman, Mr. Alexander George, Director, Mr. George Jacob Muthoot, Jt. Managing Director, Mr. George Thomas Muthoot, Jt. Managing Director, Mr. George Alexander Muthoot, Managing Director, Mr. Kariath George John, Independent Director, Mr. George Joseph, Independent Director, Justice. K. John Mathew, Independent Director, Mr. John K. Paul, Independent Director. Large number of shareholders was also present
Kochi, September 30, 2016: Muthoot Finance Ltd, India’s largest gold loan company, held its 19th Annual General Meeting in Kochi on September 29th, 2016.
Mr MG George Muthoot, Chairman, Muthoot Finance Ltd, highlighted the major achievements and business milestones the company achieved during the financial year 2015-16.
“It is a matter of pride for all of us that both CRISIL and ICRA, India’s leading credit rating agencies upgraded our long term rating from AA minus/Stable to AA/Stable. The rating upgrade is a reflection of consistent performance inspite of going through turbulent times in the last four years as well as improvement in financial performance last year,” said Mr MG George Muthoot while addressing the shareholders.
“We hope this upgrade will enable us to get finer rates from financial institutions and banks enabling us to reduce our cost of borrowings,” he added.
Chairman MG George Muthoot also said that the next Public Issue of Non-Convertible Debentures for Rs. 500 crore is expected to open in second week of November.
He further added that Muthoot Finance Ltd’s capital adequacy ratio as of March 31, 2016 stood at 24.48%- which is well above the regulatory minimum of 15%. Last year company successfully completed 3 Public Issue of Non-Convertible Debentures raising Rs. 1,239 crore.
“Our market capitalisation crossed Rs. 15,000 crores mark for the first time in August 2016,” he added.
About Muthoot Finance Ltd:
Muthoot Finance Limited is the largest gold financing company in India in terms of loan portfolio. The company is a “Systemically Important Non-deposit taking NBFC” headquartered in the southern Indian state of Kerala.
Operating history of Muthoot Finance has evolved over a period of 76 years since M George Muthoot (the father of our Promoters) founded a gold loan business in 1939 under the heritage of a trading business established by his father, Ninan Mathai Muthoot, in 1887.
The company provides personal and business loans secured by gold jewellery, or Gold Loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements.
Company is listed on both National Stock Exchange and BSE Ltd.