06 Aug 2024

Muthoot Capital Secures ₹100 Crore Funding for Electric Vehicle Expansion

Muthoot Capital Services is currently trading at ₹324.05, up by ₹6.55 or 2.06% from its previous close of ₹317.50 on the BSE.

The stock opened at ₹323.85 and fluctuated between a high of ₹327.55 and a low of ₹318.30. A total of 211 shares have been traded so far.

This BSE 'B' category stock, with a face value of ₹10, reached a 52-week high of ₹458.00 on October 10, 2023, and a 52-week low of ₹265.00 on March 27, 2024.

In the past week, the stock has ranged between ₹350.00 and ₹295.70. The company's current market capitalization stands at ₹535.20 crore.

Promoters hold a 62.62% stake in the company, while institutions and non-institutions hold 2.16% and 35.22%, respectively.

Muthoot Capital Services has partnered with a UK-based Development Financial Institution to secure long-term debt funding of ₹100 crore to support its electric vehicle (EV) portfolio. Facilitated by Axis Bank, this collaboration underscores Muthoot Capital's dedication to sustainable mobility solutions and its mission to promote EV adoption in India, particularly among the lower middle-income segment.

This funding deal is one of the largest partnerships Muthoot Capital has secured for its sustainability initiatives. While the company is currently involved in EV financing through co-lending, it aims to expand its own EV portfolio by around ₹200 crore during the fiscal year 2025.

Muthoot Capital Services is recognized as one of India's leading automobile finance companies.