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.