Muthoot Finance Ltd (MFL) has acquired 51 percent equity shares of Colombo-based Asia Asset Finance PLC (AAF), the company told the National Stock Exchange (NSE) Wednesday.
"Pursuant to open offer given by MFL for acquisition of shares of AAF in Colombo Stock Exchange, the company has acquired 56,059,084 shares at 1.60 LKR," MFL chief general manager K.R. Bijimon informed the NSE.
MFL said it had received the necessary approvals from Colombo Stock Exchange and Securities Exchange Commission in Sri Lanka for transferring the shares acquired via open offer to MFL's account.
India's largest gold financing company, MFL now holds 428,011,711 shares in AAF representing 51 percent of total equity shares.
"Pursuant to the present acquisition, AAF has become a subsidiary of MFL," Bijimon said.
AAF offers leasing, mortgaging and short-term loans in Sri Lanka.
Shares of MFL traded Rs.191.50 on NSE, up by 0.05 percent in the evening trade.
Related Post
Trinidad Tobago Prime Minister in Mumbai to Promote Bi-Lateral Relations and Open a Cricket Academy in Trinidad
Prime Minister of Trinidad and Tobago, Dr Keith Christopher Rowley, and his wife, Sharon Rowley, were accorded a ceremonial reception…
Seminar on Management Accounting Focuses on the Evolving Landscape of Management Accounting
The national seminar “Navigating the New Frontier: Management Accounting in the Era of Real-Time Insights, Sustainable Growth, and Cybersecurity,”…
First Marathi Book’s 200th Print Edition by Ex-RBI Luminary Released
In a significant event this weekend, Maharashtra Governor Ramesh Bais released the 200th special edition of the book ‘Aamcha Baap…
Middle East Weekly Round Up
FedEx Opens Advanced Sustainable Logistics Hub in Dubai Boosting the UAE’s Green Economy Goals, FedEx Express has unveiled a cutting-edge logistics hub at…
Diwali Festival
Diwali, celebrated in Mumbai with great enthusiasm, illuminates the city with vibrant lights, symbolising the triumph of light over darkness.…
Special News
-
Janet Bray Attwood – A Passion Pioneer
December 27, 2023 -
Balattan leaves behind legions of admirers
October 12, 2021 -
Eulogy to a marketing colossus
August 30, 2021 -
Unsung warriors Mumbai Customs
July 13, 2021 -
Adieu to a top bureaucrat
July 11, 2021 -
New CBI chief can uncage the parrot
June 1, 2021 -
Shirley Pillai Saviour for school kids
May 30, 2021 -
BMC s Chahal Beacon of light in a crisis
May 23, 2021 -
Indu Jain an icon for all ages
May 19, 2021 -
Leela an Invaluable Name and a Unique Brand
May 18, 2021
Top News
-
Masdar, EGA form Alliance for Low-Carbon Aluminium
April 22, 2024
Middle East Weekly Round Up
May 16, 2024
Diwali Festival
May 14, 2024