Muthoot Finance to expand in West Bengal from 50 to 100 branches

Muthoot Group will open 50 branches in West Bengal by March 2012.

This will bring its tally in the state to 100, the company managing director George Alexander Muthoot.

The Kochi-based gold loan financing company  is going in for a public issue of secured, redeemable, non-convertible debentures to raise up to Rs 1,000 crore. The issue will open on August 23 and closes on September 5. The NCDs will offer interest rates between 11.75% and 12.25% annually.

Mr Muthoot said the company is raising the fund for diversifying its investor base. It has recently raised Rs 900 crore from its initial public offer.