Muthoot Fin board’s nod for $2-bn ECB

New Delhi: Gold loan financier Muthoot Finance on Thursday said its board has approved $2 billion (Rs16,500 cr) External Commercial Borrowing (ECB) plan to fund business expansion.

The Finance Committee of the Board of Directors of Muthoot Finance at its meeting held on Thursday has approved the update of the existing Global Medium Term Note (GMTN) Programme aggregating to $2 billion, Muthoot Finance said.

The company has also approved the offering circular and the programme agreement and other transaction documents to be executed with respect to the GMTN Programme, it said.