New Delhi, May 17 -- Muthoot FinCorp on May 16 announced that its board has cleared a proposal to raise up to Rs.4,000 crore through an initial public offering (IPO) of equity shares, subject to shareholders' approval, along with stock split and fundraising plans via NCDs.

The proposed Rs.4,000 crore IPO will consist of a fresh issue of equity shares with a face value of Rs.10 each. The company stated that the offering will be subject to prevailing market conditions, regulatory approvals, and other necessary clearances.

The board also approved a stock split, subdividing each fully paid-up equity share with a face value of Rs.10 into five equity shares with a face value of Rs.2 each, along with the required amendments to the memorandum o...