Mumbai, Oct 17 (PTI) Kerala-based Muthoot Microfin, a subsidiary of the gold loan player Muthoot Fincorp, is planning an IPO in 2019.Also Read - Kochi Metro Rail Limited to Give 50% Concession to Passengers During Non-Peaky Hours

The company said the IPO will to support expansion of our microfinance business we are preparing ourselves for an IPO. As of today we are the fourth largest MFI. Also Read - Uttarakhand CM Dhami Announces Aid of Rs 4 Lakhs for Kins of Deceased on Rain-related Incidents; IMD Issues Orange Alert Issued for Kerala

As part of the IPO, the MFI is also planning to divest some equity to a PE player and plans to raise USD50 million, the company said, adding last December it had raised USD20 million from the Chicago-based PE firm Creation Investment. Also Read - Several States Likely to Receive Heavy Rain Today, IMD Issues Orange Alert For Kerala

So far in FY18, the MFI has already raised Rs 1,058 crore of funding, which includes Rs 75 crore of listed NCDs, Rs 398 crore of term loans from banks, and Rs 585 crore of direct assignment of priority sector portfolio with various banks.

—————————————————— Pressman Advertising net jumps 36% to Rs 18.8 cr Mumbai: The Kolkata-based Pressman Advertising, which is the only publicly traded PR agency and ad agency in the country, has reported a 36 per cent jump in consolidated net profit at Rs 18.8 crore for the three months to September.

Its income grew to Rs 124.2 crore from Rs 116.2 crore while pre-tax profit increased to Rs 25.85 crore from Rs 20.8 crore.

However, for the half year ended September, income declined to Rs 239.2 crore from Rs 243.9 crore while profit after tax rose to Rs 40.92 crore from Rs 32.55 crore.

The company attributed the good number to the focus on the digital and consulting businesses, which has resulted in a healthy increase in net margins to 18.31 per cent from 13.78 per cent.


SBI Foundation donates Rs 10 cr to CST restoration Mumbai: The SBI Foundation, the CSR arm of the bank has sanctioned Rs 10 crore for conservation and restoration of the Unesco World Heritage Site Chhatrapati Shivaji Terminus, for period the next three to five years.

Through this project, SBI aims to contribute in development and preservation of world heritage structures in the country.

The project would involve conservation and restoration of heritage building’ south and south fa ade, conservation and restoration of old annexe building fa ade, south fa ade side open space restoration of ground level, paving, landscape works and restoration of heritage compound wall, museum etc, the bank said in a note.

————————————————————- Credai to expand presence from 177 cities to 300 Mumbai: The Confederation of Real Estate Developers’ Associations (Credai) is planning to expand its presence across the country from 177 city chapters to 300 by 2018.

To achieve this, the lobby group is organising a two- day summit from November 9-10 at Nagpur to showcase the potential of the tier II, III and IV markets and highlight the efforts being expended towards their growth.

This is published unedited from the PTI feed.