Muthoot Finance Ventures into Insurance Distribution

Muthoot Finance has announced plans to expand its business into the insurance distribution sector, requesting shareholder approval on Wednesday. The company aims to cover both life and general insurance sectors.

In a recent postal ballot notice, Muthoot Finance outlined its intent to amend its Memorandum of Association to comply with the Companies Act, 2013 and align with regulatory provisions.

The move will enable Muthoot Finance to serve as a corporate agent or insurance intermediary, guided by the rules set forth by the Insurance Regulatory and Development Authority of India. Shares of the company saw a slight increase, trading at Rs 3,588.

(With inputs from agencies.)