Muthoot Finance Seeks Shareholder Nod For Entry Into Insurance Distribution Biz

Muthoot Finance on Wednesday sought shareholder approval for foraying into the business of insurance distribution in both life and general insurance sectors.

In a postal ballot notice, Muthoot Finance sought shareholders' nod for making changes to the Memorandum of Association of the company and aligning with the Companies Act, 2013.

Approval is being sought to "carry on and undertake the business and activities of a corporate agent, or insurance intermediary by the provisions of the rules and regulations issued by the Insurance Regulatory and Development Authority of India for all classes of insurance business/products in India which includes, Life, General, Health Insurance Business, and all other forms of insurance products/services", Muthoot Finance said in a regulatory filing.

Shares of Muthoot Finance were trading at ₹3,588, up 0.58% over the previous close, on BSE.