These projects exemplify REC Limited’s leadership in promoting sustainable development and renewable energy in India. The Mumbai Metro project is recognized for setting a benchmark in low-carbon urban transportation and fostering sustainable city growth, while the Anantapur Solar Project marks a major milestone in renewable energy financing, vital for expanding India’s clean energy capacity. This recognition reaffirms REC’s commitment to India’s clean energy transition, low-carbon mobility, and infrastructure development. Through innovative financing solutions, REC continues to support projects of national importance, contributing significantly to India’s vision of ‘Viksit Bharat 2047’ and global sustainability goals.

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The issuance will be undertaken in two phases, with Rs 225 crore each to be raised in December 2025 and January 2026, across six tranches of Rs 75 crore each. The NCDs are rated “CRISIL A+/Positive”, reflecting adequate safety, low credit risk, and the potential for a rating upgrade.

Available in denominations of Rs 10,000 and Rs 1,00,000, the instruments carry 24-month and 36-month tenures with monthly interest pay-outs, providing predictable cash flows for institutional investors. The NCDs are secured by an exclusive first-ranking charge over the Company’s receivables with a 1.05x security cover, backed by present and future unencumbered assets.

This issuance is expected to strengthen Muthoot Microfin’s medium-term capital base and enhance its lending capacity in the microfinance sector. The funds will support the Company’s pan-India expansion, while reinforcing its focus on building a more resilient financial foundation. As part of its forward-looking strategy, the Company is also set to roll out new initiatives, including expanding its participation in capital market funding, aimed at accelerating growth in an increasingly competitive environment.

The NCDs will be listed on BSE in December 2025 and January 2026, enabling liquidity for investors. KFin Technologies Limited will serve as registrar. Interest payments will be subject to TDS under Section 193 of the Income Tax Act. The issuance underscores Muthoot Microfin’s commitment to strengthening its balance sheet while advancing financial inclusion nationwide.

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The accolade was presented by Shri Arjun Ram Meghwal, Hon’ble Union Minister of State (Independent Charge) for Law & Justice, in a glittering function organized at New Delhi on September 27, 2025. Shri Awanish Kumar Bharati, General Manager (Finance), received the award on behalf of REC Ltd.

The Sustainability Icons Award recognizes REC’s outstanding efforts and dedication to integrating comprehensive ESG principles into its core operations. This recognition underscores the company’s strong commitment to fostering innovation and driving significant contributions towards India’s transition to a greener, more sustainable, and inclusive future.

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Bengaluru, 29^th September 2025: Bank of Baroda (Bank), one of India’s leading public sector banks, and IIFL Finance, a leading Non-Banking Financial Company (NBFC), have entered into a Co-Lending partnership to offer gold loans primarily targeted at underserved and unbanked customer segments across semi-urban and rural India. The collaboration aims to provide small borrowers with faster, easier, and more affordable credit for agricultural and allied activities.

Under this agreement and in line with the Reserve Bank of India’s guidelines on co-lending, IIFL Finance will originate and service the gold loans, while Bank of Baroda will participate in the funding, with joint underwriting by both parties, enabling a seamless and scalable credit delivery mechanism. The partnership will leverage the Bank’s robust capital base & access to low-cost funds and IIFL Finance’s deep reach, significantly enhancing financial inclusion.

The partnership will be driven by a fully tech-integrated process, enabling real-time data sharing between both institutions, ensuring transparency, efficiency, and customer protection while minimising reconciliation errors. The agreement also provides for co-branded documentation and shared servicing responsibilities, ensuring a seamless experience for customers.

Ms. Kirti Timmanagoudar, Head of Co-Lending at IIFL Finance said, “This partnership marks a pivotal step in our mission to democratise access to credit. By joining hands with Bank of Baroda, we are not only expanding our footprint into underserved markets but also ensuring that customers benefit from competitive interest rates, faster loan disbursals, and a tech-driven experience. It’s a win-win for both institutions and the communities we serve.”

Shri Madhur Kumar, Chief General Manager, Bank of Baroda said, “The co-lending agreement with IIFL Finance aligns with our commitment to bridge credit gaps by reaching out to customers who have traditionally been outside the ambit of formal banking and fostering inclusive growth across India’s diverse economy. This partnership reiterates our focus on leveraging technology and collaboration to build a more resilient and accessible lending ecosystem that empowers every borrower.”

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The Prestigious Rising Brand of India Awards celebrate organisations that have demonstrated resilience, innovation, and long-term commitment to customers. Muthoottu Mini was recognised for its “Small Gold Loan for Small Needs” campaign, which reinforced the accessibility of gold loans for low-ticket requirements such as education, healthcare, festive expenses, and small businesses. With more than 90% of its customers availing small-ticket loans, the campaign helped break the stigma around gold loans and position them as dignified solutions for everyday aspirations. The company’s multilingual brand initiatives and authentic storytelling further enhanced customer trust and engagement across diverse markets.

Mr. Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Ltd., said, “This recognition as a Prestigious Rising Brand of India 2025 reflects the growing relevance of gold loans in today’s evolving credit landscape. At Muthoottu Mini, we have always believed that financial services must be both inclusive and dignified. This award validates our commitment to enabling millions of Indians, especially in rural and semi-urban markets, to access timely credit that supports their aspirations and growth.”

Adding to this, Mr. P.E. Mathai, Chief Executive Officer, Muthoottu Mini Financiers Ltd., said, “In a financial ecosystem that is undergoing rapid change, trust and transparency are the true differentiators for NBFCs. This recognition reinforces Muthoottu Mini’s position as a customer-first institution with a strong focus on responsible lending and sustainable expansion. We see it as both an honour and a responsibility to continue shaping the gold loan industry with practices that balance growth, governance, and social impact.”

Beyond business, Muthoottu Mini has consistently invested in community development. Its CSR initiatives have impacted thousands of lives, from distributing school kits, umbrellas, and bags to over 25,000 underprivileged children, to supporting farmers with fertilizers and milk containers, and empowering women with sewing machines and bicycles for self-reliance. These initiatives mirror the company’s belief that true prosperity is shared prosperity.

Operationally, Muthoottu Mini continues to enhance customer experience through mobile app services, online gold loan repayment, and instant disbursals. As of June 2025, the company operates through 970+ branches across 10 states and 2 union territories, serving over 3 million customers, supported by a workforce of more than 5,500 employees.

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·         Funds to fuel expansion into Tier 2 & Tier 3 cities, the next growth hubs

·         Strategic investments planned in technology, governance, risk, and talent for sustainable scale-up 

Bengaluru, 25, August 2025 – Muthoot Finance, India’s largest gold loan NBFC, has infused ₹200 crore into Muthoot Homefin (India) Ltd (MHIL), a wholly-owned housing finance subsidiary, for its expansion into more than 250 cities across India. This strategic investment comes at a time when Muthoot Homefin is witnessing strong business momentum and reflects its commitment to strengthen its presence in the affordable housing sector.

With this capital infusion, MHIL aims to scale its AUM over four-fold over the next five years and emerge as a formidable player in affordable housing finance, particularly across Tier 2 and Tier 3 markets. The company is also targeting a multi-year scale-up that focuses on expanding its pan-Indian footprint through sustainable and responsible growth.

Commenting on the development, Mr. George Alexander Muthoot, Managing Director of Muthoot Finance and sole shareholder of Muthoot Homefin, said: “This capital infusion by Muthoot Finance reflects our strong conviction in the fast-growing Indian economy and the critical role affordable housing will play in shaping India’s economic future. With the continued backing from Muthoot Finance, we are confident of scaling this business responsibly and sustainably. The strongest housing growth will come from India’s Tier 2 and Tier 3 cities, and this infusion equips us to deepen our presence in these markets while staying true to our mission of enabling dignified homeownership for first-time home buyers and self-employed customers.”

Over the last two years, Muthoot Homefin has seen its disbursements grow nearly 6x and Assets under Management (AUM) has doubled to ₹ 3,096 crore. The company’s branch network, manpower, and direct sourcing capabilities have scaled significantly, with a sharp focus on turnaround time, governance, and technology-led credit processes. The fresh funds will further enable Muthoot Homefin to strengthen its lending portfolio, deepen its footprint across underserved housing markets, and invest in digital infrastructure and talent.

“After the COVID-19 pandemic we have been strengthening systems, and sharpening execution. This investment is not just about growth, but about enabling the dream of homeownership for aspiring Indian families,” Mr. Alok Aggarwal, CEO of Muthoot Homefin added.

The roadmap includes a calibrated expansion of branches, sustained improvements in asset quality, and strategic investments in technology, talent, and risk frameworks – with the goal of delivering long-term shareholder value while staying true to its mission of enabling homeownership.

With this capital raise, Muthoot Homefin is poised to further elevate its market presence in the affordable housing finance segment, continuing its mission of enabling affordable homeownership for millions of aspiring Indian families.

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This prestigious recognition has been awarded to REC for its innovative digital initiatives in Retail Bonds, reflecting the company’s commitment to leveraging technology & design thinking for enhancing customer experience and service delivery.

Shri Jitendra Srivastava, CMD, REC Limited extended his heartfelt congratulations to the entire finance team, appreciating their dedication and outstanding contribution in driving digital innovation. Shri Harsh Baweja, Director (Finance) and Senior Officers of the organization were also present to celebrate the achievement.

Management emphasized the importance of fostering a culture of innovation, excellence, and forward-thinking across all levels of the organization, encouraging employees to continue setting benchmarks in the financial sector.

The award was received by Shri Alok Singh, GM and CPM (Mumbai) along with officials from the Finance Team.

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For Q1 FY 26, the company reported a total revenue from operations of ₹225.72 crore, up from ₹185.56 crore in Q1 FY25. Net profit for the quarter stood at ₹30.14 crore, compared to ₹23.52 crore in the same period last year. Assets Under Management (AUM) reached ₹4,477.66 crore as of June 30, 2025, marking an increase from ₹3,524.94 crore in Q1 FY25. The gold loan portfolio accounted for ₹4,153.70 crore representing 92.7% of the total AUM.

Compared to the previous financial year, Muthoottu Mini recorded strong double-digit growth across key metrics. Total revenue from operations rose by 21.64%, net profit surged by 28.15%, and AUM expanded by 27.03% on a year-on-year basis. This continuous growth reflects the company’s ability to deliver sustainable financial performance while strengthening its leadership in the gold loan segment.

Mr. Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Ltd., said, “With the capital markets witnessing positive growth, the gold loan segment has emerged as a vital driver contributing to this momentum. Over the past few years, our focus has been on providing accessible credit options to millions of customers, particularly in rural and semi-urban India. The overall growth we are witnessing today is a reflection of the value-added services we deliver and the trust our customers continue to place in us.”

Mr. P.E. Mathai, Chief Executive Officer, Muthoottu Mini Financiers Ltd., added, “The strong start to FY26 reaffirms our strategic direction. Our focus is not only on growing volumes but also on improving customer lifetime value through technology-led engagement, faster disbursals, and personalized service. As demand patterns evolve, we are well-positioned to capture emerging opportunities and continue building an empire that stands for transparency, reliability, and customer-first values.”

As part of its CSR commitment, Muthoottu Mini continued to support communities through initiatives such as distribution of school kits to underprivileged children, livelihood assistance for farmers, and vocational training for women entrepreneurs. These efforts underline the company’s belief that sustainable growth goes hand in hand with social responsibility.

Operationally, Muthoottu Mini has enhanced customer experience through digital initiatives including mobile app services, online gold loan repayment, and instant loan disbursal. As on June 30, 2025, the company operates through 958 branches across 10 states and 2 Union Territories, serving over 2.5 million customers, and is supported by a workforce of more than 5,500 employees.

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India, August 11, 2025 – Moneyboxx Finance Ltd, a BSE-listed NBFC focused on transforming credit access for underserved small and micro enterprises in semi-urban and rural India, has announced the appointment of Vivek Meharwal as Chief Business Officer. In this role, he will be responsible for accelerating the growth of the secured loan portfolio and enhancing overall operational efficiency.

Vivek Meharwal joins Moneyboxx with over 21 years of experience across the lending industry. He brings deep domain expertise in credit strategy, business development, product innovation, and portfolio growth management at scale. He was previously the Chief Business Officer at Altum Credo Home Finance and had stints at Avanse Financial Services, Religare, GE Money, and ICICI Home Finance before.

Welcoming him to the company, Mr. Mayur Modi, Co-Founder and Co-CEO, Moneyboxx Finance Limited said, “We are excited to welcome Vivek Meharwal on board as Chief Business Officer. His comprehensive experience in credit management, new business architecture, and product-level growth will play a crucial role in strengthening our expansion strategies. As we deepen our outreach across underserved regions, his leadership will help us deliver sustainable growth with strong portfolio quality, aligned with our mission of empowering grassroots entrepreneurs through responsible lending.”

Commenting on his new role, Mr. Vivek Meharwal, Chief Business Officer, Moneyboxx Finance Limited said, “I am thrilled to join Moneyboxx Finance at such a pivotal time in the journey. The company’s mission of enhancing financial inclusion resonates deeply with my growth objectives. I look forward to leading business strategy and execution that enhances our product offerings, strengthens credit delivery, and drives sustainable impact across rural and semi-urban India”

This leadership appointment comes at a time when Moneyboxx Finance is witnessing strong business momentum. As of Mar’25, the company reported a 27% year-on-year growth in Assets Under Management (AUM), alongside an expanding physical footprint of 163 branches across 12 states, reflecting its continued focus on empowering underserved entrepreneurs and driving inclusive economic growth across semi-urban and rural India.

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The ISO 31000:2018 is an internationally recognized standard that provides principles and guidelines for effective risk management. This is a testimony to our efforts of having adopted the best-in-class risk management practices to offer significant value to REC on the risk management and mitigation front.

“This ISO 31000:2018 certification is a testament to REC’s unwavering commitment to excellence in Enterprise Risk Management,” said Mr. Subrata Aich, Chief Risk Officer of REC. “It signifies that REC has a structured, comprehensive, and internationally aligned approach to risk management, which will further enhance the confidence of all our stakeholders, including investors and lenders.”

The official certificate was formally handed over to Sh. Subrata Aich by Sh. Shripad Yesso Naik, Minister of State for Power and New & Renewable Energy and Sh. Prateek Rai, India Head – Training (Sales and Operations), BSI, during 56th Foundation Day of REC.

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