Muthoot Finance has announced its decision to sell 2.535 crore shares (6.82% stake) via the institutional placement programme (IPP), the company said in a stock exchange announcement. The offer, valid for a day, will open on April 25. The company has fixed a price band of R155-165 per share, a discount of 5.7% to 11% from the current market price. At the given price band, Muthoot intends to raise R392-418 crore. The offer is a part of the Sebi’s minimum public shareholding norms that require privately-held listed companies to reduce promoter holding to 75% or below. Muthoot Finance was listed in April 2011 and the company had to comply with Sebi norms within three years from the date of listing. The company’s stock rose R0.15 or 0.09% to end at R174.75 on BSE.