Gold loan financier Muthoot Finance on Thursday said its board has approved a $2 billion (about Rs 16,500 crore) external commercial borrowing (ECB) plan to fund business expansion.

The finance committee of the board of directors of Muthoot Finance at its meeting held on Thursday has approved the update of the existing Global Medium Term Note (GMTN) Programme aggregating to $2 billion, Muthoot Finance said in a regulatory filing.

The company has also approved the offering circular and the programme agreement and other transaction documents to be executed with respect to the GMTN Programme, it said.

The notes proposed to be issued pursuant to the GMTN Programme are proposed to be listed on NSE IFSC Limited, it added.

Meanwhile, Heating equipment maker JNK India Ltd on Thursday said it has fixed a price band of Rs 395-415 per share for its Rs 650-crore initial public offering (IPO). The initial share sale will be open for public subscription during April 23-25.