Manappuram finance council approves fund raising up to Rs 770 cr

NBFC announced on Thursday that the Financial Resources and Management Committee of the Board of Directors has approved the raising of funds up to Rs 770 crore via non-convertible debentures (NCDs), on a private placement basis.

In an exchange filing, Manappuram Finance said the special committee of the board approved the issuance of secured, unrated, unlisted, redeemable and non-convertible debentures with a face value of Rs 10,00,000 for a total principal amount of up to Rs 770 crore.

Manappuram Finance is one of India’s leading gold lending NBFCs. The company reported a 44.2% drop in consolidated net profit to Rs 261.10 crore on an 8.5% drop in total revenue to Rs 1,491.31 crore in Q4 FY22 compared to Q4 FY21.

Manappuram Finance shares fell 1.86% to Rs 84.40 on BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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