Manappuram finance council approves fund raising up to Rs 800 cr

Manappuram Finance announced on Monday that the company’s board of directors had approved raising funds of up to Rs 800 crore via non-convertible debentures, on the basis of a private placement.

NBFC in an exchange filing said the board had approved the issue of listed, secured, rated, redeemable and non-convertible debentures with a face value of Rs 10 lakh each for an amount of Rs 200 crore with a hold option on subscription up to Rs 600 crore aggregated to Rs 800 crore on a private placement basis.

Shares of Manappuram Finance were trading up 2.71% at Rs 172.60 on BSE in morning trading.

Manappuram Finance is one of India’s leading gold lending NBFCs. It has 4637 branches (including subsidiary branches) in 28 states/UT with assets under management (AUM) of Rs. 272.24 billion.

On a consolidated basis, the company’s net profit fell by 8.8% to Rs 369.88 crore on a 1.5% drop in total revenue to Rs 1,554.42 crore in Q2 FY22 compared to Q2 FY21 .

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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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