Manappuram group will mobilise Rs 1,500 crore through a non-convertible debenture issue by next month. The debentures with a tenure of five years will carry an interest rate band of 11.5 -12 per cent, according to company chairman VP Nandakumar.
The company plans to mobilise Rs 750 crore through the issue and based on the market response, it would go up to Rs 1,500 crore. This will be mainly to stabilise the liability part of the company, he said.
Addressing a press conference here, he said the company does not need further infusion of capital for the next 3-4 years. The flagship company of the gold loan group Manappuram General Finance and Leasing Limited (Mafgil) earned a net profit of Rs 282 crore in 2010-11, and plans to clock Rs 450-500 crore in the current year.
Manappuram Jewellers, the gold jewellery outlet of the group, will open 100 retail outlets in the next five years with an investment outlay of Rs 3,000 crore.
The number will be expanded to 24 this year itself. The company has 12 such outlets in Kerala, Karnataka and Tamil Nadu and plans to have a public issue of shares by 2015, he added.
For its investments in the Indian real estate, Blackstone seems to follow adage “slow and steady wins the race” quite ardently.Till 2011, the real ...