 "Manappuram Finance raises Rs 250 cr through bonds")
Manappuram Finance on Thursday said it has raised Rs 250 crore by issuing bonds, and the amount will be utilised to pare its debt and shore up capital resources.
The financial resources and management committee of the company's board of directors in its meeting on Thursday approved the allotment of secured, rated, listed, redeemable, non-convertible debentures for an amount of Rs 250 crore on a private placement basis, the company said in a regulatory filing.
The bonds to be listed on the BSE bear an interest rate of 6.95 per cent per annum and are set to mature on December 30, 2024.
"The net proceeds from the subscription of the NCDs (non-convertible debentures) shall be exclusively utilised for refinancing of existing debt, augment the resources of the company and towards onward lending in gold loan, loan against properties, vehicle financing," Manappuram Finance said.
Shares of the company on Thursday ended at Rs 162.45 apiece on the BSE, down 1.19 per cent from the previous close.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app