Manappuram opens office in Mumbai

Manappuram Finance Ltd (MFL) will be opening its new corporate office in Mumbai. The Mumbai office, located at Aiswarya Business Plaza, in Kalina, will be the annexe of the headquarters of the company located at Valapad in Kerala, according to its executive chairman VP Nandakumar. Maharashtra governor K Sankara-narayanan will inaugurate the new office on August 20. MFL expects its gold loan disbursements to grow 50-60 per cent in the current financial year to about Rs 30,000 crore, from Rs 18,000 crore last year.

It has about 13 per cent of the market share of the total gold loans of Rs 70,000 crore disbursed by all banks, financial institutions and NBFC’s at the national level. At present, the company has the gold holding of 62 tonnes with a loan book of Rs 10,000 crore.

The company has recently launched ethics helpline service by joining hands with KPMG for improving corporate governance and also entered into another huge contract with IBM to improve its IT infrastructure.

He said there was good response to its public issue of Non Convertible Debentures (NCDs) for Rs 400 crore with a green shoe option to retain another Rs 350 crore. The issue opened for subscription from August 18 and will end on September 5. It has 2,416 branches across the country.