Manappuram Finance board OKs fund raising up to Rs 800 cr

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

The NBFC in an exchange filing said, the board of directors approved the issuance of Listed, secured, rated, redeemable, Non-Convertible Debentures of face value of Rs 10 lakh each for an amount of Rs 200 crore with an option to retain over subscription up to Rs 600 crore aggregating to Rs 800 crore on private placement basis.

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

Manappuram Finance is one of India's leading gold loan NBFCs. It has 4637 branches (includes branches of subsidiary companies) across 28 states/UTs with assets under management (AUM) of Rs. 272.24 billion.

On a consolidated basis, the company's net profit skid fell 8.8% to Rs 369.88 crore on 1.5% decline in total income to Rs 1,554.42 crore in Q2 FY22 over Q2 FY21.

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