Manappuram Finance gains on securing board nod for acquiring Asirvad Micro Finance

Manappuram Finance rose 4.01% to Rs 33.75 at 9:25 IST on BSE after the company's board of directors approved the acquisition of 70% stake in Asirvad Micro Finance, Chennai.

Meanwhile, the BSE Sensex was up 38.61 points, or 0.14%, to 27,556.33

On BSE, so far 81,406 shares were traded in the counter, compared with an average volume of 2.80 lakh shares in the past two weeks.

The stock hit a high of Rs 33.95 and a low of Rs 33.30 so far during the day. The stock hit a 52-week high of Rs 38.75 on 21 November 2014. The stock hit a 52-week low of Rs 14.05 on 7 January 2014.

The small-cap company has an equity capital of Rs 168.24 crore. Face value per share is Rs 2.

Manappuram Finance announced after market hours yesterday, 23 December 2014, that the board of directors of the company at its meeting held on 23 December 2014 has approved the acquisition of 70% stake in Asirvad Micro Finance, Chennai subject to approvals from Reserve Bank of India and to execute necessary agreements to conclude the transaction. The company also intends to increase its stake up to 85% by infusion of additional capital. The total capital commitment will be close to Rs 136 crore, Manappuram Finance said.

Manappuram Finance reported 9.6% rise in net profit to Rs 76.43 crore on 7.7% decline in total income to Rs 504.58 crore in Q2 September 2014 over Q2 September 2013.

Manappuram Finance is a leading non-banking financial company (NBFC), providing finance against household gold ornament.

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