Manappuram Finance gallops on fund raising plan

Manappuram Finance rose 2.57% to Rs 161.40 after the company said that its board may consider issuing debt securities in November 2020.

The company is considering various options for raising funds through borrowings. This may include issuance of various debt securities in onshore/offshore securities market by public issue, on private placement basis, or through issuing commercial papers.

Based on the prevailing market conditions, the board of directors may consider and approve issuances of debt securities during November 2020, subject to such terms and conditions including the issue price of debt securities, as the board /respective committee may deem fit, Manappuram Finance said in a statement during trading hours today, 27 October 2020.

The NBFC reported 37.9% rise in consolidated net profit to Rs 367.97 crore on 26.3% increase in total income to Rs 1,516.47 crore in Q1 FY21 over Q1 FY20.

Manappuram Finance is a gold loans offering non-banking financial company, engaged in providing finance against used household gold ornaments.

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