Manappuram Finance signs non-binding agreement to acquire majority stake in Asirvad Microfinance

Asirvad Microfinance is a Chennai based NBFC-MFI

Manappuram Finance announced that the Company has signed a Non- Binding Term Sheet to acquire majority equity shareholding of Asirvad Microfinance (AMPL) through a combination of secondary purchase of equity shares from certain existing shareholders and primary investment by way of subscription to equity shares in AMPL.

Progress and closure of the transaction, as is customary in transactions of this nature, is contingent upon satisfactory completion of business, financial and legal due diligence on AMPL; signing of definitive agreements among the transacting parties; receipt of statutory and regulatory approvals, as may be required, including from the Reserve Bank of India; and fulfillment of conditions precedent as may agreed upon.

Head quartered in Chennai, AMPL, promoted by S V Raja Vaidyanathan, is a RBI registered NBFC-MFI, with operation in Tamil Nadu, Kerala, Odhisa and Gujarat.

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