Manappuram Finance to raise up to $500 mn via external commercial borrowing

Gold loan financier Manappuram Finance on Friday said its board has approved raising of up to $500 million (about Rs 4,100 crore) by way of external commercial borrowings (ECBs).

The funds would be raised in one or more tranches, Manappuram Finance said in a regulatory filing.

In the filing, the company said its financial resources and management committee of the board at its meeting held on April 19, 2024, has approved the fundraising proposal.

Last month, the company approved fund raise by issuance of redeemable non-convertible debentures (NCDs) up to the overall limit of Rs 6,000 crore by way of private placement or public issue in one or more tranches to meet business growth.

This is the fundraise plan for the financial year 2024-25, the company had said.