Asirvad Microfinance planning to raise around Rs 500 cr from PE funds

Asirvad Microfinance Limited, the microfinance subsidiary of Manappuram Finance Ltd, is planning to raise around Rs 500 crore from private equity (PE) funds. Ahead of the fundraising, the microfinance firm is planning to raise Rs 150 crore from promoters.

Raja Vaidyanathan, MD at Asirvad Finance said that by next month the company is planning to raise Rs 150 crore from promoters through a rights issue. Within five months, after the rights issue, the company plans to raise Rs 500 crore from PEs.

The money will help support the growth and also back the company’s CAR. Today, the company's