Manappuram Finance Q2 PBT grows 47%; plans to raise $750 mn through MTN

Manappuram Finance has posted a growth of 47 per cent in profit before tax (PBT) at Rs 514.44 crore during the quarter ended September 30, 2019, as compared to Rs 349.92 crore during the same quarter last year. The total income stood at Rs 1334 crore during the quarter, as against Rs 1027.51 crore last year, an increase of 30 per cent.

The Board of Directors of the company approved the establishment of a medium term note (MTN) programme to raise up to $750 million in one or more tranches, in compliance with regulations by the Reserve Bank of India. It has authorised the Financial Resource and Management Committee of the Board of Directors of the company and its members to take necessary steps for establishment of the medium term note programme and issue of debt securities under the same.

Competitor Muthoot Finance has recently started raising funds from Global Medium Term Note programme for a total of $2 billion through multiple traches.