Manappuram Finance raises Rs 250 cr by issuing bonds on private placement

Manappuram Finance on Friday said it has raised Rs 250 crore by issuing bonds on a private placement basis.

The Financial Recourse and Management Committee of the company's board has approved allotment of 2,500secured redeemable NCDs of face value of Rs 10 lakh each aggregating to Rs 250 crore on a private placement basis, it said in a regulatory filing.

The non convertible debentures (NCDs) are to be listed on BSE, it said.

The bonds carry a coupon rate of 8.75 per cent per annum and have tenure of 18 months, said the Kerala based non-banking finance company.

Manappuram Finance stock was trading 2.95 per cent down at Rs 142.20 on BSE.