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Manappuram Finance gains after board OKs fund raising

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Manappuram Finance rose 3.05% to Rs 146.95 after the company said its board approved raising upto Rs 350 crore through private placement of non-convertible debentures (NCDs).

The financial resources and management committee of the board of directors of the company held on Thursday (18 June), approved the issuance of the private placement of rated, secured, redeemable non-convertible debentures having face value of Rs 10 lakh each for the amount of Rs 25 crore with an option to retain over subscription up to Rs 325 crore aggregating to Rs 350 crore.

The company's net profit rose 43.68% to Rs 394.97 crore on 38.72% increase in total income to Rs 1,618.15 crore in Q4 March 2020 over Q4 March 2019.

Manappuram Finance is a gold loans offering non-banking financial company (NBFC), engaged in providing finance against used household gold ornaments.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, June 18 2020. 13:34 IST