Manappuram Finance gets board's nod for raising up to Rs 1,150 cr

Manappuram Finance Ltd on Friday said it has received approval from the board of directors for raising up to Rs 1,150 crore through issuance of debentures.

In a regulatory filing the company said the Financial Recourse and Management Committee of the board of directors at its meeting held on Friday has approved the said fund raising plan.

The board has approved, "the allotment of 1,1500 secured, rated, listed, redeemable nonconvertible debentures (NCDs) of face value of Rs 10 lakh each, aggregating to Rs 1,150 crore on a private placement basis," Manappuram Finance said in a BSE filing.

Shares of Manappuram Finance were trading at Rs 161.70 a piece, down 1.49 per cent from the previous close.