Manappuram Finance Limited (Formerly known as Manappuram General Finance and Leasing Ltd) is one of the largest NBFCs in India predominantly dealing in gold loans. It is the second largest listed player in the gold loan segment with a consolidated AUM of Rs 15765 crore (FY2018) of which gold loans account for Rs 11735 crore. It has a strong pan-India presence through its 4199 strong branch network spread across 24 states and 4 union territories serving a customer base of more than 3.8 million. In addition to gold finance the company is focusing on affordable housing finance vehicle and equipment finance which includes commercial vehicle loans two-wheeler loans tractor & car loans microfinance SME finance project and industrial finance corporate finance and insurance broking. The company operates its housing finance business under its subsidiary Manappuram Home Finance Limited (MAHOFIN). Manappuram General Finance and Leasing Ltd was incorporated on July 15 1992 in the wake of economic reforms launched by the Government of India mainly to take advantage of the importance assigned to Leasing as a vehicle to promote decentralized pattern of Economic Growth through small and medium enterprises. During the year 1994-95 the company opened new branches in Calicut Guruvayur Ernakulam and Thriprayar. In the year 2002 they started Forex business as a part of its diversification. During the year 2002-03 the company opened 8 new branches in various places. During the year 2003-04 the company entered into various diversified activities as acting as corporate agents for life and general insurance vehicle finance acting as full-fledged money changers online share trading instant money transfer etc through and with their 100% subsidiary. Also they commenced instant money transfer facility in collaboration with Xpress Money Coinstar Instant Cash Zoha Ezremit and MoneyGram.During the year 2004-05 the company acquired 100% equity shares in Manappuram Insurance Agents and Brokers Ltd. Also they widened their activities further by opening 14 new branches in various places. During the year 2006-07 the company was granted the prestigious Authorized Dealer Category II license by the Reserve Bank which will enable the company to undertake a wide range of non trade remittances apart from currency exchange transactions. In November 2006 the company's 100% subsidiary Manappuram Insurance Brokers Pvt Ltd received the insurance Broking Licence from the Insurance Regulatory and Development Authority (IRDA). During the year 2008-09 the company strengthened their IT infrastructure and systems to support their operations. The connectivity to branches was also upgraded so as to provide improved information flow to branches and to further support the collection system. The company acquired the entire assets and liabilities of Manappuram Printers a sole proprietorship which is in the business of trading in stationery items for a total consideration of Rs 10 million. In November 4 2008 the company sold their entire investment in their subsidiary Manappuram Insurance Brokers Pvt Ltd to one of the directors' of the company for an amount of Rs 5.86 million.During the year 2009-10 as per the scheme of amalgamation Manappuram Finance Tamilnadu Ltd was amalgamated with the company. Also they opened their 1001st branch in Thrissur.During 2011 the company adopted a new name of Manappuram Finance Ltd in place of earlier name Manappuram General Finance and Leasing Ltd. The company also came with a Bonus issue in the Ratio of 1:1 In 2012 Manappuram Finance's assets under management (AUM) crossed Rs 10000 crore mark. The company's branch network reached 2908 with more than 850 branches added in FY 2012.In 2014 Manappuram Finance pioneered the introduction of shorter tenure loan products (3 to 9 months) with lower LTV for longer tenure loans. During the year Manappuram Finance acquired full ownership of Milestone Home Finance Limited from Japyee Hotels Limited and renamed it as Manappuram Home Finance Private Limited. During the year equity shares of Manappuram Finance were listed on the National Stock Exchange. The Board of Directors of Manappuram Finance at its meeting held on 23 September 2014 considered and approved the commencement of business of Micro Financing either as a separate division of the company or by acquiring existing companies in micro financing activity. The Board also approved commencement of Commercial Vehicles financing business and depository participant business. The Board of Directors of Manappuram Finance at its meeting held on 23 December 2014 approved the acquisition of 70% stake in Asirvad Micro Finance Pvt. Ltd. Chennai subject to approvals from Reserve Bank of India and to execute necessary agreements to conclude the transaction. The company intends to increase its stake up to 85% by infusion of additional capital. The total capital commitment will be close to Rs 136 crore.In February 2015 the company acquired Chennai based Asirvad Microfinance Pvt. Ltd. having assets under management (AUM) of a little short of Rs 300 crore. Asirvad is an NBFC operating as a micro finance institution (NBFCMFI). The company is carrying on the business of micro finance with about 115 branches spread across Tamil Nadu Kerala and Karnataka. The Board of Directors of Manappuram Finance Ltd at its meeting held on 14 August 2015 approved the acquisition of Manappuram Insurance Brokers Pvt Ltd for the consideration of Rs 1.55 crore subject to the approval of RBI and IRDAI.On 2 January 2016 Manappuram Finance Ltd informed the stock exchanges that the company has acquired 100% equity shares of Manappuram Insurance Brokers Pvt. Ltd (MIBPL) by way of transfer of shares from existing shareholders of MIBPL for the total consideration amount of Rs 1.55 crore. MIBPL is acting as brokers for insurance companies in India doing life insurance and general insurance and having valid license issued by IRDAI and is also a member of Insurance Brokers Association of India Hyderabad. MIBPL clocked turnover of Rs 1.02 crore in FY 2014-15. On 1 July 2016 Manappuram Finance Ltd announced that credit rating agency CRISIL has upgraded its rating on the long-term bank facility and non-convertible debentures of the company to 'CRISIL AA-/Stable' from 'CRISIL A+/Stable' while reaffirming the rating on short-term debt at 'CRISIL A1+'. This is attributed to the improvement in business risk profile stable operating environment and also factors in the company's strong earnings profile.The Board of Directors of Manappuram Finance Ltd at its meeting held on 8 February 2017 decided to suspend the company's Depository Participant (DP) Service with effect from 1 April 2017 and the DP will be kept as dormant. Necessary arrangements will be made to transfer/close existing demat accounts held with the company's DP and the above decision will also be communicated to CDSL.In August 2017 CARE Ratings upgraded the long-term credit rating of Manappuram Finance Ltd to CARE AA (double A) stable from CARE AA- (double A minus) stable. The revision in the long term rating factors in the significant improvement in financial performance of the company during FY 2017 primarily supported by its focus on shorter tenure loans leading to lesser under-recovery.The Board of Directors of Manappuram Finance at its meeting held on 2 November 2017 approved equity infusion of up to Rs 50 crore in its subsidiary Asirvad Microfinance Limited (Asirvad). The capital infusion will facilitate Asirvad's business growth. Asirvad has pan India operations. The Board of Directors of Manappuram Finance at its meeting held on 2 July 2018 has authorized entering into securities purchase agreement in connection with the company's acquisition of 85.39% of the share capital (on a fully diluted basis) of Indian School Finance Company Private Limited (ISFC or Target Entity)from certain existing ISFC shareholders. The Board has also authorized entering into transfer restrictions agreement between the company ISFC and certain continuing shareholders of the Target Entity. ISFC is a non-banking financial company (NBFC) registered with RBI and extends loans to affordable educational institutions (including for purchase of buses) teachers and other educational sector loans. The acquisition will facilitate Manappuram Finance's business growth on account of a strategic partnership between ISFC and the company. Being a niche sector and since the business is both scalable and profitable the acquisition will be a key growth driver for the company. The aggregate cost of acquisition is Rs 212.20 crore. Manappuram Finance will acquire approximately 85.39% in ISFC and will acquire control of ISFC upon consummation of the transaction.