Manappuram Finance to raise up to ₹1,150 crore via debentures
1 min read . Updated: 07 Feb 2020, 12:52 PM IST- Earlier this week, Baring India divested stake worth over ₹721 crore in Manappuram Finance Ltd through open market transaction
New Delhi: Gold loan financier Manappuram Finance today said it plans to raise up to ₹1,150 crore through issuance of debentures. Financial resources and management committee of the board of directors of the company held on February 07, 2020 approved the issuance and private placement of rated, secured, redeemable non-convertible debentures up to ₹1,150 crore, Manappuram Finance said in a regulatory filing. The committee will meet on February 14, 2020 to consider the proposed allotment for the said issue, it said.
Manappuram Finance shares were trading 2% lower at ₹166.80 in noon trade today. Its shares had hit a 52-week high of ₹194.60 on 29th January, 2020 after the gold loan-focused non-banker reported a strong growth in net profit to ₹397.84 crore for the December 2019 quarter.
Earlier this week, Baring India divested stake worth over ₹721 crore in Manappuram Finance Ltd through open market transactions. As per the bulk deal data on BSE, Baring India Private Equity Fund II and Baring India Private Equity Fund III offloaded a total of 4,14,60,136 shares at an average price of ₹174 apiece. This took the total deal value to over ₹721.4 crore.
Among the buyers were Key Square Master Fund II LP, Copthall Mauritius Investment Ltd and Societe Generale, that bought a total of 2.26 crore shares at similar price, valuing the total deal amount at ₹394.11 crore, the bulk data showed. (With Agency Inputs)
