Manappuram Finance on Tuesday said it plans to raise up to Rs 500 crore by issuing bonds.
A meeting of the company’s Financial Resources and Management Committee of the Board of Directors will be held on December 24 to decide on the capital raise plan.
"The company is desirous of offering secured, rated redeemable non-convertible debentures for Rs 100 crore with an option to retain oversubscription up to Rs 400 crore aggregating to Rs 500 crore,” Manappuram Finance said in a regulatory filing.
The bond issuance is pursuant to the approval of the board of directors resolution passed at its meeting held on March 19, 2021.
Stock of Manappuram Finance closed at Rs 155.70 apiece on BSE down by 0.22 per cent from previous close.