Manappuram Finance board nods fundraise of ₹7,800 cr for FY23 via debentures
Premium- The proposed debentures will be listed on BSE or NSE, as may be decided by the Board of Directors or its Committee thereof.
Kerala-based gold loan NBFC, Manappuram Finance on Saturday received board of directors approval for fundraising to the tune of ₹7,800 crore through issuance of redeemable non-convertible debentures in tranches for the financial year 2022-23.
In its regulatory filing on stock exchanges, Manappuram Finance said that " the Board of Directors of Manappuram Finance Limited at its meeting held on today has considered and approved fundraising program of the Company for FY 2022-23, which interalia includes issuance of Redeemable Non-Convertible Debentures up to the overall limit of ₹7,800 crores by way of private placement or/and Public issue in one or more tranches."
The proposed debentures will be listed on BSE or NSE, as may be decided by the Board of Directors or its Committee thereof.
Other details like tenure, coupon rate, charges, and special benefits will be announced in the due course.
the company's shares will be in focus on stock exchanges in the next week's trading session following the fundraising development. On Friday, the shares closed at ₹114.45 apiece on BSE down by 2.3%.
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Manappuram Finance is one of India’s leading gold loan NBFCs with its origins going back to 1949 when it was founded in the coastal village of Valapad (Thrissur District) by the current MD & CEO V.P. Nandakumar's late father V.C. Padmanabhan. As of now, the company has 4637 (Includes branches of subsidiary companies) branches across 28 states/UTs and a workforce of more than 30,000.
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