Mannappuram Finance on Monday said that it will raise funds via private placements of secured redeemable non-convertible debentures (NCDs).
"To issue secured redeemable non-convertible debentures (NCDs) on a private placement basis, in one or more tranches, for Rs 1,700 crore aggregating to Rs 2,000 crore," it said in a filing on BSE.
Earlier, the company had approved to raise Rs 300 crore through private placement of NCDs.
the total amount to the raised stands at Rs 2,000 crore.
The company said raising of the capital amounting to Rs 2,000 crore will be done during the period from the date of passing of this special resolution on Tuesday and till the conclusion of next Annual General Meeting, reports PTI.
Shares of the finance company was seen trading at Rs 26.65, higher by 0.38 per cent on BSE at 11.54 am Ist. It touched an intraday high of Rs 27.05 during the trade.