Manappuram Finance Eyes Fundraise On March 20 Board Meet; What Should Investors Expect?

In anticipation of its board meeting on March 20 to discuss the fundraising, Manappuram Finance's share price rose during early trading on March 18. In contrast to the previous closing of Rs 209.65, Manappuram Finance's shares began higher on the BSE on Tuesday at Rs 213. Manappuram Finance has gained 3.80% over the past five sessions and 11.31% over the last month. The stock has gained 25.80% in the past year and is currently trading close to its 52-week high of Rs 230.25, which was reached on July 19, 2024.

Manappuram Finance Fundraising Proposal

"Pursuant to Regulation 29(1) and other applicable provisions of the Listing Regulations, we wish to inform you that a meeting of the Board of Directors ("Board") of Manappuram Finance Limited ("Company") is scheduled to be held on Thursday, March 20, 2025 inter alia, to consider and evaluate a proposal for raising of funds by way of issue of one or more instrument/securities including equity shares, warrants or other securities convertible into equity shares of the Company or debt securities by way of preferential issue on a private placement basis, qualified institutional placement, rights issue or any other methods or combinations thereof as may be considered appropriate, subject to such regulatory/ statutory approvals as may be required including the approval of the members of the Company, and to approve such ancillary actions in relation to the above as may be required. The Board would also consider convening an extra-ordinary general meeting to seek approval of the members of the Company in respect of the aforesaid proposal of fundraising, as may be required," said Manappuram Finance in a stock exchange filing on Monday.

Insider Trading Norms: Manappuram Shuts Trading Window Until March 24

"Further, in terms of the 'Code of Conduct to Regulate, Monitor and Report Trading by Designated Persons in Securities' adopted by the Company under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, as amended, the Trading Window for dealing in the securities of the Company shall remain closed from March 17, 2025 till the end of 48 hours after the conclusion of the Board meeting to be held on March 20, 2025 and shall be re-opened on the starting of business hours of March 24, 2025," informed Manappuram Finance to stock exchanges on 17th March.

Manappuram Finance Share Price Target

"Manappuram finance stock price is bearish on the Daily charts with strong resistance at 214. A Daily close below support of 198 could lead to a target of 170 in the near term," commented A R Ramachandran, Independent Research Analyst.

Disclaimer

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