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Manappuram Finance To Issue NCDs To Raise Up To Rs 350 Crore

By Staff

On Thursday, Manappuram Finance Ltd said that it has plans to raise up to Rs 350 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

In a regulatory filing, the Kerala-based NBFC said that its Financial Resources and Management Committee of the Board of Directors of the Company has approved the issuance of the Private Placement of rated, secured, redeemable non-convertible debentures with the face value of Rs 10 lakhs each for the amount of Rs 350 crores.

Manappuram Finance To Issue NCDs To Raise Up To Rs 350 Crore
Manappuram Finance: Quotes, News
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It further said that the board meeting to consider the proposed allotment for the said issue will be held on 31 December 2019.

Last month, Manappuram Finance informed the exchanges that its board has approved a plan to undertake the issue of foreign currency-denominated bonds under a Euro medium-term note programme through which the NBFC would raise up to $750 million in one or more tranches.

Post the IL&FS crisis, NBFCs sector has been facing a severe liquidity crunch and looking at opportunities to tap the overseas debt markets.

Manappuram has a stronghold in the gold loans segment. The company had reported an 82 percent increase in its consolidated profit to Rs 402.28 crore for the September-ended quarter when compared to the same period a year ago.

Its total assets under management (AUM) were up by 31.91 percent to Rs 22,676.93 crore during the period, while its gold loan AUM rose 20.45 percent to Rs 15,168.34 crore.

Read more about: manappuram finance ncd
Story first published: Thursday, December 26, 2019, 13:22 [IST]
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