Midcap NBFC Stock Declines After Board Approves Issue Of NCDs For Rs 1000 Crores

Manappuram Finance Limited's shares on Thursday, declined after the company informed that the Financial Resources and Management Committee of the Board of Directors approved the issue of Non-Convertible Debentures.

The Committee approves the issuance of Secured, Non-Cumulative, Redeemable, Listed, Rated, Non-Convertible Taxable Debentures of the face value of Rs 1 lakh for an aggregate amount of Rs.1000 Crores on a private placement basis.

According to the regulatory filing by the Board of Directors of Manappuram Finance Ltd., "In furtherance to our letter dated March 24, 2023 regarding outcome of Board Meeting and intimation of Committee Meetings dated September 02,2023 for raising Funds in the month of September 2023, through issue of debt securities, we wish to inform you that Financial Resources and Management Committee of the Board of Directors of Manappuram Finance Limited ("Company") at its meeting held on September 21,2023 , approved the issuance of Secured, Non-Cumulative, Redeemable, Listed, Rated, Non-Convertible Taxable Debentures of face value of INR. 1,00,000 (Indian Rupees one lakhs) for an aggregate amount of Rs.1000,00,00,000 (Rupees One Thousand Crores Only) on private placement basis."
Shares of Manappuram Finance on Thursday closed at Rs 137.45 apiece, down Rs 2.25 or 1.61% from the previous close of Rs 139.70 apiece on the BSE. The stock touched an intraday high of Rs 141.45 and an intraday low of Rs 136.70.
The shares declined 4.05% in 1 week, and 6.50% in 1 month, respectively. It gained 39.12% in 1 year. It declined 12% in 3 years. It gained 69.07% in 5 years.
Its 52-week high is Rs 156.55 apiece and 52-week low is Rs 90.50 apiece. It has a market cap of Rs 11,634.25 Crore.