Manappuram Finance Eyes $500 Million Funding Push

16 Apr 2024 , 11:43 AM

Financier for gold loans Manappuram Finance Ltd. said on Monday, April 15, that its board of directors will convene on April 19, 2024, to deliberate on a proposition to procure $500 million in one or more instalments.

“We wish to inform you that a meeting of the Financial Resources and Management Committee of the board of directors of the company will be held on Friday, April 19, 2024, to consider a proposal for raising funds up to a principal aggregate amount of up to US$ 500,000,000 (United States Dollars five hundred million), in one or more tranches, by way of external commercial borrowings in the form of US Dollar bonds and/ or any other form as per the applicable guidelines issued by the Reserve Bank of India,” according to a filing with the stock exchange.

In accordance with RBI regulations, the money will be obtained through external commercial borrowings, including the purchase of US dollar bonds.

Manappuram Finance Ltd.’s shares traded at ₹192.00 on the BSE, up ₹2.85, or 1.51%.

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