Manappuram Finance gets board approval to raise up to ₹6,000 Crore via NCDs

20 Mar 2024 , 09:07 PM

Manappuram Finance Ltd wants to raise up to ₹ 6,000 Crore through a debt offering in fiscal year 2024-25. The company’s Board of Directors accepted the fundraising request for the next fiscal year at its meeting on Tuesday, March 19, according to a filing with the stock markets.

The Board of Directors authorised a fundraising plan to issue redeemable non-convertible debts (NCDs) up to ₹6,000 Crore.

The Board of Directors or its committee will decide the instrument’s tenure, including the dates of allotment and maturity, at the time of allotment. The Board of Directors or one of its committees will determine whether or not to list the proposed problem.

The Board authorised issuing secured, non-cumulative, redeemable, listed, rated, non-convertible taxable debentures worth ₹25 Crore through a private placement.

Manappuram Finance Limited is a renowned non-banking financial corporation (NBFC) that offers credit services. The firm caters mostly to lower-income consumers and serves communities in rural and semi-urban locations throughout India. Its primary sectors include gold loans and a variety of other credit products, including microfinance options.

Last month, the business announced the issue of secured, non-cumulative, redeemable, listed, rated, non-convertible taxable debentures with a face value of ₹1 Lakh apiece and an aggregate sum of ₹600 Crore on a private placement basis.

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