Manappuram Finance Faces Stock Plunge as SEBI Halts Asirvad Micro Finance IPO

10 Jan 2024 , 03:44 PM

Manappuram Finance witnesses a 7.5% plunge in early trade on January 10 following SEBI’s decision to halt the public offer of its subsidiary, Asirvad Micro Finance.

Asirvad Micro Finance had filed a DRHP in October, seeking to raise Rs 1,500 crore from the public, but SEBI’s move to put the IPO on hold will result in a delay in the microfinance company’s listing.

Manappuram Finance had strategically acquired a significant majority stake in Asirvad Micro Finance as part of its diversification strategy.

The acquisition began with a 71% stake in February 2015 and was increased to 95% in June 2022, leaving the remaining stake with the founder of Asirvad Micro Finance.

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