Manappuram Finance Ltd has announced plans to raise up to ₹6,000 crore through a debt issue for the fiscal year 2024–25. The company’s Board of Directors approved the fundraising proposal for the next financial year at the meeting held on Tuesday, March 19, the company said in a filing with the stock exchanges.
The Board of Directors considered and approved the fundraising programme, which includes the issuance of redeemable non-convertible debts (NCDs) up to the overall limit of ₹6,000 crore.
The tenure of the instrument, including the date of allotment and the date of maturity, will be determined at the time of allotment by the Board of Directors or its committee. The Board of Directors or one of its committees will decide whether the proposed issue will listed or not.
Additionally, the Board also approved the issuance of secured, non-cumulative, redeemable, listed, rated, non-convertible taxable debentures worth ₹25 crore on a private placement basis.
Manappuram Finance Limited is a leading non-banking financial company (NBFC) specialising in providing credit services. Catering primarily to individuals from lower-income groups, the company focuses on serving communities in rural and semi-urban areas across India. Its key segments comprise gold loan and various other credit instruments, including microfinance solutions.
Last month, the company announced the issuance of secured, non-cumulative, redeemable, listed, rated, non-convertible taxable debentures having a face value of ₹ 1 lakh each, with an aggregate amount of ₹600 crore on a private placement basis.
Shares of Manappuram Finance closed 0.69% lower at ₹166.3 apiece on BSE.
(Edited by : Ajay Vaishnav)
