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Manappuram Finance inks non-binding term sheet to acquire majority stake in AMPL

31 Oct 2014 Evaluate

Manappuram Finance has signed a non- binding term sheet to acquire majority equity shareholding of Asirvad Microfinance (AMPL) through a combination of secondary purchase of equity shares from certain existing shareholders and primary investment by way of subscription to equity shares in AMPL. AMPL, head quartered in Chennai, is a RBI registered NBFC-MFI with operation in Tamil Nadu, Kerala, Odhisa and Gujarat.

The progress and closure of the transaction, as is customary in transactions of this nature, is contingent upon satisfactory completion of business, financial and legal due diligence on AMPL; signing of definitive agreements among the transacting parties; receipt of statutory and regulatory approvals, as may be required, including from the Reserve Bank of India; and fulfillment of conditions precedent as may agreed upon.

Manappuram Finance is a non-deposit taking NBFC and having a strong presence in South India in states of Kerala, Tamil Nadu, Karnataka and Andhra Pradesh.

Manappuram Finance Share Price

315.80 -0.50 (-0.16%)
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