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Manappuram Finance to acquire 70% stake in Asirvad Micro Finance

24 Dec 2014 Evaluate

Manappuram Finance has received an approval for acquisition of 70% stake in Asirvad Micro Finance, Chennai, subject to approvals from Reserve Bank of India and to execute necessary agreements to conclude the transaction. The board of directors at their meeting held on December 23, 2014 has approved for the same.

The company also intends to increase its stake up to 85% by infusion of additional capital. The total capital commitment will be close to Rs 136.00 crore.

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.

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