Manappuram Finance has received an approval for raising funds up to an aggregate value of Rs 250 crore through issue of Non-Convertible debentures (NCDs) having a face value of Rs 10 lakh each on a private placement basis.
The Financial Resources and Management Committee of the board of directors of the company at its meeting held on June 21, 2018, approved the same.
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.