Manappuram Finance has received approval from its board to enter into securities purchase agreement in connection with the company’s acquisition of 85.39% of the share capital of Indian School Finance Company (ISFC), from certain existing ISFC shareholders, and transfer restrictions agreement between the Company, Indian School Finance Company and certain continuing shareholders. The Proposed Acquisition is subject to approval of the Reserve Bank of India and other customary conditions precedent. The meeting of the Board of Directors of the company held on July 2, 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.
