Manappuram Finance has received approval to equity infuse up to Rs 120 crore in its subsidiary -- Asirvad Micro Finance in addition to the earlier approval on for equity infusion in Asirvad up to Rs 150 crore. The capital infusion is a related party transaction and will be made at arm’s length.
The capital infusion of the company will facilitate in business growth of the subsidiary. The business is both scaleable and profitable and hence will be key growth driver for Manappuram Finance. The indicate time period for the proposed capital infusion would be two months.
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.
