Manappuram Finance has received an approval to acquire 100% equity shares of Manappuram Asset Finance subject to the approval of regulatory authorities. The Board of Directors of the company at its meeting held on May 15, 2019, approved the same.
The Board also approved the management's proposal, subject to various regulatory clearances - to explore entry into Micro Insurance to utilize the large base of Manappuram Group customers so as to provide them with appropriate financial protection by leveraging group synergies. The Board further authorized the Management to seek guidance, suggestions and approvals from IRDAI, RBI and other Government agencies as may be necessary, to expedite implementation of the proposal.
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.
