Manappuram Finance has received approval from Board of Directors to raise Rs 350 crore through Rated, Secured, Redeemable Non Convertible Debentures (NCDs) having face value of Rs 10 lakh each for the amount of Rs 25 crore with an option to retain over subscription up to Rs 325 crore on Private Placement basis. The Financial Resources and Management Committee of the Board of Directors of the company at their meeting held June 18, 2020, 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.