Manappuram Finance’s board has approved the allotment of Mibor Linked Secured Unrated Unlisted Redeemable Non Convertible Debentures (NCDs) of face value of Rs 10 lakh each for an amount of Rs 770 crore on private placement basis.
The Issuer shall use the proceeds from the issue of the Debentures solely for financing its lending operations. Issuer shall ensure that the proceeds from the issue of the Debentures shall not be utilized towards investment in real estate business, capital markets or for purchase of land. The Financial Resources and Management Committee of the Board of Directors of the company at its meeting held on July 20, 2022 approved the allotment of 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.
