Asirvad Micro Finance, a subsidiary of listed NBFC Manappuram Finance has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise as much as Rs 1,500 crore through an initial public offering (IPO).
Proceeds from the issue will be used to augment the capital base of the company to meet future business requirements. JM Financial, Kotak Mahindra Capital Company, Nomura Financial Advisory and Securities (India) and SBI Capital Markets are the book-running lead managers to the issue. Equity shares of the company will be listed on the BSE and NSE.
Asirvad Micro Finance caters to 3.25 million active borrowers in the microfinance portfolio that constitutes a majority of its assets under management. It also caters to loan against gold and MSME loans.
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| EMAMILTD7 | 423.00 |
| ICICINXT50 | 73.99 |
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