Foreign institutional investor (FII) Baring Private Equity Partners India has raised its holdings in Manappuram Finance through open market purchase. Baring India has acquired 1.50 million equity shares of the company through its two funds - Baring India Private Equity Fund II (Fund 2) and Baring India Private Equity Fund III (Fund 3) via open market.
Following this purchase, the private equity major’s shareholding in Manappuram has increased to 11.56% from 9.48% earlier. Baring India held 10.66% stake in the company at the end of June 30, 2013 quarter.
Manappuram Finance is a non-deposit taking NBFC and is mainly engaged in providing retail advances against bullion asset collaterals, in the form of household used jewellery. The company is having a strong presence in South India in states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh and had 2,908 branches across India at the end of FY'12.
