Manappuram Finance to raise upto Rs 500 cr via NCDs

New Delhi, May 4 (PTI) Manappuram Finance on Monday said it will raise up to Rs 500 crore by issuing debt securities. The financial resources and management committee of the board of directors will consider the proposed allotment on May 8, 2020, it said in a regulatory filing.

The company said it will issue rated, secured, redeemable non-convertible debentures on private placement basis for Rs 100 crore with an option to retain oversubscription upto Rs 400 crore aggregating to Rs 500 crore. The Kerala-based non-banking finance company is engaged in gold loans, SME finance, forex and money transfer, vehicle and personal loans, among others.

Stock of the company closed 9.98 per cent down at Rs 120.90 on the BSE..