Manappuram Finance has announced plans to discuss a proposal to raise $500 million in one or more tranches during its board meeting on April 19. The gold loan finance company intends to raise these funds through external commercial borrowings, including issuing US dollar bonds, in compliance with RBI guidelines.
On April 15, Manappuram Finance’s shares closed nearly 3 percent lower at Rs 190.10 on the BSE.
Just a month ago, the board had approved the issuance of redeemable non-convertible debentures (NCDs) worth up to Rs 6,000 crore through private placement or public issue in one or more tranches. These funds were earmarked to support business growth for the financial year 2024-25. Additionally, the board sanctioned the issuance of secured, non-cumulative, redeemable, listed, rated, non-convertible taxable debentures amounting to Rs 25 crore on a private placement basis, as per the company’s statement to the exchanges.
