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By CNBCTV18.com Jan 24, 2023 7:08:18 PM IST (Published)
The NCDs with a face value of Rs 10 lakh each will be issued for an aggregate amount of Rs 1,100 crore.
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The second-largest gold loan company in the country said that its Board of Directors in a meeting on January 24, 2023, approved issuing secured, noncumulative, redeemable, listed, rated non-convertible, and taxable debentures on a private placement basis.
The NCDs with a face value of Rs 10 lakh each will be issued for an aggregate amount of Rs 1,100 crore, according to the filing.
The gold loan company announced last month that its Board of Directors would meet in January 2023 to consider different avenues of fundraising through borrowings, depending upon the prevailing market conditions.
Further, the company’s Board is set to convene a meeting on Friday, February 3, 2023, to consider and release the earnings results for the December-ended quarter.
Manappuram Finance’s gold, as well as non-gold portfolios, were doing well, aided by rising demand from the bottom of the pyramid.
Non-gold portfolios form nearly 40 percent of Manappuram Finance’s business.
Shares of Manappuram Finance ended 0.51 percent lower at Rs 118.15 on Tuesday.