Manappuram Finance plans to raise Rs 350 cr via NCDs

Manappuram Finance Ltd on Thursday said it plans to raise up to Rs 350 crore through issuance of non-convertible debentures on private placement basis.

The financial resources and management committee of the board of directors of the company on Thursday approved the issuance of rated, secured, redeemable non-convertible debentures having face value of Rs 10 lakhs each for the amount of Rs 350 crores, Manappuram Finance said in a regulatory filing.

Furthermore, another meeting of the financial resources and management committee of the board of directors of the company will be held on December 31, to consider the proposed allotment for the said issue, the filing said.

The shares of Manappuram Finance were trading at Rs 172.35, down 0.14 per cent on BSE.