Manappuram Finance raises Rs 350 cr by issuing bonds

Manappuram Finance stock was trading at Rs 179.55 on the BSE, up 0.5 per cent from the previous close

Manappuram Finance on Tuesday said it has raised Rs 350 crore by issuing bonds on private placement basis.

The Financial Recourse and Management Committee of the company's board has approved allotment of 3,500 secured, rated, listed, redeemable non-convertible debentures of face value of Rs 10 lakh each, aggregating to Rs 350 crore, according to a BSE filing.

The proposal for issuance of bonds on private placement basis was approved at a board meeting held on December 31, it added.