Manappuram Finance
On Friday, gold loan provider Manappuram Finance announced that its board has sanctioned the raising of up to $500 million (approximately Rs 4,100 crore) through external commercial borrowings (ECBs). The company stated in a regulatory disclosure that these funds would be raised in one or multiple installments.
In the same filing, the company mentioned that its Financial Resources and Management Committee, during its meeting on April 19, 2024, greenlit the proposal for fundraising.
Previously, in the preceding month, the company had also authorized a fundraising initiative through the issuance of redeemable non-convertible debentures (NCDs) up to the cumulative limit of Rs 6,000 crore. This could be conducted through private placement or public issue, in one or more phases, to cater to the requirements of business expansion.
This is the fundraise plan for the financial year 2024-25, the company had said.
