Manappuram Finance plans for Rs 1,150 crore funding through debentures

India’s leading Financier Manappuram Finance has announced its plan to raise Rs 1,150 crore through issuance of debentures.

In a regulatory filing with the stock exchange, Manapurram said, “In a meeting held on February 7, 2020, the financial resources and management committee of the board of directors of the company has approved the proposal for the issuance and private placement of the rated, secured, redeemable non-convertible debentures up to Rs 1,150 crore.”

Further adding to the filing, the company said, “A meeting of the financial resources and management committee of the board of directors of the company will be held on February 14, 2020, to consider the proposed allotment for the said issue.”