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Manappuram Finance snaps $300 million in bonds

Manappuram Finance on Monday has announced the approval of the issuance of fixed-rate senior unsecured notes aggregating to $300 million.

In a filing at BSE, Manappuram Finance said that “At a meeting held on January 6th, the Financial Resources and Management Committee of the Board of Directors has approved the issuance of fixed-rate senior unsecured notes aggregating to $300 million.”

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“The committee has also approved the pricing tenure and other terms of the notes, rated at BB -By S&P and Fitch Ratings,” the filing said.

“Listing at the Singapore Exchange Securities Trading Limited (SGX-ST), the use of the proceeds of the Notes will be for onward lending, and other activities permitted as per the approvals granted by the RBI in relation and accordance with the external commercial borrowings guidelines and other applicable laws,” the company added.

Further added to the statement, the company also said that “The committee has approved the execution of subscription agreement with UBS AG Singapore Branch and Barclays Bank PLC.”