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Manappuram Finance board okays Rs 7,800 cr fund raise for FY23 – Business Today

Manappuram Finance's board approved raising up to Rs 7,800 crore in financial year 2022-23.

Manappuram Finance on Saturday said its board of directors has approved raising up to Rs 7,800 crore in financial year 2022-23 through various means, including issuance of redeemable non-convertible debentures.
 
The issue will be listed on the Bombay Stock Exchange (BSE) or National Stock Exchange (NSE) as may be decided by the board of directors or its committee thereof, the company said in an exchange filing.
 
“…the board of directors of Manappuram Finance Limited at its meeting held on today has considered and approved fund raising program of the company for FY 2022-23, which interalia includes issuance of redeemable non-convertible debentures up to the overall limit of Rs 7,800 crore by way of private placement or/and public issue in one or more tranches as may be decided by the board of directors or its committee thereof from time to time,” the filing said.
 
The non-banking finance company (NBFC) had reported a nearly 46 per cent decline in its net profit for October-December 2021 at Rs 261 crore as against a net profit of Rs 483 crore in the year-ago quarter.  
 
Its total income declined to Rs 1,506.85 crore as against Rs 1,650 crore in the same period of 2020-21.
 
Manappuram Finance is one of India’s leading gold loan NBFCs. It has 4,637 branches, including branches of subsidiary companies, across 28 states/ UTs with assets under management (AUM) of Rs 27,224 crore and a workforce of more than 30,000.

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