Manappuram Finance gains on plan to raise Rs 150 crore

Tuesday, July 26, 2016
Shares of Manappuram Finance, one of the leading NBFCs of India, rose over 1 per cent in afternoon trade on Tuesday, a day after it had announced plans to raise Rs 150 crore through secured redeemable non-convertible debentures (NCDs) on a private placement basis.
"The company proposes to issue secured redeemable non-convertible debentures for Rs 100 crore with a green-shoe option of Rs 50 crore aggregating to Rs 150 crore on a private placement basis," the company said in a regulatory filing. It plans to allot the debentures on July 28, said a PTI report.
The company, which basically started as a gold loan company, has expanded and ventured into foreign exchange and money transfer as part of diversification.
At 12:37 pm, shares of the company were trading at Rs 77 per share, up 1.45 per cent from its previous close on the Bombay Stock Exchange (BSE).