 "Manappuram Finance gains on stake buy plan in Asirvad Micro Finance")
Manappuram Finance is trading higher by 3% at Rs 33.55 on the National Stock Exchange (NSE) after the company said its board has approved the acquisition of 70% stake in Asirvad Micro Finance Private Limited.
“The board of directors of the company at its meeting held on December 23, 2014 has approved the acquisition of 70% stake in Asirvad Micro Finance Pvt. Ltd., Chennai subject to approvals from Reserve Bank of India (RBI) and to execute necessary agreements to conclude the transaction,” Manappuram Finance said in a statement.
The company also intends to increase its stake up to 85% by infusion of additional capital. The total capital commitment will be close to Rs 136 crore, it added.
The stock opened at Rs 33.50 and hit a high of Rs 33.90 on NSE. A combined 952,780 shares changed hands on the counter till 1018 hours on NSE and BSE.
“The board of directors of the company at its meeting held on December 23, 2014 has approved the acquisition of 70% stake in Asirvad Micro Finance Pvt. Ltd., Chennai subject to approvals from Reserve Bank of India (RBI) and to execute necessary agreements to conclude the transaction,” Manappuram Finance said in a statement.
The company also intends to increase its stake up to 85% by infusion of additional capital. The total capital commitment will be close to Rs 136 crore, it added.
The stock opened at Rs 33.50 and hit a high of Rs 33.90 on NSE. A combined 952,780 shares changed hands on the counter till 1018 hours on NSE and BSE.