For cash consideration of Rs 48.63 crore and equity capital infusion of Rs 63 crore
Manappuram Finance has concluded the takeover of Asirvad Micro Finance, Chennai on 12 February 2015. The Company will hold 84.98% of the expanded equity capital of Asirvad Micro Finance.The Company has acquired about 71.14% of the fully diluted equity capital of the company at cost of Rs 48.63 crore in an all cash transaction.
The Company will further infuse about Rs 63 crore in to Asirvad as equity capital taking the total stake to 84.98% of the enlarged and fully diluted equity capital of its new subsidiary.
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