Manappuram Finance announced that its board approved the allotment of non-convertible debentures (NCDs) aggregating to Rs 1,100 crore on private placement basis.
The financial resources and management committee of the board of directors approved the allotment of 1.10 lakh rated, listed, secured, redeemable NCDs having face value of Rs 1 lakh each aggregating to Rs 1,100 crore.The NCDs have a coupon rate of 9.22% per annum and will be matured on 13 March 2033.
The company said that the entire proceeds of the issue will be utilized for augment of its resources and towards onward lending in gold loan, loan against properties, vehicle financing.
The debentures are proposed to be listed on the debt segment of Bombay Stock Exchange (BSE).
Manappuram Finance is one of India's leading gold loan NBFCs. The NBFC's consolidated net profit soared 50.3% to Rs 392.17 crore on 15.1% rise in total income to Rs 1,734.52 crore in Q3 FY23 over Q3 FY22.
Shares of Manappuram Finance fell 2.89% to Rs 111 on the BSE.
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