Kerala-based gold loan financier Manappuram General Finance & Leasing today said it has decided to raise Rs 1,000 crore through sale of shares to qualified institutions.
The board of directors took a decision to this effect at its meeting held on Monday, Manappuram General Finance & Leasing said in a filing with the Bombay Stock Exchange (BSE).
The company intends to invest this amount in setting up 50 jewellery stores all over the country.
The board also resolved to convene an extra-ordinary general meeting of the shareholders of the company on October 29 to seek their approval for the fund raising, it said.
Executive Chairman V P Nandakumar said last week that the company had plans to invest Rs 2,000-crore in setting up 50 exclusive jewellery retail outlets pan-India over the next five-years.
"We plan to set up 50 exclusive jewellery outlets in the country over the next five-years," Nandakumar told reporters on September 30. Nandakumar said it would raise funds through capital as well as debt.
Shares of the company closed at Rs 162.50, up 7.97 per cent from the previous close on the BSE.
