Thrissur-based non-banking financial company, Manappuram General Finance and Leasing Limited (MAGFIL) will offer an array of specialised financial and other services besides entering travel and tourism related business, as part of its diversification plan.
The company also proposes to change its name to Manappuram Finance Limited (MFL) and the new name will come into being once the resolution is approved by the shareholders and the Registrar of Companies, Kerala.
The company has also proposed to mop up a fund of Rs 10,000 crore for the new business verticals through various means including loans, debentures, bonds and other debt instruments.
MAGFIL plans to diversify into various financing activities inlcuding hiring of movables, granting assistance to trade, commerce, industry and agriculture. So far, its main focus was on gold loans and vehicle loans. It had launched its gold jewellery business a year ago.
The company also plans to enter stock broking and related business in a big way, offering services like merchant banking, portfolio management, mutual fund management, underwriting, registrar and managers of public issues and to undertake depository particiapnt activities.
It will also enter business segment of providing custodial and depository services of assets to collect dividends, interests, rights, entitlements, bonuses and other benefits, incomes and entitlements acrruing on assests and securities.
For its travel services business, the company would act as travel agent and tour operator, transport agent, contractor and to act as representatives of airlines, Indian Railways and would arrange road, air and water transport ticket booking.
The company is now in a process of getting approval from the shareholders through postal ballots which will be completed by April 16 and the results will be announced on the April 20.
