Kerala-based leading domestic gold loan financer, Manappuram General Finance and Leasing, plans to invest Rs 2,000-crore in setting up 50 exclusive jewellery retail outlets pan-India over the next five-years, a top company official said today.
"We plan to set up 50 exclusive jewellery outlets in the country over the next five-years," Manappuram General Finance and Leasing's Executive Chairman V P Nandakumar told reporters here today.
The company would invest Rs 2,000-crore in the proposed outlets, Nandakumar said, adding Mannapuram would raise funds through capital as well as debt.
Manappuram General Finance, which is a pioneer in gold loans, services about 40,000 customers a day, with new customer additions of 4,000.
"Our loan portfolio currently stands at around Rs 5,000-crore, which is expected to reach Rs 8,000-crore by this fiscal," Nandakumar said.
Manappuram General Finance also has plans to raise Rs 1,000-crore through the Qualified Institutional Placement(QIP) route to meet its capital requirements, Nandakumar said.
"We will take a final call on the issue in our Board meeting on October 4," he said.
Bankers such as Citi, JP Morgan, Morgan Stanley and UBS have been appointed as the merchant bankers to facilitate fund raising, he said.
