 "MMTC to auction 12 tonnes of gold from GMS in next 10 days")
Non-banking financial company (NBFC) Manappuram Finance is in the process of reducing its reliance on the gold loan portfolio by expediting growth in other segments.
The company said that it was confident that its issue of non-convertible debentures to raise a base of Rs 2 billion, with options of oversubscription to the tune of Rs 8 billion, would be successful.
Commenting on the diversification plans, V P Nandakumar, MD & CEO of Manappuram Finance Ltd, said that at present, the gold loan portfolio accounts for 75 per cent of the company's business, while microfinance accounts for 15 per cent, commercial
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