Manappuram Finance gained 1.11% to Rs 104.85 after the NBFC announced that its board may consider raising funds through debt securities in November 2022.
The Kerala-based gold NBFC said that it is considering various options for raising funds through borrowings including by the way of issuance of various debt securities in onshore/offshore securities market by public issue, on private placement basis or through issuing commercial papers.
Based on the prevailing market conditions, the NBFC's board may consider and approve issuances of debt securities during the month of November 2022. The proposal is subject to such terms and conditions including the issue price of debt securities, as the board/respective committee may deem fit.
Manappuram Finance is one of India's leading gold loan NBFCs. The NBFC's consolidated net profit tumbled 35.4% to Rs 282.08 crore on 4.5% decline in total income to Rs 1,502.73 crore in Q1 FY23 over Q1 FY22.
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