Manappuram Finance today said it will raise Rs 2,000 crore by issuing non-convertible debentures (NCDs) on a private placement basis.
"To issue secured redeemable non-convertible debentures (NCDs) on a private placement basis, in one or more tranches, for Rs 1,700 crore aggregating to Rs 2,000 crore," it said in a filing on BSE.
Earlier in August at its Annual General Meeting, the board of the company had approved to raise Rs 300 crore through private placement of NCDs.
Thus, the total amount to the raised stands at Rs 2,000 crore.
The company said raising of the capital amounting to Rs 2,000 crore will be done during the period from the date of passing of this special resolution today and till the conclusion of next Annual General Meeting.
Manappuram Finance is a Thrissur-based non-banking finance company (NBFC), primarily focused on gold loan.
Details regarding usage of the proceeds to be raised were not provided.
Stock of the company today closed at Rs 26.55 apiece on BSE, up 3.91 per cent.
