Fund Raising Plan : Manappuram Finance board to take up $500-million fund raising plan 

Fund Raising Plan

Fund Raising Plan : Manappuram Finance will raise the money through external commercial borrowings, which will include US dollar bonds

Fund Raising Plan : Manappuram Finance’s board will on April 19 discuss a proposal to raise $500 million in one or more tranches, the gold loan finance company has said.

The funds will be raised through external commercial borrowings, which will include issuing US dollar bonds, in accordance with the Reserve Bank of India (RBI) guidelines.

Shares of Manappuram Finance ended nearly 3 percent lower at Rs 190.10 on the BSE on April 15. Fund Raising Plan

Just a month ago, the board approved the issuance of redeemable non-convertible debentures (NCDs) up to a total of Rs 6,000 crore through private placement or public issue in one or more tranches. These funds were raised to support business growth for the financial year 2024-25. Fund Raising Plan

The board has approved the issuance of secured, non-cumulative, redeemable, listed, rated, non-convertible taxable debentures amounting to Rs 25 crore on a private placement basis, the company told exchanges.

Manappuram Finance, a company based in India, is considering raising funds up to $500 million. Their board will meet on April 19, 2here in India, to discuss this proposal. Fund Raising Plan

Here’s a breakdown of the news: Fund Raising Plan

  • Amount: Up to $500 million (USD)
  • Method: External Commercial Borrowings (ECBs) which could include issuing US dollar bonds. ECBs are basically loans taken from foreign lenders.
  • Purpose: The specific purpose for the fundraise hasn’t been announced yet. Companies typically raise funds for various reasons like business expansion, debt repayment or acquiring other companies. Fund Raising Plan

We’ll know more details about the fundraise plan after the board meeting on April 19th. You can stay updated by checking financial news websites or Manappuram Finance’s official announcements. Fund Raising Plan

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