Manappuram Finance raises Rs 400 cr through bonds

Manappuram Finance said on Tuesday that it has raised Rs 400 crore by issuing bonds on private placement basis.

In a regulatory filing, the company said that the Financial Recourse and Management Committee of its Board of Directors at its meeting on Tuesday approved the allotment of 4,000 rated, secured, redeemable and non-convertible debentures with a face value of Rs 10 lakh each, aggregating to Rs 400 crore, on a private placement basis to be listed on the BSE Limited.

The tenure of the instrument is three years and the date of maturity is December 22. The coupon rate for the bonds is 7.45 per cent.

Around 1.55 pm, shares of Manappuram Finance on the BSE were trading at Rs 162.35, higher by 0.12 per cent.