Manappuram Finance on Thursday stated it has raised Rs 250 crore by issuing bonds, and the quantity will probably be utilised to pare its debt and shore up capital assets.
The monetary assets and administration committee of the corporate’s board of administrators in its assembly on Thursday accredited the allotment of secured, rated, listed, redeemable, non-convertible debentures for an quantity of Rs 250 crore on a non-public placement foundation, the corporate stated in a regulatory submitting.
The bonds to be listed on the BSE bear an rate of interest of 6.95 p.c each year and are set to mature on December 30, 2024.
“The online proceeds from the subscription of the NCDs (non-convertible debentures) shall be completely utilised for refinancing of current debt, increase the assets of the corporate and in the direction of onward lending in gold mortgage, mortgage in opposition to properties, automobile financing,” Manappuram Finance stated.
Shares of the corporate on Thursday ended at Rs 162.45 apiece on the BSE, down 1.19 p.c from the earlier shut.
(Edited by : Jomy Jos Pullokaran)