Manappuram Finance to raise up to Rs 500 crore via NCDs

Manappuram Finance Ltd on Monday said it plans to raise up to Rs 500 crore through issuance of non-convertible debentures on a private placement basis.

"The financial recourse and management committee of the board of directors of the company held on June 1...has approved the allotment of 5,000 secured redeemable non-convertible debentures ...aggregating to Rs 5,00,00,00,000,... on a private placement basis to be listed on the BSE," Manappuram Finance said in a regulatory filing.

The tenure of the instrument is three years, it said.

Shares of Manappuram Finance were trading at Rs 130.65 apiece on the BSE, up 4.35 per cent over previous close.