On 30 December, Manappuram Finance said that it had raised Rs 250 crore by issuing bonds, and the amount will be utilised to pare its debt and shore up capital resources.

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The financial resources and management committee of the company’s board of directors in its meeting approved the allotment of secured, rated, listed, redeemable, non-convertible debentures for an amount of Rs 250 crore on a private placement basis, the company said in a regulatory filing.