Manappuram Finance on Tuesday said it has raised Rs 350 crore by issuing bonds on private placement basis. The Financial Recourse and Management Committee of the company’s board has approved allotment of 3,500 secured, rated, listed, redeemable non-convertible debentures of the face value of Rs 10 lakh each, aggregating to Rs 350 crore, according to a BSE filing. The proposal for issuance of bonds on private placement basis was approved at a board meeting held on December 31, it added. Manappuram Finance stock closed 0.70 per cent lower at Rs 177.40 on BSE.
Furthermore, another meeting of the financial resources and management committee of the board of directors of the company will be held on December 31, to consider the proposed allotment for the said issue, the filing said.
Read EquityPandit’s Nifty Outlook for the Week