Manappuram Finance Ltd. will raise up to Rs 6,000 crore via debt issue in the next financial year.
The board approved the capital raise, which includes the issuance of redeemable non-convertible debentures of up to Rs 6,000 crore by way of private placement or public issue in one or more tranches, according to an exchange filing on Tuesday.
The tenure of the instrument, date of allotment, date of maturity, and other details will be disclosed later.
The non-bank lender recently met investors and analysts, including Jefferies and Morgan Stanley.
Last month, the board approved the issuance of secured, non-cumulative, redeemable, listed, rated, and non-convertible taxable debentures for an aggregate amount of Rs 600 crore on a private placement basis.
Shares of Manappuram Finance closed 0.21% lower at Rs 167.10 apiece on the BSE after the announcement, compared to a 1.01% decline in the benchmark Sensex.
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