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Manappuram Finance raises funds worth Rs 400 cr via bonds

The tenure of the instrument is three years and the date of maturity is December 22.

SNS | New Delhi |

Manappuram Finance said on Tuesday that it has raised Rs 400 crore by issuing bonds on private placement basis.

In a regulatory filing, the company said that the “Financial Recourse and Management Committee of the Board of Directors of Manappuram Finance Limited (“Company”) at its meeting held on December 22,2020 approved the allotment of 4000 (Four Thousand) Rated, Secured, Redeemable Non-Convertible Debentures having a face value of Rs.10,00,000/- (Rupees Ten Lakhs Only) each aggregating to Rs.400,00,00,000/- (Rupees Four Hundred Crores only ) on a Private Placement basis to be listed on the BSE Limited.”

The tenure of the instrument is three years and the date of maturity is December 22.

The coupon rate for the bonds is 7.45 per cent and its payment frequency is on annual basis.

Post the announcement, company’s shares were trading at Rs 162.80, up by 0.40 per cent on the BSE at 3.01 p.m.

Similarly, on the NSE it was trading 0.22 per cent higher at Rs 162.45.