Manappuram Finance gains on plans to raise up to Rs 500 crore

The stock of Kerala-based gold loan provider-Manappuram Finance, gained more than nine per cent on Tuesday after the non-banking financial company (NBFC) informed that it is planning to raise capital up to Rs 500 crore.

In a regulatory filing made on April 27 after the market hours, the company said that its financial resources and management committee of the board of directors approved the issuance of private placement of rated, secured, redeemable, non-convertible debentures (NCDs) for Rs 100 crore along with an option to retain oversubscription up to Rs 400 crore, aggregating a total of Rs 500 crore.

Incorporated in the year 1992, Manappuram Finance Ltd is a mid-cap company, having a market cap of Rs 9,673.04 crore, operating in NBFC sector.

At 3 pm on Tuesday, the stock of Manappuram Finance Ltd is trading at Rs 125.85, up by 9.96 per cent against its previous close of Rs 114.45. Its 52-week high is recorded at Rs 194.60 while, its 52-week low is Rs 75.60 on BSE.