Manappuram Finance rises on getting nod to raise up to $500 million through external commercial borrowing
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Manappuram Finance is currently trading at Rs. 189.85, up by 1.60 points or 0.85% from its previous closing of Rs. 188.25 on the BSE.
The scrip opened at Rs. 190.15 and has touched a high and low of Rs. 190.85 and Rs. 186.45 respectively. So far 341962 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 202.50 on 04-Apr-2024 and a 52 week low of Rs. 102.00 on 05-May-2023.
Last one week high and low of the scrip stood at Rs. 195.55 and Rs. 184.50 respectively. The current market cap of the company is Rs. 16052.63 crore.
The promoters holding in the company stood at 35.20%, while Institutions and Non-Institutions held 41.48% and 23.31% respectively.
Manappuram Finance has received approval for raising up to $500 million (about Rs 4,100 crore) by way of external commercial borrowings (ECBs). The funds would be raised in one or more tranches. Financial resources and management committee of the Board of Directors of the company, at its meeting held on April 19, 2024, has approved the same.
Manappuram Finance is a non-deposit taking NBFC and having a strong presence in South India in states of Kerala, Tamil Nadu, Karnataka and Andhra Pradesh.
