Manappuram gets board approval to raise $750 mn

Q2 net profit surges 82 pc to Rs407 cr

KOCHI: Manappuram Finance gets board approval to establish a medium term note (MTN) programme to raise up to $750 million in one or more tranches, in accordance with applicable laws and regulations.

Manappuram has ambitious plans including strengthening its micro finance business as well as to diversify into other business areas. Loans from banks and financial institutions constitute a lion’s share of its borrowings even as NCDs have declined substantially compared with last year.

Recently, Muthoot Finance, the market leader in gold loans, had raised $450 million through external commercial borrowings (ECB) route.

Manappuram Finance on Wednesday reported 82 per cent jump in net profit to Rs407.65 crore for the quarter ended September 30, 2019. Manappuram’s net profit for the Q2 in last year was to the tune of Rs223.99 crore.

The total income for the company rose to Rs1,334.09 crore during the said period from Rs1,027.51 crore the company generated for the same period of 2018-19. The company has declared an interim dividend of 55 paise per equity share.



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