Manappuram Infuses 263.92 cr in its Microfinance arm
Chennai, 4 April 2019: Manappuram Finance Limited, (BSE: 531213; NSE: INE522D01027) one of India’s leading Non-Banking Finance companies dominant in gold loans, recently subscribed rights issue of its subsidiary Asirvad Microfinance Limited to enhance its net worth. This capital infusion will help Asirvad to leverage its microfinance loan portfolio. After the rights issue, Manappuram holdings in Asirvad will be 93.33%.
Mr. Raja Vaidyanathan, the Managing Director of Asirvad said, “The recent capital infusion by the parent company Manappuram will enable Asirvad’ s portfolio grow from the present level of 3800 cr to over 5500 cr by March 2020”. Presently Asirvad caters to 1.8 million microfinance clients in 22 states across India.
