NEW DELHI: Non-banking financial company Manappuram Finance on Tuesday said it will raise up to Rs 500 crore by issuing bonds on a private placement basis.
The decision was taken at the meeting of the financial resources and management committee of the board of directors held today, Manappuram Finance said in a regulatory filing.
The committee approved the issuance of private placement of rated, redeemable non-convertible debentures for an amount of Rs 150 crore with an option to retain over subscription up to Rs 350 crore aggregating to Rs 500 crore, it added.
Stock of Manappuram Finance was trading at Rs 181 apiece on the BSE, down 0.77 per cent from previous close.